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FAQ on NRI Deposits

Q.  Who is a non-resident Indian (NRI)?
A.  Any Indian citizen who:
(a) is employed, runs a business or has a vocation outside India;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment

Q. Who is a PIO (Person of Indian Origin)?
A. A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of undivided India; OR
(c) their spouse (not being a citizen of Bangladesh or Pakistan) is an Indian citizen

Q. Can I continue to operate my resident account if I open an NRI account?
A. When you attain a non-resident status, you need to re-designate your resident account to an NRO (Non-Resident Ordinary) account.

Q. Where will my Indian salary be credited if I close my resident account?
A. If you have re-designated your resident account as a new NRO account, your Indian salary will be credited to the new NRO account.

Q. Can I transfer funds from my NRO account to an NRE / FCNR Account?
A. Funds from NRO account cannot be transferred to an NRE / FCNR account as funds in an NRO account cannot be repatriated outside India.

Repatriation from NRO balances
Balances in the account can be repatriated up to USD $1 million per calendar year for any purpose, subject to payment of taxes. This includes sale proceeds of immovable properties credited to NRO accounts.

Q. Can I appoint a mandate holder for my fixed deposits accounts?
A. No, a mandate holder can be appointed only for operating a savings account.

Q. Can I nominate more than one person for one account?
A. No, only one person can be nominated for an account.

Q. Can I register different nominees for my different accounts?
A. Yes, you can have separate nominations for different accounts.

Q. If I register a nominee when opening the account, do I have to fill in the nomination form every time I make a new deposit?
A. No, the process need not be repeated. Dhanlaxmi Bank allows you to provide a one-time instruction to make the nominee applicable for all accounts.

Q. Can I have a minor as a nominee to the account?
A. Yes, but you will have to nominate a guardian till the minor attains the age of maturity.

Q. Can I change the nominee in my account?
A. Yes. Changes in account nomination are permissible.

Q. What are the facilities and rights available to the mandate holder?
A. A mandate holder is entitled to:

  • Operate the NRI account locally
  • Issue cheques for local payments on behalf of the account holder.
  • Execute all instructions except the following:
  • Open or close fixed deposits
  • Repatriate funds (only in the name of  account holders )
  • Gift funds

Q. What are the documents that I have to submit to open an FCNR Fixed Deposit?
A. If you are an NRI visiting a Dhanlaxmi Bank branch in India, you must submit the following documents:
1) Photocopies of the relevant pages of your current passport where your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India appear.

2) Photocopies of valid work permit/ employment visa. If your visa has expired, you may submit duly acknowledged petitions made to the visa authorities for the renewal of the visa.
3) A copy of at least one of the following as address proof (for first applicant only):

  • Utility Bill
  • Driving License
  • Residence Permit (government-issued identity card)
  • Credit Card Bill
  • Rent Receipt
  • Overseas / Indian Bank Statement
    (Please carry the originals with you so that you can present them for verification)

 If you are a PIO visiting a Dhanlaxmi Bank branch in India, you must submit the following documents
1) Copy of the relevant pages of your current passport

2) At least one of these:

  • Copy of PIO card; OR
  • Copy of past Indian passport of self / parent / grand-parent along with a self-declaration about Indian origin; OR
  • Self-declaration for PIO as given on the Relationship Form

3) A copy of at least one of the following as address proof (for first applicant only):

  • Utility Bill
  • Driving License
  • Residence Permit (government-issued identity card)
  • Credit Card Bill
  • Rent Receipt
  • Overseas / Indian Bank Statement
    (Please carry the originals with you so that you can present them for verification if needed)

If you are an NRI sending forms to a Dhanlaxmi Bank Ltd branch in India from abroad, you must submit the following documents:
1) Photocopies of the relevant pages of your current passport where your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India appear.

2) Photocopies of a valid work permit/ employment visa. If your visa has expired, you may submit duly acknowledged petitions made to the visa authorities for renewal of visa.

3) Either all of the above photocopies must be attested by any one of the following: a banker, an Indian Embassy, a notary or equivalent of notary as per applicable law; and you may submit one of the following documents:

  • Copy of the latest statement of bank account or relevant sheets of passbook of your account in India / abroad (for the last six months)
  • Copy of any letter received with the last three months from your existing banker in India or abroad
  • A cheque drawn on an existing banker in India or on your bank account abroad
  • An original cheque issued by you and paid by your banker outside India

4) A copy of at least one of the following as address proof (for first applicant only):

  • Utility Bill
  • Driving License
  • Residence Permit (government-issued identity card)
  • Credit Card Bill
  • Rent Receipt
  • Overseas / Indian Bank Statement

If you are a PIO sending forms to The Dhanlaxmi Bank Ltd, India from abroad, then you must submit the following documents:
1) Copy of the relevant pages of your current passport
2) At least one of these:

  • Copy of PIO card; OR
  • Copy of past Indian passport of self / parent / grand-parent along with a self-declaration about Indian origin; OR
  • Self-declaration for PIO as given on the Relationship Form

3) Either all the above photocopies must be attested by any one of the following: Banker, Indian Embassy, Notary or equivalent of notary as per applicable law; and you may submit one of the following documents:

  • Copy of the latest statement of bank account or relevant sheets of passbook of your account in India / abroad (for the last six months)
  • Copy of any letter received with the last three months from your existing banker in India or abroad
  • A cheque drawn on an existing banker in India or on your bank account abroad
  • An original cheque issued by you and paid by your banker outside India

4) A copy of at least one of the following as address proof (for first applicant only):

  • Utility Bill
  • Driving License
  • Residence Permit (government-issued identity card)
  • Credit Card Bill
  • Rent Receipt
  • Overseas / Indian Bank Statement

Q. Are FCNR and NRE accounts taxable in India?
A. No, FCNR/NRE deposits and the interest earned on these accounts are not taxable in India.

Q. What is the tenure for which I can open a FCNR Deposit?
A. You can open an FCNR deposit for a tenure ranging from 12 months to 60 months.

Q. Can I close my FCNR Deposits prematurely?
A. You can close your FCNR Deposits before the due date. No interest is payable if the deposit is withdrawn within one year. If the deposit is withdrawn after one year, the rate will be the rate applicable on the date of acceptance for the period for which the deposit has run, less a penalty if any or the contracted rate of interest, whichever is lesser.

Q. Can I have a nominee for my FCNR Deposits?
A. Yes, you can register your nominee with this account.

Q. What will happen to my deposit once it matures and I forget about it?
A. We will automatically renew the fixed deposits and it will keep earning you attractive interest rates. However, if you open the account under the non-auto renewal mode, you must give us written maturity instructions.

Q. Can I get loans against my FCNR/NRE Deposits?
A. Yes, you can get up to 90% of your principal as loan up to maximum limit of Rs. 1 crore. The loan should only be repaid through foreign currency remittances from abroad.

Q. Will I get a cheque book and an ATM-cum-debit card when I open an FCNR deposit?
A. No, you will not get a cheque book or an ATM-cum-debit card with your FCNR Deposit.

Q. Can I appoint a mandate holder for my FCNR deposits?
A. No, a mandate holder can be appointed only to operate a savings account.

Q. Can I open a Foreign Currency Savings account?
A. No.  Savings Account can be opened in Indian Rupees only.
 
Q. Can I transfer the balance in my NRE Savings account abroad?
A. The NRE account is funded through remittance from abroad only. The entire balance in the account including interest can be transferred abroad.

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