NRIs can open the following types of accounts: In Indian Rupees: NRE (Non-Residential External) and NRO (Non-Residential Ordinary) In Foreign Currency: FCNR (Foreign Currency Non-Residential)
Can an NRI maintain multiple accounts with different banks in India simultaneously?
Yes, there are no restrictions on opening and maintaining multiple accounts with different banks.
Can an NRI open joint accounts with one or more NRIs?
Yes, NRIs can open joint accounts with other NRIs.
Can an NRI open joint accounts with residents?
Yes, NRIs can open joint accounts with resident close relatives as defined in the Companies Act 1956, Section 2(41) and Section 6, and as per RBI circular dated 22/09/2011.
Should all NRIs desiring to open joint accounts reside in the same country?
No, NRIs can reside in different countries and still open joint accounts.
Can an NRI give Power of Attorney to a resident to operate their accounts and make investments on their behalf?
Yes, an NRI can appoint a Power of Attorney (POA) holder to make local payments from their NRE/NRO accounts and to make investments on their behalf.
What are the restrictions imposed on the Power of Attorney?
The Power of Attorney holder cannot perform the following actions:
Open or close NRI accounts in the name of the NRI.
Repatriate funds from the account in the form of DD/TT, etc., unless specified in the POA.
Give gifts.
Transfer funds to NRE accounts other than the NRI's principal account.
Raise loans or execute documents on behalf of the NRI.
Tender foreign currency or foreign currency traveller's cheques.
How much foreign currency (FC) can an NRI bring along on their visit to India without a customs declaration form (CDF)?
An individual NRI can bring USD 10,000 or its equivalent in FC, out of which a maximum of USD 5,000 can be in the form of currency notes without declaring it in the CDF. Any amount exceeding these limits must be declared to customs. The remaining amount or the entire amount can be in the form of traveller's cheques (TCs).
Can a relative/Power of Attorney holder or other resident deposit FC on behalf of the NRI?
No, the NRI must personally deposit FC or traveller's cheques, along with their passport.
Can an NRI deposit local funds into an NRE account?
No, only credits from abroad in the form of demand drafts (DDs), telegraphic transfers (TTs), mail transfers (MTs), foreign currency, traveller's cheques, etc., can be deposited into an NRE account. Local funds should be credited to the NRO account of an NRI.