A ‘Non-resident Indian’ (NRI) is an individual resident outside India who is a citizen of India.
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.
NRI can open the following accounts:
- In Rupees: NRE and NRO
- In FC: FCNR
Yes, there is no restriction to open as well as maintain multiple accounts.
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.
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.
Yes. It is possible.
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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