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Faq for NRI's

Who is an NRI?
If you are a Citizen of India, who is currently not in India, and your reason for residing outside India is Business, Employment or vocation, education or any other circumstance indicating an indefinite stay outside India then your status is Non-resident Indian (NRI).
What documents are required to prove Non-Resident status / Indian Origin?
  • Passport with a valid Visa
  • Date of exit from India, and date of last entry into India (to establish you have been out for at least 6 months) stamped on passport
  • Letter from Employer / Contract (proof of overseas employment)
  • Letter of rejoining employer / Next Contract (proof of continuation of NRI status)

You may also want to avail of our NRI services if you are a Person of Indian Origin (PIO). You are a PIO if you, any of your parents, or any of your grandparents at any time were a permanent citizen of undivided India. If you are of Non-Indian origin or parentage, and are married to a PIO, an NRI, or an Indian citizen, you are still deemed to be a PIO, and can avail of all facilities available to NRIs.

Non-Resident External (NRE) Accounts:
These accounts can be opened from the money you earn outside India. You maintain these accounts in Indian Rupees and are permitted to send the money outside India at any time and without any restrictions on the same. This account can be held jointly with another NRI. You may give a Resident Indian the Power of Attorney to do select operations on the account. The funds are repatriable, and the interest earned on NRE bank deposits is not taxable.
Foreign Currency Non-Resident (Banks) (FCNR (B)) Deposits:
These are Term Deposits that you may hold with the bank in the major currencies, i.e. US Dollars, Pound Sterling, Euro, or Japanese Yen. The deposits range from over 1 year to 3 years for USD and GBP and up to 2 years for EURO & Japanese Yen.
The funds with which this account can be opened is external funds, and hence, it is very much like the NRE account in terms of repatriability, joint operations and Power of Attorney.
Smart International Accounts (SIA):
This is a facility where the bank gives you an overdraft against the security of the term deposits held by you. We simply offer you an overdraft of 90% of any of the above Non-Resident Deposits or your NRO savings account for you to be able to overdraw to meet your local needs. You have the flexibility to repay using both local as well as external funds. The overdraft is only available for local use.
Can NRO/NRE accounts be maintained by NRIs jointly with residents?
NRO accounts can be held jointly with residents, However, NRE accounts cannot be held jointly with residents.
Are NRO/NRE account holders eligible for loans/overdrafts against their fixed deposits?
Yes. except for the purpose of re-lending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can however, be utilized for investments in India on non-repatriation basis, in certain specified areas and for acquisition of flats/houses subject to prescribed conditions.
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