Yes.
FAQ Category: Services
Is there any limitation as to how many accounts an NRI can maintain in India?
No, there is no limitation, and an NRI can maintain multiple accounts with different banks.
What documents are needed from the side of NRI to open an NRO account?
NRIs and PIOs typically require two types of documentation – identity proof and address proof. Valid passports and their address proof abroad and a requirement for income proof such as form 60, along with the PAN card. Further, as part of the procedure, a passport-size photograph and evidence of PIO or NRI status are necessary to ensure that an individual is eligible for an NRO account opening in India. These documents will need attestations at the nearest Indian embassy, notary, or an overseas bank branch of an Indian bank in the individual’s country of residence. Also, the mandatory requirement is that the NRI must be having PAN Card in India.
How much amount can a person repatriate?
There is no such upper transaction limit for an NRI, and he can easily transfer any amount from his NRE and FCNR accounts. However, it is to be noted that an NRI can remit only an amount up to USD one million out of the balances of an NRO account, provided they meet the eligibility criteria.
Who can open an NRO account?
Any person residing outside India can open an NRO Account for putting through bonafide transactions in rupees.
What are the major accounts that can be opened in India by a non-resident Indian?
The accounts which an NRI can open are:
- Non-Resident External Account (NRE Account)
- Foreign Currency Non-Resident Account (FCNR Account)
- Non-Resident Ordinary Account (NRO Account)
Is the agent able to procure and acquire insurance and other benefits?
Yes. The agent can manage and procure the insurance and other related things.
The agent appointed by the principal is responsible for the debts obtained by the principal?
No. It is not. The agent will be liable only if a contract has specified so.
Is the agent able to acquire retirement plan transactions and other things?
Yeah. It is possible. The agent can deposit funds, acquire a retirement plan, etc.