Professional Documents
Culture Documents
(1)
ForeignCurrency(Non-Resident) Account(Banks)Scheme[FCNR
Non-Resident(External)RupeeAccountScheme[NRE
(B)Account]
(2)
Account]
(3)
Non-ResidentOrdinaryRupeeAccountScheme[NRO
Account]
(4)
AnypersonresidentoutsideIndia(otherthanaperson
Whocanopenanaccount
NRIs(individuals/entitiesofBangladesh/Pakistannationality/
NRIs(individuals/entitiesofBangladesh/Pakistan
ownershiprequirepriorapprovalofRBI)
nationality/ownershiprequirepriorapprovalofRBI)
residentinNepalandBhutan).Individuals/entitiesofPakistan
nationality/ownership,entitiesofBangladeshownershipand
erstwhileOverseasCorporateBodiesrequirepriorapprovalof
theReserveBank.
Inthenamesoftwoormorenonresidentindividualsprovidedallthe
accountholdersarepersonsofIndiannationalityororigin;
Residentcloserelative*(relativeasdefinedinSection6ofthe
CompaniesAct,1956)onformerorsurvivorbasis.Theresidentclose
Inthenamesoftwoormorenonresidentindividualsprovidedall
theaccountholdersarepersonsofIndiannationalityororigin;
relativeshallbeeligibletooperatetheaccountasaPowerofAttorney
holderinaccordancewithextantinstructionsduringthelifetimeofthe
Jointaccount
NRl/PIOaccountholder.
Maybe.heldjointlywithresidents
*ListofResident CloseRelative
Father,Mother(Includingstepmother),Son(Includingstepson),Sons
wife,Daughter(Includingstepdaughter),Fathersfather,Fathers
mother,Mothersfather,Mothersmother,Sonsson,Sonsdaughter
etc.
Residentcloserelative(relativeasdefinedinSection6ofthe
CompaniesAct,1956)onformerorsurvivorbasis.Theresident
closerelativeshallbeeligibletooperatetheaccountasaPowerof
Attorneyholderinaccordancewithextantinstructionsduringthe
lifetimeoftheNRl/PIOaccountholder.
Nomination
Permitted
Permitted
Permitted
Currencyinwhichaccountisdenominated
USD,GBP,EUR,CAD,AUD,SGD,HKD
IndianRupees
IndianRupees
Repatriablity
Repatriable
Repatriable
i)allcurrentincomeandii)uptoUSD1(one)millionper
Notrepatriableexceptforthefollowing:
financialyear(April-March),byANRI/PIO
TypeofAccount
Periodforfixeddeposits
TermDepositonly
From1yearto5years.
Savings,Current,Recurring,FixedDeposit
From1yearto10years.
Savings,Current,Recurring,FixedDeposit
Asapplicabletoresidentaccounts.
WitheffectfromMarch1,2014,interestratesofferedbybanks
RateofInterest
InterestRatesrevisedon1st ofeverymonth.
onNREdepositscannotbehigherthanthoseofferedbythem
AtparwithDomesticTermDeposits.
oncomparabledomesticrupeedeposits.
OperationsintheaccountintermsofPowerofAttorneyis
OperationsbyPowerofAttorneyinfavourofa
residentbythenonresidentaccountholder
OperationsintheaccountintermsofPowerofAttorneyisrestrictedto
withdrawalsforpermissiblelocalpaymentsorremittancetothe
accountholderhimselfthroughnormalbankingchannels.
OperationsintheaccountintermsofPowerofAttorneyis
restrictedtowithdrawalsforpermissiblelocalpaymentsin
restrictedtowithdrawalsforpermissiblelocalpaymentsor
rupees,remittanceofcurrentincometotheaccountholder
remittancetotheaccountholderhimselfthroughnormal
outsideIndiaorremittancetotheaccountholderhimself
bankingchannels.
throughnormalbankingchannels.
RemittancetotheNRI/PIOaccountholderissubjecttothe
ForeignCurrency(Non-Resident)Account(Banks)Scheme[FCNR(B)
Account]
Non-Resident(External)Rupee
Non-ResidentOrdinary
AccountScheme[NREAccount]
RupeeAccountScheme
[NROAccount]
(1)
(2)
(3)
(4)
ceilingofUSD1(one)millionperfinancialyear.
Loans
a.InIndia
i)totheAccountholder
ii)toThirdParties
requirements.
requirements
requirements.
requirements.
Permittedsubjecttotheextantrules
Permitted,subjecttoconditions
b.Abroad
i)totheAccountholder
Permitted
Permitted
NotPermitted
ii)toThirdParties
Permitted
Permitted
NotPermitted
c.ForeignCurrencyLoans
inIndia
i)totheAccountholder
Permittedwithoutanyceilingsubjecttousualmarginrequirements.
ii)toThirdParties
Permittedwithoutanyceilingsubjecttousualmarginrequirements
Permittedwithoutanyceilingsubjecttousualmarginrequirements NotPermitted
PurposeofLoan
a.InIndia
i)totheAccountholder
i) Personalpurposesorforcarryingonbusinessactivities*
ii) Direct investment in India on nonrepatriation basis by way of
contributiontothecapitalofIndianfirms/companies
iii)
ii)toThirdParties
Personalpurposesorforcarryingonbusinessactivities.1''
Personalrequirementand/orbusinesspurpose.*
Acquisition of flat / house in India for his own residential use. iii) Acquisition of flat / house in India for his own residential use.
(Pleaserefertopara9ofSchedule2toFEMA5).
(Pleaserefertopara6(a)ofSchedule!toFEMA5).
topara9ofSchedule2toFEMA5).
topara6(b)ofSch.1toFEMA5)
Personalrequirementand/orbusinesspurpose*
b.Abroad
TotheaccountholderandThirdParties
purposes.
purposes.
*Theloanscannotbeutilisedforthepurposeofon-lendingorforcarryingonagricultureorplantationactivitiesorforinvestmentinrealestatebusiness.
Notpermitted.