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Who can open Bank Accounts?
Non Resident Indians (NRIs) including persons of Indian origin and overseas corporate bodies (OCBs) are permitted to open Bank accounts without prior approval of Reserve Bank of India (RBI). However, RBI permission is necessary to open accounts for Pakistanis & Bangladesh nationals, even if they may be covered under persons of Indian origin.

 

What are Overseas Corporate Bodies (OCBs)? 
OCBs include companies, partnership firms, societies & other corporate bodies in which at least 60 % of the ownership is with NRIs of Indian nationality/origin.

 

Who is a Person of Indian Origin?

  • A person holding Indian Passport at any time.
  • A person with either of his parents or grand parents as Indian
  • A person with either of his parents or grand parents as permanent resident of undivided India at any time is considered to be a person of Indian origin.
  • A wife of a citizen of India or of a person of Indian origin is deemed to be of Indian origin even though she may be of Non-Indian parentage.
  • A husband, not being an Indian national of Indian origin, who is married to a lady of Indian origin or individual, is also eligible to open NRI accounts.
 

What types of Bank Accounts an NRI can open?
Indian nationals and persons of Indian origin residing abroad can open the following types of accounts with authorised Banks out of the funds remitted from abroad or out of Foreign Exchange brought in from abroad or out of the funds legitimately due to them in India:

  • Non-Resident (External) Rupee Account [NRE]
  • Foreign Currency (Non-Resident) Accounts [FCNR]
  • Non-Resident Non-Repatriable Rupee Deposit Accounts [NRNR]
  • Resident Foreign Currency Account [RFC] for returning Indians
  • Ordinary Non-Resident Rupee Accounts [NRO]
  • Special Schemes viz. NRI Bonds, India Development Bonds
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