NRIs can invest in many instruments. Some restrictions exist, though. For example, NRIs cannot invest in small savings schemes like the Public Provident Fund (PPF) through their NRE/FCNR accounts.
Archives: FAQs
What is the process to transfer money from an NRI account to a regular Indian account?
You can transfer money from your NRI account to a regular Indian account through online banking, NEFT, RTGS, or by issuing a cheque.
Can I operate my NRI account jointly with an Indian resident?
NRI accounts can be operated jointly with other NRIs or resident Indians, but the primary account holder must be an NRI.
How much is the minimum balance required for NRI accounts?
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.
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.