Frequently Asked Questions (FAQs)
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- Daniella Nicholson
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1 Frequently Asked Questions (FAQs) Q1) Who qualifies as a Non Resident Indian (NRI)? An Indian citizen who stays outside India for employment or business; or intends staying outside India for an uncertain period; or is an official deputed abroad by Government /Public sector undertakings on temporary assignments, stay (in all cases mentioned) exceeding at least 181 days in a financial year, purely, from a taxation perspective. NRIs have always found India to be a safe and trusted economic destination and as a result have been a part of the India growth story for years now. This is a strategic segment from any Bank point of view owing to a number of factors, namely: NRIs send regular funds home (remittances) making the most of the exchange rates, money is here to stay in India from the savings point of view and further investments across product types depending on one s requirement. Q2) Who is a Person of Indian Origin? Who is an Overseas Citizen of India? Person of Indian Origin (PIO) Foreign Exchange Management Act, 2000 defines a person of Indian Origin (PIO) as a person, being a citizen of any country Who at any time held an Indian passport A person who himself or either of his parents or any of his grandparents were citizens of India by virtue of the Constitution of India or the Citizenship Act,1955, or Spouse of an Indian citizen or Spouse of a person covered under (a) or (b) above. However, the citizens of Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan are not considered as PIO even if they satisfy the above conditions under FEMA for different purposes under different regulations. (For detail procedure visit Overseas Citizen of India The constitution of India does not allow holding dual citizenship i.e. Indian citizenship and citizenship of a foreign country simultaneously. Based on the recommendations of the High Level committee on Indian diaspora, the Government of India decided to grant Overseas Citizenship of India (OCI) commonly known as dual citizenship. A foreign national, who was eligible to become a citizen of India on ** or was a citizen of India on or at any time after or belonged to a territory that became a part of India after and his/her children and grand children, provided his/her country of citizenship allows dual citizenship in some form or other Page 1 of 15 Version 1.0 (April 2013)
2 under the local laws, is eligible for registration as an Overseas Citizen of India (OCI).Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI. **Any person who, or whose parents or grand parents were born in India as defined in the Government of India Act, 1935 (as originally enacted), and who was ordinarily residing in any country outside India was eligible to become citizen of India on An OCI card holder is eligible to visit India without obtaining a Visa. Q3) What types of accounts/ Deposits can be offered to our Non Resident customers? As an NRI, one can open the following types of accounts and Deposits: Non-Resident External (NRE) Savings Account Non-Resident Ordinary (NRO) Savings Account Foreign Currency Non-Resident Deposits [FCNR (B) Deposits] Non-Resident External (NRE) Fixed Deposit Non-Resident Ordinary (NRO) Fixed Deposit Non-Resident External (NRE) Current Account Non-Resident Ordinary (NRO) Current Account Q4) In what currency can these accounts / deposits be maintained? Page 2 of 15 Version 1.0 (April 2013)
3 Q5) What is the Quarterly Average balance (QAB) to be maintained in each account? Product Code Product Description QAB 1004 Savings - NRO 5, Savings - NRE 5, Orange SB - NRO 5, Orange SB - NRE 5, Orange SB - NRO Metro 10, Orange SB - NRE Metro 10, *Orange SB - NRO Metro(CC2) 1,00, *Orange SB - NRE Metro(CC2) 1,00,000 * NRE/NRO Platina under classification code # 2 Q6) What is SWIFT? Society for Worldwide Interbank Financial Telecommunication is a worldwide network for financial messages through which its members (i.e. financial institutions such as banks) can exchange messages related to money transfer for their customers. The messages are sent securely and reliably to the target member financial institution of SWIFT. E.g. IVBL s SWIFT code is VYSAINBB. Q7) What is repatriability? Refers to the ability of an asset to be moved from a foreign country back to an investor's home country. Assets such as cash and securities are considered highly repatriable, while assets such as foreign real estate and business ownership are considered to have a low level of repatriability. Barriers to repatriation may include the physical nature of the asset, laws of the foreign country, and laws of the investor's home country. E.g. When an NRI transfers money in US $ /GBP or any other currency to IVBL NRE/NRO account, the process is called Inward remittance process wherein the corresponding currency is converted to Indian Rupees (INR). On the other hand, when the customer takes his money back from India to his country of residence through outward remittance process, INR is converted back to the corresponding currency, say, INR to US $ /GBP or any other currency. Page 3 of 15 Version 1.0 (April 2013)
