1. Who is NRI?
(a) Indian Citizens staying outside
India with the purpose given
below are NRIs Non-resident foreign
citizens of Indian Origin are
treated on par with non-resident
Indian citizens (NRIs) for the
purpose of certain facilities
(b) Any Indian citizen deputed
outside India for a temporary
period in connection with employment.
(People posted in U.N. organizations
and officials deputed overseas
by Central/State Governments
and Public Sector accomplishments
on provisional assignments are
also considered as non-residents
(c) Non-resident foreign citizens
of Indian Origin are treated on
par with non-resident Indian citizens
(NRIs) for the purpose of certain
facilities
2. Who is a PIO?
A citizen of a foreign
country (other than a citizen of
Bangladesh or Pakistan) is a PIO
if:
(a) He/ she at any time
held an Indian passport; OR
(b) Either of his/her parents
or any of his grandparents was
citizen of India by virtue of (a)
the Constitution of India or Citizenship
Act, 1955 (57 of 1955);OR spouse
(not being a citizen of Bangladesh
or Pakistan) of an Indian citizen
or (a) or (b) above
Note: A spouse of an Indian citizen
or of a person of Indian origin (not
being a citizen of Pakistan or Bangladesh)
is also considered as a person of
Indian origin for the above intentions
if investments in shares/securities
or the bank accounts are opened in
India are made by such persons only
jointly with their NRI spouses
3. What is an 'Overseas Corporate
Body' [OCB]?
Overseas
Corporate Body ' can be explained as a company,
partnership organization, society or other
corporate body possessed directly or indirectly
to the degree of at least sixty percent
by Non-Resident Indians and includes
overseas trusts, companies, joint
firms, societies or other corporate
bodies in which not less than sixty
percent favorable interest is apprehended
by Non-Resident Indians directly
or indirectly but permanently. Such
possession interest should be essentially
seized by them and not in the capacity
as nominees. The a variety of conveniences
approved to NRIs are also accessible
with certain exceptions to OCBs as
long as the possession/beneficial
interest held in them by NRIs continues
to be at least 60%.OCBs were disqualified
from Portfolio Investment Scheme
w.e.f November 29, 2001. OCBs have
been disqualified as a rank of investor
w.e.f September 16, 2003. However,
they have been acceptable to maintain
to hold the securities acquired by
them prior to these dates. Accordingly
OCBs may open a demat account; nevertheless
it can be only for the intention
of dematerializing the on hand holdings.
4. What are the various
facilities available to NRIs/OCBs?
They are:
(a) Opening and maintenance of
bank accounts in India
(b) Investment in shares and securities
of Indian companies, government
securities, units of domestic mutual
funds and, deposits with Indian
companies/firms
(c) Investment in immovable properties
in India
(d) Investment in proprietorship/partnership
concerns in India
5. What
types of bank accounts can be opened
by NRIs/OCBs in India?
NRIs/OCBs can open the following types of
accounts with banks in India, which hold
authorized dealer licences, as also other
banks, specifically authorized by the Reserve
Bank to maintain accounts in the names of
NRIs/OCBs
Rupee Accounts
(a) Non-Resident (Ordinary)
Account - NRO A/c.
NRO A/c.: It is Non-Resident Ordinary
account. It is called so because,
it is an ordinary saving bank account
opened for Non resident Indians.
NRIs can open NRO account for transactions
in rupees without any approval. It
can be maintained in the nature of
current, savings, recurring or fixed
deposit account. The money credited
to this account cannot be repatriated
outside India in foreign exchange,
without prior permission of the Reserve
Bank of India. Interest, earned on
these accounts, is, however, eligible
for repatriation outside India. The
remittance of interest (net of taxes)
will be permitted by the official
dealer, where the account is sustained;
the permission of RBI is not needed
if the account holder makes an application
to the official dealer, in the prescribed
form.
(b) Non-Resident (External)
Rupee Account - NRE A/c.
NRE A/c.: A NRE bank account is
an external saving bank account
opened for Non resident Indians.
NRE account may be opened without
any approval if the funds for this
account are transferred in freely
convertible foreign currency. The
funds, standing to the credit of
this account, as well as interest
earned thereon, are remittable
outside India in free foreign exchange,
without permission of the RBI.
(c) Foreign Currency Accounts
A person, occupant in India, who
is earning foreign exchange, is
also accepted to sustain a Foreign
Currency account in India with
an authorized dealer bank, to the
extent of 50% of such foreign exchange
earnings, under the Exchange Earners
Foreign Currency Account (EEFC)
Scheme
6. Can money be transferred
from NRE account to NRO account?
Yes, it is possible to transfer
money from NRE to NRO money free
of cost.
7. Can money be transferred
from NRO account to NRE account?
No, it is not possible to transfer money
from NRO to NRE.
8. What are the documents
necessary for Housing Loan
(a) Color Passport Size photograph – 3Nos
(b) Appointment letter copy, Passport & Visa
copy, job contract copy
(c) Overseas address proof copy
-- Credit card bill, Mobile bill,
lease agreement copy or letter
from
employer letter head regarding
the place of residence.
(d) Salary certificate/ Slip latest
( atleast 3 months ) ORIGINAL
(e) Updated Overseas Salary Bank
account statement – 6months-ORIGINAL
(f) NRE /NRO Bank statements 6
month (original)
(g) GPA Format in Axis Bank Ltd
and Details like photo, address
proof, id proof, Signature proof,
relationship proof and telephone
number of GPA holder(GPA Holder
should sign either
as co-applicant or Guarantor and
he must be close relative)
(h) Local Address proof (if it
is different from passport address)
(i) Qualification proof
(j) Previous employment proof (if
your present job is less than 2
years
(k) H.R mail id (for employment
verification)
(l) Processing fees –0.5%
of loan amount (cheque of 5618/-must
be submitted along the application)
(m) Credit report ( for USA/UK/EUROPE
customers)
(n) Margin money (20% PAYMENT to
builder)proof from customer side.
(o) Provide 10 cheque leafs and
standing instruction for loan repayment
(should open a new NRE/NRO
a/c with Axis bank for loan repayment.)
or 25 at par at cheque leaves from
your NRE/NRO
a/c
