Frequently Asked Questions

Who is a Non Resident Indian (NRI)?

1) An NRI is an Indian citizen who stays outside India

for purposes of carrying out employment, business or vocation
with an intention to stay outside India for an uncertain duration;
posted in U.N. Organizations or officials deputed abroad by the Government or Public Sector Undertakings on temporary assignments.

A Non-Resident Indian is termed as a "person resident outside India". Clause 2(W) of FEMA 1999 indicates that "A person resident outside India" means a person who is not resident in India.

Clause 2(V) of FEMA 1999 defines a "Resident" as follows:
A. person residing in India for more than 182 days during the preceding financial year but does not include:

a person who has gone out of India for taking up employment outside India, or
for carrying out a business outside India, or
for any other purpose, which would indicate his intention to stay outside India for an uncertain period;

B. a person who has come to or stays in India in either case, otherwise than

for taking up employment in India or
for carrying on a business in India, or
for any other purpose, which would indicate his intention to stay in India for an uncertain period

2) Any person or body corporate registered or incorporated in India.

3) An office, branch or agency in India owned or controlled by a person resident outside India.

4) An office, branch or agency outside India owned or controlled by a person resident in India.

Who is a Person of Indian Origin (PIO)?

A Person of Indian origin (PIO) is a citizen of any country other than Pakistan or Bangladesh who

At any time held an Indian Passport
He or any of his parents or grand parents was a citizen of India
Is a spouse of an Indian Citizen or a person referred to above

What are the documents required for opening accounts?

The documents would be:

Photocopy of the relevant pages of passport
Photocopy of valid work permit / employment visa

Additionally, any one of the following address proofs:

Copy of latest utility bill (not older than 3 months)
Copy of latest Bank Statement (not older than 3 months)
Copy of Driving license

Can I break my deposit before the maturity period?

Yes. Interest payable would be the applicable interest rate prevailing for that period at the time of opening the deposit. The minimum period for Non Resident External (NRE) and Foreign Currency Non Resident (FCNR) would be 1 year. A penalty charge as applicable will be levied.

If I am visiting India, can I use travellers cheques or currency to open an account or credit my existing Non Resident External (NRE) Account?

Travellers cheques can be used to credit/open the account. If you are bringing foreign currency notes & travellers cheques, you will have to submit a Currency Declaration Form (CDF) to the Customs authorities on arrival in India if the foreign currency notes exceed USD 5,000 or travellers cheques and notes exceed USD 10,000. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account.

What are the types of accounts can an NRI open?

A NRI customer can open the following accounts:

Non Resident External (NRE) / Non Resident Ordinary (NRO) savings account in Indian Rupees
Non Resident External (NRE) / Non Resident Ordinary (NRO) fixed deposits in Indian Rupees
Foreign Currency Non Resident (FCNR) deposits in USD, GBP and EUR

Can any person in India be authorised to operate the NRI's account?

Yes. The mandate facility is available for NRI customers. The mandate form duly completed (with Form 60 or PAN card, proof of identity, proof of address, and photo) may be handed over to the branch when the account is opened to authorise a person in India to operate the account. This is possible only in the case of savings accounts.

Can an Foreign Currency Non Resident (FCNR) deposit in one currency be converted to a deposit in another currency?

Yes. However, you may consider doing so only on maturity of the deposit so that there is no loss of interest.

Can Foreign Currency Non Resident (FCNR)/Non Resident External (NRE) deposits be value dated?

Deposits are value dated. The date will be the date on which the funds are received by Barclays (India) in its Nostro accounts.

How much money can an NRI remit abroad annually from his Non Resident Ordinary (NRO) accounts?

A NRI can remit up to USD 1 million (or equivalent) per calendar year for any bonafide purpose subject to payment of tax and furnishing the required documents.

Can an NRI repatriate sale proceeds of his property purchased by him by remittance from abroad?

Yes. However the amount repatriated should not exceed the amount paid for acquisition i.e.

Amount received in foreign exchange through normal banking channel
The foreign currency equivalent as on date of payment of amount paid by debit to NRI a/c

What is the frequency of interest payment in an Non Resident External (NRE) savings account?

The frequency of interest payment would be half yearly.

What is the limit on the international ATM-cum-Debit card for NRI customers?

The International ATM-cum-Debit card offers Rs 50,000 of cash withdrawal per day and transactions worth Rs 50,000 at merchant establishments.

What are the charges applicable for debit card?

There are no withdrawal charges for cash withdrawn from any VISA ATM network across the world. For purchases and ATM transaction(s) outside India there is a 3.5% currency conversion charge, at all VISA enabled POS and ATM machines. Service Tax (as applicable) on these charges will be levied.For details of charges on Domestic debit cards, kindly refer the schedule of charges for Personal Banking.

Can I repatriate money out of balances held in my Non Resident Ordinary (NRO) accounts?

Interest earnings can be repatriated. In addition to this, remittance/s up to USD 1 million per calendar year from balances in Non Resident Ordinary (NRO) accounts subject to payment of applicable taxes is allowed.

The documents required to be produced for effecting a remittance are:

Account holder's letter giving details of purpose of remittance and certified by a C.A. for the same
Cheque or debit authority if the same is not contained in the letter in item 1
Application in Form A2
A certificate from a chartered accountant
Declaration under FEMA, 1999 to be filled in by the NRI