4 Q8) What are the features of a Non Resident External (NRE) account? This is an account which is mainly used to park foreign earnings to be saved or utilized in India. Savings Account We offer the following features with our NRE Savings account: Rupee denominated savings account available in 2 variants viz. NRE Orange Metro Savings account and NRE Platina Savings account with Quarterly Average balance (QAB) requirement of INR 10,000 and INR 1, 00,000 respectively. Funds held in this account and interest thereof is fully repatriable Free personalized payable at par cheque book. Account can be held jointly either with a Resident Indian or Non Resident Indian. Nomination facility available & a Resident Indian can be appointed as a Mandate Holder. Free International VISA ATM-cum-debit card which can be accessed at over 1.8 million VISA ATMs across the globe and over 40,000 ATMs in India. Interest on NRE Savings account is calculated on daily 4 % p.a. Easy account funding through our alliances in 14 currencies worldwide or Mi-remit powered by TimesofMoney, an online money transfer service for US based NRIs. ING Internet banking Anywhere, Anyhow and Anytime. Fixed Deposit Higher interest rates; deposits can be held for a period ranging from 1 year to 10 years. Deposits earn interest only if held with the Bank for a minimum period of 1 year. The matured amount is completely repatriable and tax free in India Q9) What are the features of a Non Resident Ordinary (NRO) account? This is an account which is primarily meant for parking local (Indian) income arising out of legitimate dues which can include current income like rent, dividend, pension, interest etc. Page 4 of 15 Version 1.0 (April 2013)
5 Outward repatriation from this account is restricted up to one million USD (or equivalent) per financial year for bonafide purposes. Savings Account We offer the following features with our NRO Savings account: Rupee denominated savings account available in 2 variants viz. NRO Orange Metro Savings account and NRO Platina Savings account with Quarterly Average balance (QAB) requirement of INR 10,000 and INR 1,00,000 respectively. Interest earned on NRO Savings Account is subject to Tax deduction at 30.9%. Free personalized payable at par cheque book. Account can be held jointly either with a Resident Indian or Non Resident Indian. Nomination facilities available & a Resident Indian can be appointed as a Mandate Holder. Debit card available (for use in India only) Interest on NRO Savings account is calculated on daily 4 % p.a. Easy account funding through our alliances in 14 currencies worldwide or Miremit powered by TimesofMoney, an online money transfer service for US based NRIs. ING Internet banking Anywhere, Anyhow and Anytime. Fixed Deposit Deposits can be held for a period ranging from 7 days to 10 years. In case of foreclosure of an NRO Term Deposit, the applicable rate of interest for the foreclosure period will apply with deduction of premature closure charges.(as per the rules of the Bank) Lower TDS is applicable under the Double Taxation Avoidance Agreement (DTAA) regime depending on the country of residence of NRI's. Page 5 of 15 Version 1.0 (April 2013)
6 Q10) What are the features of Foreign Currency Non Resident (FCNR) deposits? Foreign Currency Non Resident FCNR (B) Deposits enable NRIs to maintain deposits in the foreign currency of their choice to minimize currency rates fluctuation and to get the benefit of complete repatriability. We offer FCNR (B) deposit in Euro, GBP and USD for 1 year and up to 5 years. Principal amount and interest are fully repatriable and tax free in India. In case of premature withdrawal in less than a year's time, no interest will be payable. Q11) Who can be a Mandate holder? Can a Mandate holder be an immediate family member or someone else? Any individual who is a major can be a Mandate holder. Mandate may not be essentially an immediate family member, it could be some one else as long as the account holder is authorising him/her to operate his/her account. It is mandatory to take the complete ISA of the Mandate holder. Q12) Can a Mandate holder be added to NR minor accounts? Yes, a Mandate holder can be added to NR minor accounts. Q13) What are the various modes to transfer money to India and the charges for the same? i) Wire transfer Available in 14 currencies namely AED,AUD,CAD,CHF,DKK,EUR,GBP,HKD,JPY,NZD,SAR,SEK,SGD and USD LIST OF CORRESPONDENT BANKS* Page 6 of 15 Version 1.0 (April 2013)
7 Standard Charges: Service Tax on Forex conversion (conversion is on the basis of the exchange rate applied for the particular transaction) as per the grid below : * There is correspondent bank charge which differs from bank to bank (for different currencies) (ii) Mi-remit Powered by TimesofMoney, an online money transfer service for US based NRIs. Q14) As per guidelines, can we offer Senior Citizen rate in NRE/NRO Term Deposits? No, we cannot not offer Senior citizen rate in NRE/NRO Term Deposits as specified by the regulatory body. Q15) Can we accept Form 15 G/15 H for waiver of tax on NRO Term Deposits? No, Form 15 G/15 H is not acceptable for waiver of tax on NRO Term Deposits. Q16) How can NRIs, residing in other countries, take benefit of Double Taxation Avoidance Agreement (DTAA)? Eligibility: NRI customers residing in countries that have signed DTAA with India will be eligible for a DTAA applicable rate of Lower TDS* on the interest earned from the NRO Term Deposits booked out of the funds remitted from overseas or from their NRE accounts. *These lower TDS rates (lesser than 30.9%) for the respective countries are decided by Income tax authorities. E.g. for USA, the lower rate is 15%, for UAE it is 12.5% etc. In order to avail this, customers need to fulfill the following requirements: The customer should be a tax Non-Resident as per the Indian Income Tax Act. Page 7 of 15 Version 1.0 (April 2013)
