Assisting in Opening of NRO or NRE Account
In terms of applicable FEMA regulations, an NRI is permitted to open below stated bank accounts in Indian Currency:
- Non-Resident (External) Rupee Account Scheme (NRE Account)
- Non-Resident Ordinary Rupee Account Scheme (NRO Account)
NRE account
NRE account is a rupee account maintained with Authorized Dealer Bank (AD Bank). Funds from an NRE account are freely repatriable.
Interest credited to the NRE account is exempt from tax in the hands of the NRI.
NRE accounts can be opened with funds remitted from overseas.
NRO Account
NRIs can open NRO account for the purpose of carrying local bona fide transactions in Indian Rupee. The funds in the NRO account is generally non-repatriable. However, funds in NRO accounts can be remitted abroad subject to such limits and conditions as may be prescribed by Reserve Bank of India (RBI) at the time of repatriation. NRO account balances need to be used only for payments within India in rupees.
NRI can open any of the aforementioned bank accounts without obtaining any approval from any regulatory authority such as RBI.
We offer NRIs with a complete suite of advisory services and representation services in the opening of both these bank accounts, providing consultations relating to the documentation required for their permissible debits and credits.
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