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NRI Article1
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Types of bank accounts/deposits offered to NRIs.
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Features, eligibility, and differences to determine which account suits you
| Lorem Ipsum Lorem 1 | Lorem Ipsum Lorem 2 | Lorem Ipsum Lorem 3 |
|---|---|---|
| NRI bank application form (Conversion) | Identity Proof: Any one Passport / Aadhaar / Driving License / Voter's Id card |
Residency status proof: Valid visa or Work permit or OCI/PIO card |
Foreign address proof:
|
FATCA declaration form with Tax Identification Number / Functional Equivalent | Passport size photographs |
| PAN / Form 60 |
Please note, that the list of documents may vary from bank to bank.
| Account Features | NRE | NRO | FCNR |
|---|---|---|---|
| Account maintained in | ₹ | ₹ | Foreign currency |
| Deposit currency | Foreign currency (post conversion) | Foreign currency & ₹ (post conversion) | Foreign currency |
| Withdrawal currency | ₹ | ₹ | Foreign currency |
| Interest earned |
Tax-free | Taxable as per DTAA subject to documentation or Income tax act whichever is beneficial | Tax-free |
| Type of accounts |
|
|
|
| Joint holding with a resident | Permitted on a ‘former or survivor1’ basis with a resident relative2 | Permitted on a ‘former or survivor’ basis with a resident relative. The relative will be able to operate the account as a POA holder Link the PoA article | Permitted on a ‘former or survivor’ basis with a resident relative |
| Other Aspects | |||
| Loan against deposits | Allowed, but only in ₹ | Allowed, but only in ₹ | Available in foreign currency, with conditions |
| Repatriation | Freely repatriable | Permitted upto 1 million USD per financial year | Freely repatriable |
| Risk | Risk due to fluctuating foreign exchange rate | No Risk | No Risk |
You can invest in different forms of gold. The table below outlines a quick snapshot of the features and benefits across different forms of gold:
| Characteristics | Physical Gold | Gold ETFs | Gold Funds | E-Gold |
|---|---|---|---|---|
| Form | Physical | Digital | Digital | Digital |
| Investment Mode | Over the counter | Brokerage Firm | Fund houses | Brokerage Firm |
| Underlying Asset | None | Physical Gold | Physical gold | Physical Gold |
| Demat Account | Not required | Required | Not required | Required |
| Tradeability on Stock Exhange | Not tradeable | Tradeable | Not tradeable | Tradeable |
| Fee and Charges | Making Charges | Asset management & brokerage fees | Fund management charges Entry/Exit Fees* | Brokerage Fees |
*Applicability of entry/exit fees depends on the Asset Management Companies (AMC) you choose to invest with.
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