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who is nri

  • NRI

    Who is a 'Non-Resident Indian'?

    Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin.

     

    Who is a resident outside India?

    The term resident outside India as defined by Section 2(w) of Foreign Exchange Management Act 1999 means a person who is not resident in India.

     

    Who is a person resident in India (For individuals only)?

    Section 2(v) of Foreign Exchange Management Act 1999 defines 'person resident in India' as a person residing in India more than one hundred and eighty two days during the course of the preceding financing year but does not include:

     

    1: A person who has gone out of India or who stays outside India, in either case,

     
    • For or on taking up employment outside India, or
    • For carrying on outside India a business or vocation outside India, or
    • For any purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
     

    2: A person who has come to or stays in India, in either case, otherwise than:

     
    • For or on taking up employment in India, or
    • For carrying on in India a business or vocation in India, or
    • For any other purpose in such circumstances as would indicate his intention to stay in India for an uncertain period.
     

    From the above definition inference can be drawn that a non-resident means a person who has gone out of India or stays outside India in either case.

     
    • For or taking up employment or for carrying on business or vocation outside India or
    • For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
     

    Temporary visits to India for tourism, travel etc. by non-resident will not effect his non-resident status. Similarly, residents going abroad on business trips, medical treatment, tourism, education etc. shall continue to be treated as person resident in India during their termporary stay abroad. Check your eligibility for opening an NRE / NRO /FCNR/ RFC account as a Non-Resident Indian. In case you fulfil the conditions, please read instructions regarding 'How to open the account' and 'Modes of remittance' of funds before downloading Account Opening Form.

     
  • PIO

    A. For the purposes of borrowing and lending in rupees, deposits, remittance of assets and transfer or issue of security by a person resident outside India: Person of Indian Origin means a citizen of any country other than Pakistan or Bangladesh, if,

     

    1. He, at any time, held an Indian passport,

    2. He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955),

    3. The person is a spouse of an Indian Citizen or a person referred to in sub clause (1) or (2)

    B. For the purpose of investments in firm or proprietary concern in India:

     

    C. Person of Indian Origin means a Citizen of any country other than Pakistan or Bangladesh or Sri Lanka, if,

     

    1. He, at any time, held an Indian passport,

    2. He or either of his parents or any of his grand parent was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955),

    3. The person is a spouse of an Indian citizen or a person referred to in sub clause (1) or .

     

    D. For acquisition and transfer of immovable property in India:
    Person of Indian Origin means an Individual (not being a citizen of Pakistan or Bangladesh or SriLanka or Afganistan or China or Iran or Nepal of Bhutan) who

     

    1. He, at any time, held an Indian passport,

    2. who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act 1955(57 of 1955).

     

    Check your eligibility for opening an NRE / NRO / FCNR / RFC account as a Non-Resident Indian (Person of Indian Origin). In case you fulfil the conditions, please read instructions regarding 'How to open the account' and 'Modes of remittance' of funds before downloading Account Opening Form.

  • How to Open the Account

    Down load the Account Opening Form and complete the same in all respects.

     

    The account opening form be got verified / attested / properly introduced and following papers be attached with it.

    • Self attested passport size photograph(s) duly affixed on the account opening form.
    • Photocopy of the relevant pages of the passport containing particulars of the applicant visa etc.
    • Self attested copies of Memorandum, Articles of Association etc., wherever required.

    The Account Opening Form complete in all respect be forwarded to the branch of your choice & (branches authorsied for foreign exchange business) with a letter giving details of the remittance effected for opening the account.

    The letter may also give the detail of the local person / relative of the account holder to enable the bank to contact him in case of need. The account opening form with enclosures and remittance instrument may also be forwarded by you to your local representative / relation for facilitating opening of the account.

     

    Modes of remittances

     

    Remittances for opening / crediting of the account may be done in any of the following methods:-

    • By Foreign Currency Drafts / Cheques payable in India or abroad. The account holder may send such drafts / cheques directly to the branch maintaining the account giving details of the account (i.e. name and account number in which the proceeds are to be credited). The account of the depositor will be credited as per the arrangement. The foreign currency instruments will be converted into rupees at the market rate. In case the funds are to be kept in foreign currency account (like FCNR), the letter should contain clear instructions to this effect.
    • By Telegraphic transfers Remittances may also be arranged through your overseas banker by telegraphic transfers. Our bank maintains foreign currency accounts in all the major currencies of the world. The detail of our accounts (Nostro Accounts) in USA, UK, Germany, Canada, Australia are given separately. Remittances through any of our foreign currency accounts may be arranged through your overseas bankers. However, the telegraphic transfer must contain complete information of your account where the funds are to be ultimately credited (i.e. account number, branch name and purpose of remittance).
  • Mode of Remittance

    Down load the Account Opening Form and complete the same in all respects.

     

    The account opening form be got verified / attested / properly introduced and following papers be attached with it.

    • Self attested passport size photograph(s) duly affixed on the account opening form.
    • Photocopy of the relevant pages of the passport containing particulars of the applicant's visa etc.
    • Self attested copies of Memorandum, Articles of Association etc., wherever required.

    The Account Opening Form complete in all respect be forwarded to the branch of your choice & (branches authorized for foreign exchange business) with a letter giving details of the remittance effected for opening the account.

    The letter may also give the detail of the local person / relative of the account holder to enable the bank to contact him in case of need. The account opening form with enclosures and remittance instrument may also be forwarded by you to your local representative / relation for facilitating opening of the account.

     

    Modes of remittances

     

    Remittances for opening / crediting of the account may be done in any of the following methods:-

    • By Foreign Currency Drafts / Cheques payable in India or abroad. The account holder may send such drafts / cheques directly to the branch maintaining the account giving details of the account (i.e. name and account number in which the proceeds are to be credited). The account of the depositor will be credited as per the arrangement. The foreign currency instruments will be converted into rupees at the market rate. In case the funds are to be kept in foreign currency account (like FCNR), the letter should contain clear instructions to this effect.
    • By Telegraphic transfers Remittances may also be arranged through your overseas banker by telegraphic transfers. Our bank maintains foreign currency accounts in all the major currencies of the world. The detail of our accounts (Nostro Accounts) in USA, UK, Germany, Canada, Australia are given separately. Remittances through any of our foreign currency accounts may be arranged through your overseas bankers. However, the telegraphic transfer must contain complete information of your account where the funds are to be ultimately credited (i.e. account number, branch name and purpose of remittance).
     
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