8 The customer should be a resident (tax resident) of the DTAA country and should be entitled to Treaty Benefits as per the criteria defined in the respective DTAA. The customer should be the beneficial owner of the funds and interest thereon. Documentation required: Most recent IT returns filed in the country where the NRI is paying taxes / employed Copy of PAN Card issued by Government of India (mandatory document effective 1st April, 2010) Copy of Passport along with valid VISA /Residence permit. Latest overseas address proof to be submitted if the overseas residence address of the customer on record is different from the DTAA country Self- Declaration from the customer declaring the country of residence in the Bank s format. Q17) Can fixed deposits be closed prematurely? NRE & FCNR (B) fixed deposits with the bank can be closed prematurely. However, no interest is payable if the deposit is not held for a minimum period of one year. No interest is payable if the deposit is foreclosed before 1 year. In case of foreclosure, the applicable rate of interest for the foreclosure period will apply with deduction of premature closure charges. Page 8 of 15 Version 1.0 (April 2013)
9 Q18) On what basis are the various accounts and deposits offered to Non Resident Indians Compared? Q19) Can one transfer funds from NRO Account to NRE Account? Yes, as per a circular released by RBI in May 11, fund transfer is possible from NRO to NRE subject to fulfilling the documentation part as outlined in our internal circular. Q20) Can one transfer funds from existing NRE account/fcnr (B) deposit on maturity to open NRO Accounts? Yes, NRO account can be opened by transferring funds from NRE account or proceeds from FCNR (B) deposit on maturity. Q21) Can one transfer funds between NRE accounts? Yes. Transfer of funds from NRE Savings Account is allowed for bonafide personal purposes such as personal expenses, education of children, and gifts. Q 22) Can an FCNR (B) deposit in one currency be converted to a deposit in another currency? Yes. However, it would be advisable to do so only on maturity of the deposit so that there is no loss of interest and also no exchange loss is incurred by the customer. Page 9 of 15 Version 1.0 (April 2013)
10 Q23) Can money flow from a NRE account/ FCNR (B) Deposits to NRO account and vice-versa? * Subject to the customer visiting the branch and fulfilling the documentation as per our circular. Not possible online Q24) If I am visiting India, can I use Traveller's Cheques or Currency to open an account or credit my existing NRE Account? Traveller's Cheques can be used to credit/open the account. If you are bringing Foreign Currency Notes & Travellers Cheques, you will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed US $ 5,000/- or Traveller's Cheques and notes exceed US $ 10,000/-(eg: US $ 5000 currency notes +US $ 6000 in Traveller s Cheques = US $ 11,000 will require the customer to furnish CDF) You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account. Q25) What are the admissible debits & credits to NRO Accounts? Debits are allowed freely for all the permissible transactions by Non Residents. Funds representing legitimate dues of the account holder from local sources and proceeds of remittances received from abroad through normal banking channels are credited freely. Page 10 of 15 Version 1.0 (April 2013)
11 Q26) What are the permissible debits/credits to and from the NRE account/fcnr (B) Deposits? Permissible Debits One can freely move funds along with interest earned, anywhere outside India without the prior approval of the Reserve Bank of India. This movement of funds is subject to guidelines laid down by the RBI. Permissible Credits Credits to the account, through funds from an NRE account held in another Indian Bank or a foreign currency cheque. E.g. A Bank of New York cheque (amt- US $ 10,000) issued by the customer while opening NRE /NRO account. Proceeds of remittances received from abroad in freely convertible currency through normal banking channels may be credited freely. Traveller's Cheques or foreign currency tendered by the account holder during his temporary visit to India. Interest / Maturity Proceeds of Government securities including National Savings Certificates, dividends of Unit Trust of India, provided these securities were purchased out of funds from NRE / FCNR Accounts. Convertible currency A currency that can be readily bought or sold without government restrictions, in order to purchase another currency. Note: Amounts in excess of $ 5000 (or equivalent) in currency or $ 10,000/- (or equivalent) in Travellers cheques should be accompanied by a Currency Declaration Form. Q27) Can a Non Resident Indian open a Joint account with a Resident Indian? Page 11 of 15 Version 1.0 (April 2013)
