NRI FAQ
Who is a Non-Resident Indian (NRI)?
NRI is a person residing outside India who is a citizen of India or Person of Indian Origin (PIO).
Who is a Person of Indian Origin (PIO)?
Person of Indian Origin (PIO) means a citizen of any country (other than Bangladesh or Pakistan), if : a. He/She at any time has held an Indian passport or b. He/She or either of his / her parents or grand parents was a citizen of India by virtue of the constitution of India or Citizenship Act, 1955 (57 of 1995) or He / She is a spouse of an Indian citizen or of a person referred above.
What are the products offered to NRI?
- Loss of your belongings
- Damage to car
- Damage to house
What type of saving bank account(s) can be opened by an NRI or PIO in India?
Any NRI/PIO can open two types of savings accounts with any bank in India. They are NRE and NRO bank accounts.
What In case a resident Indian becomes a non- resident, will he/she be required to change to status of her/his holding from resident to non-resident?
As per section 6(5) of FEMA, NRI can continue to hold the securities, which he/she had purchased as a resident Indian, even after he/she has become a non-resident Indian, but has to transfer the shares to his NRO (Non Resident Ordinary) account.
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