Live Market Watch
Nri Corner

Who is a Non-Resident Indian (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business or vocation outside India, or stays abroad under circumstances indicating an uncertain duration.

Who is a Person of Indian Origin (PIO)?
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if the person: (a) at any time held an Indian passport; or (b) or the persons parents or grandparents were citizens of India; or (c) is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above.

Other terms with vaguely the same meaning are overseas Indian and expatriate Indian. In common usage, this often includes Indian-born individuals (and also people of other nations with Indian ancestry) who have taken the citizenship of other countries.

According to Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world after Overseas Chinese . The overseas Indian community estimated at over 25 million is spread across every major region in the world.

Who is a Foreign Institutional Investor (FII)?
An FII is an institution established or incorporated outside India which proposes to invest in Indian securities and is registered with SEBI.

Who is an Overseas Corporate Body (OCB) ?
An OCB includes overseas companies, partnership firms, societies and other corporate bodies owned predominantly by non-resident persons of Indian nationality or origin outside India.

Can an NRI maintain a bank account in India?
Yes. NRIs can maintain accounts in rupees as well as in foreign currency.

What types of rupee accounts may NRIs maintain?
There are 4 types:
1. Non-resident (External) Rupee Accounts (NRE)
2. Non-Resident (Special) Rupee (NRSR) Account
3. Ordinary Non-resident Rupee Accounts (NRO)
4. Non-resident (Non-repatriable) Rupee deposit accounts (NRNR)

What are NRE, NRO and FCNR accounts?
Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds which can be remitted abroad.

Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with funds either remitted from abroad or generated in India. These funds are non-repatriable. However, under certain circumstances, these are allowed to be repatriated.

Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE account except that the funds are held in foreign currencies and can be maintained in Pound Sterling,U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained only in the form of term deposits, i.e. a deposit kept for fixed periods ranging from 6 months to 3 years.

How do NRE, NRO and NRSR accounts differ?
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRSR and NRO account cannot be normally remitted abroad but have to be used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the accountholder can only be credited to NRE accounts

Schedule a Meeting With Us

Name
Mobile
Email
City

Latest News


Google Maps#39; latest update allows user to follow Local Guides for recommendations The new feature will help users discover different places when they are travelling to a new city or country.
Mon, 18 Nov 2019 18:26:57 +0530


Realme India CEO caught using an iPhone, says was testing the flagship The tweet, which has now been deleted, shows a ‘Twitter for iPhone’ badge under it.
Mon, 18 Nov 2019 18:25:59 +0530


Delhi-NCR pollution: Ola and Microsoft to collect air quality data As part of this project, data on particulate matter 2.5 (PM 2.5) will be collected starting November 2019. This will be done via sensors mounted atop Ola cabs.
Mon, 18 Nov 2019 18:25:32 +0530


PFRDA studies proposal to allow pension fund managers to provide annuity services At present, annuity service providers take care of funds post retirement
Mon, 18 Nov 2019 18:20:25 +0530


Xiaomi seeks incentives to boost exports, seeks clarity on proposed rules Xiaomi, which has partnered Foxconn to manufacture smartphones in India at two facilities in Sriperumbudur (Tamil Nadu) and Sri City (Andhra Pradesh), has also started exporting small volumes of devices to Nepal and Bangladesh.
Mon, 18 Nov 2019 18:15:05 +0530


Global growth to pick up next year, US to struggle: Morgan Stanley Morgan Stanley expects growth in the emerging markets to be higher than their developed market peers.
Mon, 18 Nov 2019 18:11:52 +0530


BJP to expel rebel leader contesting bypoll as independent Yediyurappa said disqualified Congress MLA MTB Nagaraj, who has joined BJP, had been given the ticket for Hoskote only after taking Sharath and his father into confidence.
Mon, 18 Nov 2019 18:05:05 +0530


NITI Aayog mulls healthcare system for middle class The report was released by NITI Aayog Vice-Chairman Rajiv Kumar in the presence of Bill Gates, the co-chairman of Bill and Melinda Gates Foundation.
Mon, 18 Nov 2019 17:55:05 +0530


Ford unveils its first all-electric SUV Mustang Mach E In terms of styling, the SUV looks the part of a Mustang, right from the headlights and bonnet to the tail lights in the rear. The running horse badge also gets a place on the Mach E.
Mon, 18 Nov 2019 17:51:50 +0530


NHB, French Development Agency expand competitive funding to green and affordable housing projects Under the programme, housing finance companies, banks and home buyers will have access to competitive funding opportunities to finance green and affordable housing projects.
Mon, 18 Nov 2019 17:35:46 +0530


Rajnath Singh invites defence majors to invest in India Singh said $10 billion investment in aerospace and defence goods and services was expected by 2025 which could provide employment to 2-3 million people.
Mon, 18 Nov 2019 17:32:05 +0530


Sharad Pawar meets Sonia Gandhi to discuss govt formation in Maharashtra Congress and NCP leaders have held a series of meetings in the last few days to finalise modalities for a Sena-led government in Maharashtra.
Mon, 18 Nov 2019 17:28:04 +0530


Frequent FDA inspections slow down Indian pharma exports, says GV Prasad According to him, China is a major source of active pharmaceutical ingredients (API) and chemical intermediaries for the global pharmaceutical industry, including that of India, due to their competitive pricing.
Mon, 18 Nov 2019 17:23:05 +0530


HAM grows substantially in over 3 years, but some cracks are now surfacing on highways: Crisil Launched in early 2016, the model had expedited road construction schemes and resulted in execution of a large number of projects.
Mon, 18 Nov 2019 17:14:05 +0530


Technical View: Nifty forms small bearish candle, but defends crucial 13-day EMA Mazhar Mohammad advises aggressive traders with a high-risk appetite to remain short, with a stop above 11,950 on the closing basis.
Mon, 18 Nov 2019 17:06:26 +0530