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NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India
Aggregated and Prepared by: www.nirrtigo.com
Green Realtech ...
NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India
Aggregated and Prepared by: www.nirrtigo.com
Green Realtech ...
NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India
Aggregated and Prepared by: www.nirrtigo.com
Green Realtech ...
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NRI-PIO-OCB opening and maintaining NRE-NRO-FCNR-bank accounts in india

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How can Non resident Indians (NRI), person of Indian origins (PIO) open and maintain NRE, NRO, FCNR-B bank accounts in India to buy, sell, rent out immovable property? Find out in this detailed document.

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NRI-PIO-OCB opening and maintaining NRE-NRO-FCNR-bank accounts in india

  1. 1. NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India Aggregated and Prepared by: www.nirrtigo.com Green Realtech Projects Pvt. Ltd Real Estate Projects India | User Ratings & Reviews | Common Cause | Discussions | Research Page NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India NRIs/PIOs/OCBs are permitted to open and maintain the bank accounts in India. Below are a few key points to help NRIs/PIO maintain and open a bank account in India. Eligibility Form of Accounts How to open the account Tax and other Implications Other Conditions Rupee Accounts (NRE) NRIs, PIOs, OCBs Rupee Denominated Accounts. Remittance of funds in free foreign exchange. Deposit can be used for all legitimate purposes. Permission granted to jointly operate with other NRIs and PIOs In the form of savings, current, recurring or fixed deposits. Foreign exchange brought in legally. Account balance can be freely repatriated. Residents can be given power of attorney for operation of account. Freely transfer funds from FCNR account to NRE account of same account holder and vice-versa. Interest lying to the credit of NRE accounts is exempt from tax in the hands of the NRI. Ordinary Non-resident Rupee Accounts (NRO) When an Indian national or PIO resident leaves India for taking up employment etc, outside the country his/her bank account gets designated as NRO account. Rupee Denominated Non- repatriable Accounts. Deposits can be used to make all legitimate payments in rupees. Can be opened jointly with residents in India. In the form of savings, current, recurring or fixed deposits. Interest income, from NRO accounts is taxable. Authorized Dealers may allow the facility of repatriation of funds from NRO account for specific purposes like children's education, medical expenses, sale proceeds of properties, etc. Interest income, net of taxes is repatriable.
  2. 2. NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India Aggregated and Prepared by: www.nirrtigo.com Green Realtech Projects Pvt. Ltd Real Estate Projects India | User Ratings & Reviews | Common Cause | Discussions | Research Page Eligibility Form of Accounts How to open the account Tax and other Implications Other Conditions Foreign Currency Non- resident (Banks) Accounts (FCNR (B) Accounts) NRIs, PIOs, OCBs As a form of term deposit for any of the three maturity periods viz; Account can be opened in US Dollars, Sterling Pounds, Japanese Yen and Euro Interest income is tax free in the hands of NRI until he maintains a non- resident status or a resident but not ordinarily resident status under the Indian tax laws. Utilize FCNR(B) for local disbursements including payment for exports from India, repatriation of funds abroad and for making investments in India, as per foreign investment guidelines. (i) one year and above but less than two years (ii) two years and above but less than three years and (iii) three years only. Source: National Housing Bank
  3. 3. NRIs/PIOs/OCBs Opening and Maintaining Bank Accounts in India Aggregated and Prepared by: www.nirrtigo.com Green Realtech Projects Pvt. Ltd Real Estate Projects India | User Ratings & Reviews | Common Cause | Discussions | Research Page About NirrtiGo NirrtiGo is owned and founded by Green Realtech Projects Pvt. Ltd. NirrtiGo is an online real estate platform to find, discuss, review, rate, and track real estate & property in India.

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