1/7
An NRE account is a rupee account held with a bank. Funds in an NRE account can be easily repatriated. In the hands of an NRI, interest credited to an NRE account is tax-free. NRE accounts can be opened using money sent from overseas or made in India.
NRIs can open NRO accounts to conduct legal transactions in rupees. The NRO account balance is generally non-repatriable. Funds in NRO accounts, on the other hand, can be remitted abroad subject to the limits and conditions imposed by RBI directives at the time of repatriation. NRO account balances must only be used for rupee payments within India.
There is no restriction on opening and maintaining several accounts.
An NRI can also open accounts from abroad by sending duly filled and signed AOF duly attested by Indian Consulate along with attested copies of passport and Visa, etc, as per the Union Bank of India website.
An NRI can appoint a Power of Attorney holder to make local payments from his NRE / NRO a/cs. and also investments on his / her behalf, as per the Union Bank of India website.
No comments:
Post a Comment