NRI Banking

Presented by:-

Aarsh Bodiwala
Paresh Mate
Sneha Roy Chowdhury
Aniket Taneja
Manali Nabar
Purpose Of NRI Accounts:-

• Send cash to the counter parts living in India.

• Investment purpose.
• Savings.
• Origin of earnings in India.
Types of NRI Accounts:-

 Non Resident Ordinary Rupee Account (NRO A/C)

 Non Resident External Rupee Account (NRE A/C)
 Foreign Currency Non Resident Account (FCNR A/C)
Non Resident Ordinary Account (NRO A/C)

 Funds can be deposited from abroad.

 Funds cannot be transferred to the NRE a/c without prior permission of RBI.
 Interest earned are not tax free.
 Currency used in this a/c is INR.
Non Resident External Account (NRE A/C)

 Deposits and interest are tax free (from income tax).

 The balance can be sent to Indian a/c without any permission.
 Credit balance in this account can be used as a security against any debt.
 Withdrawal is permitted only after conversion.
 Form of currency is INR.
Foreign Currency Non Resident Account (FCNR A/C)

 This account is only in the form of term deposits of 1-5 years.

 Principal and interest is transferable in any currency.
 Interest earned in exempt from income tax.
 Can be maintained in any currency.
Documents required along with account opening forms

• Photocopy of passport -self attested

• Photocopy of valid visa / work permit -self attested
• Pan Card copy (Mandatory for NRE PIS/NRO PIS accounts-self attested )
• Address proof -self attested.
• Average Monthly Balance requirement is Rs. 10,000/- in NRE and NROSB
Account.
• Atleast one document provided has to be in English apart from passport
 Important Points To Be Kept In Mind

• If NRE or NRO account is getting opened with zero paying then original bank statement is
mandatory to be submitted.
• Name and signature on account opening form should be same as on the passport (in
case it differs then declaration should be attached).
• E mail address of the customer is mandatory
• Indian address is mandatory to be filled in the account opening forms.
• In case if any of the document is in non English language then declaration for the same is
to be submitted. Not more than one document can be accepted in non English
language.
Bibliography:-

 www.Investopedia.com
 http://timesofindia.indiatimes.com/nri/other-news/All-you-wanted-to-know-about-FCNR-
accounts/articleshow/17955437.cms
 www.icicibank.com/nri-banking/RHStemp/rates.page
Thank you