Features of various deposit schemes available to Non-Resident Indians (NRIs)

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..... than a person resident in Nepal and Bhutan) (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI) Joint account In the names of two or more non-resident individuals In the names of two or more non-resident individuals May be held jointly with residents Nomination Permitted Permitted Permitted Currency in which account is denominated Pound Sterling, US Dollar, Jap. Yen, Euro, Canadian Dollar and Australian Dollar Indian Rupees Indian Rupees Repatriable Repatriable Repatriable Not repatriable except for the following in the account - 1) Current income 2) Upt .....

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..... Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. - Loans a. In India i) to the Account holder ii) to Third Parties Permitted up to Rs.20 lakhs Permitted upto Rs.20 lakhs Permitted upto Rs.20 lakhs Permitted upto Rs.20 lakhs Permitted Permitted b. Abroad i) to the Account holder ii) to Third Parties Permitted upto Rs.20 lakhs Permitted upto Rs.20 lakhs Permitted upto Rs.20 lakhs Permitted upto Rs.20 lakhs Not Permitted Not Permitted c. Foreign Currency Loans in India .....

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..... Fund based and / or non-fund based facilities for bonafide purposes. Not permitted. * The loans cannot be utilised for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business. Note : a. When a person resident in India leaves India for Nepal and Bhutan for taking up employment or for carrying on business or vocation or for any other purpose indicating his intention to stay in Nepal and Bhutan for an uncertain period, his existing account will continue as a resident account. Such account should not be designated as Non-resident (Ordinary) Rupee Account (NRO). b. ADs may open and maintain NRE / FCNR (B) Accounts of persons resident in Nepal and B .....

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