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NRI Account |
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Who is a Non Resident Indian? |
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Who is a person of Indian Origin? |
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Who is a Non Resident Indian Mariner? |
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NRI Miscellaneous |
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How are the interest rates for the NR Accounts arrived at?
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What are the repatriation limits? |
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Who is a Non Resident Indian? |
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A person resident outside India: for or on taking up employment for carrying on a business or vocation for any other purpose that indicates his intention to stay outside India for an uncertain period. |
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Now a Student studying overseas is also considered at par with any other NRI. |
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Who is a person of Indian Origin? |
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A citizen of any country (other than Bangladesh or Pakistan) is a person of Indian Origin if: |
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He/she at any time held an Indian passport |
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Either of his/her parents or grandparents were citizens of India |
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The person is a spouse of an Indian Citizen |
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Who is a Non Resident Indian Mariner? |
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An Indian citizen employed on a foreign vessel and intends to be away for more than 6 months in a year. |
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How are the interest rates for the NR Accounts arrived at? |
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Interest rates on Non-Resident Accounts are regulated by the Reserve bank of India based on Libor (London Inter-bank Offer Rate) |
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Libor is a rate which is published by the British Central bank on a daily basis. |
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The NRE rate of Interest is the same as the Libor |
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The FCNR rate for the next month is based on Libor rate on the last day of the previous month |
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What are the repatriation limits? |
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Repatriation of NRO funds, in addition to rent, salary, interest, pension and current income which is allowed to be repatriated after payment of all taxes in India have the following limits |
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Upto USD 10, 00,000 per academic year, to meet expenses in connection with education. |
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Upto USD 10,00,000 to meet the medical expenses abroad of the account holder or his family members |
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Upto USD 10,00,000 per year, representing sale proceeds of immovable property, which was held by the NRI for a period not less than 10 years subject to payment of applicable Indian taxes |
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Upto USD 10,00,000 per calendar year, out of the assets in India, acquired by way of inheritance/legacy, subject to Indian taxes, on production of documentary evidence to establish that the assets have been acquired by way of inheritance/legacy |
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Aggregate of all the above remittance should not exceed more then USD 10, 00,000 |
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*Conditions apply |
