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Non Resident Indian (NRI)

A ‘Non-Resident Indian’ (NRI) is a person resident outside India, who is a citizen of India.


PIO – A Person of Indian origin is a citizen of any country other than Pakistan, Bangladesh, or such other country as may be specified by the Central Government, satisfying the following conditions.

PIO – Must satisfy the following conditions:

Features of NRO Accounts available to Non-Resident Indians (NRIs):

ParticularsNon-Resident Ordinary Rupee Account Scheme [NRO Account]
Who can open an AccountAny person resident outside India for putting through bonafide transactions in rupees.
Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India. A Citizen of Bangladesh/Pakistan belonging to minority communities in those countries i.e. Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who has been granted LTV or whose application for LTV is under consideration, can open only one NRO account with an AD bank subject to the conditions mentioned in Notification No. FEMA 5(R)/2016-RB Dated April 01, 2016, as updated from time to time.
Joint accountMay be held jointly with NRIs/ PIOs. Also with resident but on ‘Former or Survivor’ basis.
Currency in which account is denominatedIndian Rupees
RepatriablityNot repatriable except for the following:
i) all current income (Net of Taxes, as applicable)and ii) up to USD 1 (one) million per financial year (April-March) by NRI/ PIO, along with their other eligible assets, subject to applicable taxes and RBI guidelines.
Type of AccountSavings, Current, Recurring, Fixed Deposit
Period for fixed depositsAs applicable to resident accounts.
Rate of InterestAs per RBI guidelines issued by its Department of Banking Regulations.
Operations by Power of Attorney in favour of a resident by the non-resident account holderOperations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments in rupees, remittance of current income (net of applicable taxes) to the account holder outside India or remittance to the account holder himself through normal banking channels.
While making remittances, the limits and conditions of repatriability will apply.
LoansAll loan proposals/enquiries from NRIs must be refered to Head Office
a. In India
i) to the Account holderPermitted subject to the regulatory requirements
ii) to Third PartiesPermitted, subject to regulatory requirements
b. Abroad
i) to the Account
Not Permitted
ii) to Third PartiesNot Permitted
c. Foreign Currency Loans in India
i) to the Account holderNot Permitted
ii) to Third
Not Permitted
Purpose of Loan
a. In India
i) to the Account holderPersonal requirement and / or business purpose.*
ii) to Third PartiesPersonal requirement and / or business purpose.*
ii) to Third Parties
b. Abroad
To the account holder and Third Parties
Not permitted.

* The loans cannot be utilised for the purpose of on-lending or for carrying on agriculture or farm houses or plantation activities or for investment in real estate business or for any other activity where foreign investment is not allowed.

Permissible Credits / Debits

A. Credits

B. Debits