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NRI FAQ's

Q1

Who is an NRI?

A ‘Non-resident Indian’ (NRI) is an individual resident outside India who is a citizen of India.

Q2

Is it possible for an Indian company to accept deposits from non-resident Indians in compliance with section 160 of the companies Act, 2013?

Yes, such acceptance of deposit as well as refunds, if needed, will be covered under current account transactions and could be made freely without facing any restriction from FEMA perspective.

Q3

What are the different types of accounts that an NRI could open in India?

NRI can open the following accounts:
- In Rupees: NRE and NRO
- In FC: FCNR

Q4

Is it possible for an NRI to maintain multiple accounts with various banks in India, simultaneously?

Yes, there is no restriction to open as well as maintain multiple accounts.

Q5

Is it possible for an NRI open joint accounts with one or more NRIs?

Yes

Q6

Is it possible for an NRI to open joint accounts with residents?

Yes. NRIs could be able to open Joint Account with Resident Close Relative as stated in Companies Act 1956, Section 2(41) and Section 6 as well as in terms of RBI circular dated 22/09/2011.

Q7

Is it possible for NRI accounts to be opened from abroad as well?

Yes. An NRI could also open accounts from abroad by sending duly filled as well as signed AOF duly attested by Indian Consulate along with attested copies of passport and also Visa, etc.

Q8

Is it possible for NRIs to make investments in non-convertible debentures of Indian companies?

Yes. It is possible.

Q9

What are all the various facilities available to NRIs?

NRIs can avail the following facilities:
- Maintaining bank accounts in India.
- Investments in securities/shares of, and deposits with, Indian companies/firms.
- Investments in immovable properties in India.

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