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Who is a Non-Resident Indian(NRI)?

An Indian citizen or a foreign citizen of Indian origin who has stayed abroad for employment/carrying out business or vocation for 182 days or more or under circumstances indicating an intention for an unknown duration of stay abroad is a Non-Resident Indian (NRI). Those who stay abroad on business visits, for medical treatment, study or such other purposes, which do not indicate an intention to stay there for an indefinite period, are not considered as NRIs.


Who is a Person of Indian Origin?

A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if the person: (a) at any time held an Indian passport; or (b) or the persons parents or grandparents were citizens of India; or (c) is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above.


Who is a Foreign Institutional Investor (FII)?

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


Who is an Overseas Corporate Body (OCB) ?

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.


Can an NRI maintain a Bank Account in 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.


What types of Rupee Accounts may NRIs maintain?

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)


What are NRE & NRO Accounts?

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.


What is the Distinction between NRE and NRO accounts?

Basis NRE Account NRO Account
Acronym Non Resident External Account Non Resident Ordinary Account
Meaning It is an account of an NRI to transfer foreign earnings to India It is an account of an NRI to manage the income earned in India
Taxability Interest earned is tax free Interest earned is taxable
Repatriability Can repatriate Can repatriate the interest amount, the principle amount can be repatriated within the set limits
Joint Account Can be opened by two NRIs Can be opened by an NRI along with an Indian citizen or another NRI
Deposits and Withdrawals Can deposit in foreign currency, and withdraw in Indian currency Can deposit in foreign as well as Indian currency, and withdraw in Indian currency
Exchange Rate Risk Prone to risk Not prone to risk
Attention InvestorsKYC
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ARN Initial Registration Date: 05-Mar-2013

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