NON RESIDENT INDIAN

An Indian citizen or a foreign citizen

of Indian origin who stays abroad for
employment/carrying on business or
under circumstances indicating an
intention for an uncertain duration of
stay abroad is NON-RESIDENT
INDIAN.

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 Definition:-

FEMA 2000

A person Resident Outside

India who is a Citizen of India or a
person of Indian Origin is called a
Non Resident Indian

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 Types of deposit schemes for
NRIs

Non Resident External Account

Non Resident Ordinary Account

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 Non-Resident External Account

Person of Indian nationality or origin resident

abroad may open, with authorised banks in India.
He can open an account of savings, current or
term deposit accounts.
Opening of NRE Accounts jointly in the names of
two or more non residents is permitted provided
holders are persons of Indian nationality or origin.
The minimum period for fixed deposit is 6 months
and maximum period is 7 years.

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 The minimum account for opening a NRE
savings account is Rs. 10000 and for a
deposit account is Rs. 25000.

The NRE account can be opened or credit

with :-

Remittance from abroad through banking

channels in an approved manner.
Proceeds of foreign currency notes and
traveler cheques brought into India while
on temporary visit to India.
Transfer from an existing NR(E)/FCNR
account of the same person.
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 Power of Attorney

NR(E) Accounts can grant power of attorney

Authority to residents in India for operating their
NR(E) Accounts in India.
Restrictions
1. Withdrawals for local payments only.
2. Holder cannot repatriate funds held in accounts
outside India.
3. To make any gifts on behalf of the account
holder.
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