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NRIs Returning to India

Asked by : Suhas Deshmukh, Client Servicing/Key Account Manager, ICICI Bank
Industry : Banking
Functional Area : India
Activity: Question posted: 06 03 2008 21:48:28 +0000, 2 answers, 1452 views, last activity 07 06 2010 20:18:08 +0000
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FCNR: Foreign Currency Non-Resident Account. It is maintained in foreign Currency viz., US Dollar (USD), Pounds Sterling (GBP), Euro Currency (EUR) and Japanese Yen (JPY), but only as fixed deposits.The Principal and Interest earned thereon are repatriable.

NRE Bank Account: Non-Resident External Account. Maintained in Indian Rupees, both in the form of savings bank and fixed deposit. Principal and Interest earned thereon are repatriable

NRO Bank Account: Non-Resident Ordinary Account. Maintained in Indian Rupees, both in the form of savings bank and fixed deposit. Taxable under Indian Income Tax. Principal is not repatriable whereas interest earned thereon is repatriable, after payment of applicable taxes. Best suited for NRIs who have some sort of income accruing in India viz., Rental income, dividend etc. Can be maintained jointly with a resident Indian.

Portfolio Investment Scheme (PIS):This is similar to the NRE/NRO savings a/c. The NRI can trade in the secondary stock market with Repatriation (from NRE PIS a/c) and on non-repatriation basis(from NRO PIS a/c). Demat a/c's can be opened with signatures of Power of Attorney(POA)

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by   Sachin Saxena, Assistant Manager - F&A, Infor Global Solutions  | 06 12 2008 03:51:06 +0000
  Answered by     Jaygopal Raghavan, Marketing Manager, Landmark Group  | 10 15 2008 17:29:37 +0000
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Yes! Why not and as sachin has pointed out, you can have an NRE or NRO account. It is not at all a problem

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