Overview
An important step towards liberalisation of foreign exchange facilities available to individual residents was, the permission by Reserve Bank of India to allow a resident in India to open, hold and maintain with a licensed Bank (which is also an authorised dealer) in India, a Foreign Currency (Domestic) Account and foreign exchange acquired from any of the sources specified as under can be kept in this account by the resident.
Visit Indusind.com to Know MoreNRE Account
Non-Resident External (NRE) Accounts for NRIs / PIOs | |
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Who can open NRE Accounts? |
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Types of Accounts | NRE accounts can be of following types: Current, Savings, Recurring, and Fixed Deposit. |
Permitted Credits |
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Permissible Debits |
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Change of Status to Resident |
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Joint Accounts |
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Operations by Power of Attorney (POA) |
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Tax Exemption |
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NRO Account
Non-Resident Ordinary (NRO) Accounts for NRIs / PIOs | |
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Who can open NRO Accounts? |
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Types of Accounts |
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Currency |
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Joint Accounts |
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Permitted Credits |
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Permitted Debits |
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Operations by Power of Attorney (POA) |
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Change of Resident Status |
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Payment of funds to Nominee |
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