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FAQ's

  • Who is considered a Non-Resident Indian (NRI)?
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      An NRI is an Indian citizen or person of Indian origin who resides outside India for employment, business, or any other purpose indicating an indefinite stay abroad.
  • What is NRI Banking?
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      NRI Banking refers to banking services tailored specifically for Non-Resident Indians to manage their finances, investments, and other banking needs while residing abroad.
    What are the types of accounts offered to NRIs?
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      Banks typically offer NRI accounts such as NRE (Non-Resident External) accounts, NRO (Non-Resident Ordinary) accounts, FCNR (Foreign Currency Non-Resident) accounts, and RFC (Resident Foreign Currency) accounts.

NRE Account

  • What is an NRE Account?
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      An NRE Account is a rupee-denominated account where NRIs can deposit their foreign earnings. Funds in this account are fully repatriable.
  • Can funds in an NRE Account be repatriated?
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      Yes, funds in an NRE Account are fully repatriable, which means you can freely transfer the balance and interest earned abroad.

NRO Account

  • What is an NRO Account?
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      An NRO Account is designed for NRIs to manage their income earned in India. It can receive income from rent, dividends, etc., and can also be funded with foreign earnings.
  • Can funds in an NRO Account be repatriated?
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      Repatriation of funds from an NRO Account is subject to certain conditions and requires specific documentation.

FCNR Account

  • What is an FCNR Account?
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      An FCNR Account is a term deposit account where NRIs can hold foreign currency funds, eliminating foreign exchange risk. It offers fixed deposit tenures in major foreign currencies.
  • What currencies are accepted for FCNR Accounts?
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      Major currencies like USD (US Dollar), GBP (British Pound), EUR (Euro), JPY (Japanese Yen), AUD (Australian Dollar), etc., are accepted.

FCNR Account

  • What is an FCNR Account?
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      An FCNR Account is a term deposit account where NRIs can hold foreign currency funds, eliminating foreign exchange risk. It offers fixed deposit tenures in major foreign currencies.
  • What currencies are accepted for FCNR Accounts?
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      Major currencies like USD (US Dollar), GBP (British Pound), EUR (Euro), JPY (Japanese Yen), AUD (Australian Dollar), etc., are accepted.

Investments and Services

  • Can NRIs invest in Indian financial markets?
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      Yes, NRIs can invest in Indian equities, mutual funds, government securities, and other financial instruments through designated NRI investment routes like the Portfolio Investment Scheme (PIS).
  • Are there any restrictions on repatriation of funds for investments?
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      Repatriation of funds from NRI investments is generally allowed subject to certain conditions and limits specified by the Reserve Bank of India (RBI).

Taxation

  • How are NRI accounts taxed in India?
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      Interest earned on NRE accounts is tax-free in India. However, income earned on NRO accounts is subject to Indian income tax laws.
  • Are NRIs eligible for Double Taxation Avoidance Agreements (DTAA)?
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      Yes, NRIs can benefit from DTAA between India and their country of residence to avoid paying tax on the same income in both countries.

Miscellaneous

  • How can I open an NRI account?
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      You can open an NRI account by submitting the required documents such as passport, visa/residence permit, overseas address proof, and photographs at your nearest branch or online.
  • How can I contact customer support for NRI banking queries?
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      You can reach out to our dedicated NRI customer support team through phone, email, available on our website.
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Indian Overseas Bank, founded in 1937, serves customers domestically and internationally, offering diverse banking products and services.

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  • www.iob.in

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