Minimum balance requirements depend on the bank and the account type. Some banks offer zero-balance NRI accounts, while others may require a minimum balance ranging from ₹10,000 to ₹100,000 or more.
FAQ Category: Services
Can I open an NRI account while I am still in India?
Generally, you must already reside abroad to open an NRI account. However, some banks may allow you to open an account if you have a valid visa and are about to leave India.
For banking purposes, who qualifies for NRI status?
An NRI is an Indian citizen who resides outside India for employment, business, or other purposes, intending to stay abroad indefinitely.
Tell me the best way to protect my property from disputes as an Non-Resident Indian (NRI)?
Maintain the latest documentation of ownership. Ensure proper boundary demarcation, use clear contracts for any property-related agreements, and consider appointing a local representative to monitor the property regularly.
Is there any provision for a right to appeal if the Court’s judgment is not favourable?
Yes, you have the right to appeal to a higher court. But please note that appeals are based on legal errors rather than re-examining the factual evidence.
Specify the expected timeline of a litigation to resolve property dispute?
Resolving a property dispute through litigation varies on a case’s complexity, court schedules, and if there are any appeals. It can usually be several months to years.
What should I expect when attending court hearings?
In civil disputes court hearings include various stages and broadly it involves initial hearings, interim application stages, arguments, and evidence. It is important to be punctual, dress appropriately, and follow courtroom etiquette while giving evidence/statement before the Court.
Mediation & arbitration- explain the difference?
Mediation involves a neutral third party. The third party facilitates discussions for a voluntary agreement. Arbitration involves an arbitrator making a final decision after hearing both sides.
Elaborate benefits of negotiation in property disputes?
Negotiation can be less costly, quicker, and less stressful than litigation with mutual benefits for both parties.