Basics Of Banking Regulations Which All NRIs Should Know
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Becoming an NRI?
Congratulations!
However, know the basic banking guidelines and rules for seamless financial transactions in India. Let’s decode
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Indian bank account
According to FEMA guidelines, you cannot hold an Indian bank account after becoming an NRI. You need to open an NRI account for your banking requirements.
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Types of accounts
You can choose from an NRE or an NRO bank account depending on your financial needs. Both these accounts are different from one another.
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Repatriation
Repatriation is allowed from NRO account but there’s a limit of USD 1 million per financial year. Funds in the NRE accounts are fully and freely repatriable.
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Taxation
Interest earned on NRO accounts is taxable. However, interest income from NRE and FCNR accounts are completely tax-exempt.
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Investments
NRIs can invest in different avenues in India. However, some investments are not allowed like agricultural property, farmlands, etc.
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Know these rules for hassle-free banking. Choose IDFC FIRST Bank NRI accounts and earn up to 7% interest on savings account with monthly credits.