Yes. Nomination is allowed in NRE/NRO Accounts. The following people can be a nominee in an NRE/NRO Bank Account: Any Resident of India Any Non-Resident Indian A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf Refer to the following table to understand […]

NRI as per FEMA Non-Resident Indian (NRI) as per FEMA or Foreign Exchange Management Act is a person who has gone out of India or stays outside the country for the purpose of employment, business, vocation (occupation for which an individual is trained) or any other circumstances indicating his/her intention to stay outside India for […]

To prove NRI status, one has to submit any of the following documents as proof of residence abroad: Employment Details Student Status Dependent Visa Status, or A copy of Resident Permit of the country where the individual is residing Note: The proof needs to be attested either by the Indian Embassy, Notary or an Indian […]

Yes, he will be an NRI for the year as he is staying more than 182 days outside India.   Definition of an NRI   For further assistance with NRI Banking, Investment, Remittance or Taxation, click on the button below to connect with our expert.  

OCI refers to Overseas Citizen of India which can be simply understood as the status given to people with a foreign citizenship who are granted with certain rights and freedoms that the citizens of India and NRIs enjoy except the following rights: voting rights, candidature in various houses of government, constitutional posts such as President, […]

There is only one Pan Card that is issued to all Indians. It doesn’t matter if they are a Resident or a Non Resident Indian (NRI). The term “NRI Pan Card” has just been coined by people to differentiate between the Pan Cards issued to Indian Residents and NRIs.   Can NRIs have a PAN […]

KYC refers to Know your Customer. It is a simple process of verifying the details provided by the customer for purposes such as investments, registration etc.   Checking of your KYC Status can be done at any of the registered KRA (KYCs Registration Agencies) such as: CAMS Investor Services CDSL Ventures (cvlkra.com) There is no […]

  There are certain restrictions on NRE Accounts. NRIs cannot deposit the following funds in the NRE account because NRE accounts are used to maintain the income earned outside India: Cash in Indian Rupees Gifts received in India Any income generated in India for which the taxes are not deducted at source Along with restrictions […]

NRI Investment in Indian IPOs: Bank Accounts you need Non-Resident Indians can invest in initial public offering (IPO) of equity shares, bonds and NCDs in India. NRI IPO investment in India can be done through Non-PIS account only (NRO or NRE savings account without PIS permission).    However, Indian companies going public can decide whether […]

You can send money from India to USA from either of your NRI Accounts. The taxes on sending money from India to USA depends on the type of account chosen.   Taxes on sending money from India to USA based on the account chosen: NRE: The NRE account can be opened for the purpose of […]