FAQ FOR NRI SERVICES

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Q. 1: What is an "NRI account"?
Q. 2: Am I eligible to open an "NRI account"?
Q. 3: What are NRE, FCNR and NRO accounts?
Q. 4: Can I open NRE, FCNR & NRO accounts in joint names?
Q. 5: What are current interest rates on NRE, NRO & FCNR accounts?
Q. 6: Can I open an NRI account in New York , Chicago or the branch in Los Angeles ?
Q. 7: How and where does one open an NRI account?
Q. 8: What are the various modes of operation?
Q. 9: How do I fund my NRE account?
Q. 10: I have registered for remittances with SBI Express Remit or initiated a remittance using this service.
Who should I contact for follow up queries / info rmation on status?
Q. 11: Can I authorize my father (or any other close relative) to operate my NRE SB account in India?
Q. 12: How do I renew my NRE / FCNR / NRO fixed deposit?
Q. 13: How do I close an account in India ?
Q. 14: My mailing address has changed. How do I inform the branch?
Q. 15: Can I add the name of my spouse to my account ?
Q. 16: What is the benefit of nomination?
Q. 17: As heirs to a close relative who passed away intestate how do we proceed to get the balance lying in
his accounts in India settled in our favor.
Q. 18: I wish to have online access to my account. What are the benefits and how do I proceed?
Q. 19: Can I withdraw funds in USA from my NRE account in India ?
Q. 20: I am registered for internet banking but have forgotten my password.
Q. 21: I can access my accounts online but am not able to do any transactions.
Q. 22: Are NRE and FCNR interest income tax free?
Q. 23: I get my pensions through an account with a bank in India . Can I bring this money to USA ?
Q. 24: Can I get my rental income, dividend income repatriated into my USA account?
Q. 25: I have sold / am in the process of selling my immovable property in India. Can I have the sale
proceeds repatriated to USA ?
Q. 26: Is there any restriction on repatriation of sale proceeds of residential property purchased by an
NRI/PIO?
Q. 27: Can refund of application money / purchase consideration by the vendor on account of non
allotment of flat together with interest be credited to NRE a/c?
Q. 28: Can agricultural land / plantation property / farm houses be acquired by a person resident outside
India?
Q. 29: Does SBI extend home loans for NRIs for property purchases in India?
Q. 30: For what purposes can I avail the loan?
Q. 31: I wish to know the eligibility criteria, interest rates, processing fee, different types of home loans
offered in India.
Q. 32: Is there a pre-payment or a pre-closure fee?

Q. 33: As an NRI am I eligible for a car loan in India?

Q. 34: Can an NRI invest in SBI's Mutual funds.
Q. 35: Can I invest for SBI's Mutual funds online and if so how?
Q. 36: How do I open a Demat (book entry) account with SBI?
Q. 37: Will New York , Chicago or the branch in Los Angeles issue life certificate for pensioners?
Q. 38: On return to India, can an NRI retain his assets abroad?
Q. 39: On return to India, can NRIs hold funds acquired overseas in foreign currency accounts in India?
Q. 40: What amounts can be credited into a RFC A/c?
Q. 41: Can the proceeds of NRE / FCNR deposits be credited to RFC a/cs by premature closure?
Q. 42: Can a person who returns to India after a short assignment abroad open an RFC a/c?
Q. 43: Can the funds in RFC accounts be used for making local payments?
Q. 44: Can a returning Indian on going abroad again and regaining his NRI status transfer his funds from
RFC to FCNR / NRE a/cs?
Q. 45: Is the amount in RFC accounts fully repatriable?
Q. 46: For how many years can an RFC accounts be held?
Q. 47: In what currencies are RFC a/cs denominated?
Q. 48: Is interest income on RFC deposits taxable in India?
Q. 49: Who is an RNOR?
Q. 50: I have a foreign travel card (Vishwa Yatra card) issued by a branch of SBI in India. Can I come to the
New York , Chicago or the branch in Los Angeles and draw cash against this card.