An FII is an institution established or incorporated outside India which proposes to invest in Indian securities and is registered with SEBI.

An OCB includes overseas companies, partnership firms, societies and other corporate bodies owned predominantly by non-resident persons of Indian nationality or origin outside India.

Yes. NRIs can maintain accounts in rupees as well as in foreign currency. However, accounts in foreign currencies can be maintained with authorized dealers/ banks only.

An NRI can maintain mainly Three types of rupee accounts in India as mentioned below:

• NRE: Non-Resident (External) Rupee Account
• NRO: Non-Resident (Ordinary) Rupee Account
• FCNR- B: Foreign Currency (Non -Resident)

Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds which can be remitted abroad.

Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with funds either remitted from abroad or generated in India. These funds are non- repatriable. However, under certain circumstances, these are allowed to be repatriated.

Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE account except that the funds are held in foreign currencies and can be maintained in Pound Sterling, U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained only in the form of term deposits, i.e. a deposit kept for fixed periods ranging from 6 months to 3 years.