12 Q28) What are the mandatory documents needed to open an NRE/NRO account? - Passport - Visa - Address proof (Both Indian and Overseas) Q29) Can a NRE/NRO account be opened for a Non Resident individual who holds a foreign passport? What if the customer holds a PIO /OCI card? Do we need to take the Visa? Yes, a NRE/NRO account can be opened for a Non Resident individual with a foreign passport provided the place of birth mentioned in the passport is an Indian place. No, Visa copy need not be asked from a customer who holds a PIO/OCI/Green card or even a Foreign passport. Q30) So can t one open a NRE/NRO account if his /her place of birth is a non-indian place, say London which is mentioned in the foreign passport he/she holds and without a PIO/OCI card? Yes, the NRE/NRO account can be opened subject to the customer furnishing a Person of Indian origin proof which can be a document belonging to his mother/ father/ grandfather/ grandmother/ wife showing the place of birth in India and by establishing the adequate relationship. Q31) Can the customer furnish either his Overseas / Local address as communication/mailing address? Yes, depending on his choice of mailing address as mentioned in the Account opening form. However, as a Non Resident customer, furnishing an overseas address proof is mandatory. Q32) Do I need to take overseas address from a sea farer**? No. In the case of a sea farer, only his Indian address will suffice. **A sailor, mariner, or seaman / sea farer is a person who navigates water-borne vessels or assists in their operation, maintenance, or service. The term can apply to professional mariners, military personnel, and recreational sailors as well as a plethora of other uses. Page 12 of 15 Version 1.0 (April 2013)
13 Q33) What is CDC/CDC booklet? Can this be accepted as a KYC document from a sea farer (mariner) who is not holding a Visa? For sea- farers who travel overseas on cruise-liners/ other vessels, CDC booklet is Continuous Discharge Certificate Booklet which is a Mandatory documentary requirement. This booklet contains records of all the exit and entries of the Mariner. Yes CDC booklet can be accepted as a valid KYC document from a sea farer who is not holding a Visa. Definition: C.D.C means a Continuous Discharge Certificate-cum-Seafarer's Identity Document. This document certifies that the person holding this is a seaman as per The International Convention on Standards of Training, Certification and Watch keeping for Seafarers (STCW), 1978, as amended Every seafarer must carry this document while on board, which is also an official and legal record of his sea experience. The master of the vessel signs the document each time a seaman is signed off from the vessel certifying his experience on board. A C.D.C. granted under STCW rules shall be valid for a period of ten years and may be renewed on expiry or within six months prior to date of expiry, on a request from the holder, for a further period up to ten years at a time if the holder is a serving Seamen and his C.D.C. has not been cancelled, withdrawn or suspended under these rules. If the period of validity of CDC of a Seaman expires during the voyage, it shall continue to be valid till the end of the voyage. This is the one of the most important documents while a seaman is travelling on board. Even if a person has just this document, they have been called seaman. Q34) What are the provisions governing remittance of assets by NRI/PIO? A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit an amount up to US $ one million per financial year out of the balances held in his Non-Resident (Ordinary) Rupee (NRO) account, or out of the sale proceeds of assets (inclusive of assets acquired by way of inheritance or settlement), for all bonafide purposes. The remittance facility in respect of sale proceeds of immovable property is not available to a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan. Remittance of current income An NRI / PIO can freely remit current income like rent, dividend, pension, interest etc Facilities for students As Non-Residents, they will be eligible to receive remittances from India based on the following conditions: Up to US$ 2,00,000 (as per Liberalised Remittance Scheme) from close relatives in India on self declaration towards maintenance, medical grounds or any other bonafide purpose as mentioned in the RBI Master circular, which could include remittances towards their studies also. Page 13 of 15 Version 1.0 (April 2013)
14 Up to US $ 1 million per financial year out of sale proceeds of assets or balances in their account maintained with an AD (Authorised Dealer) Bank in India. International Credit Cards NRIs / PIO can use International Credit Cards abroad and settle bills out of balances held in the card holder's FCNR / NRE / Non-Resident (Ordinary) rupee accounts. Q35) Can an NRI/PIO repatriate the sale proceeds of immovable property inherited from a Resident Indian? Yes. Sales proceeds not exceeding US$ 1 million can be repatriated subject to production of documentary evidence of inheritance & tax clearance certificates to the authorized dealer. Prior permission from RBI would be required for citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China or Iran. This facility is not available for citizens of Nepal & Bhutan. Q36) Can a foreign national during his visit to India open a NRE/NRO account? The type of account opened for a foreign national depends on the purpose of his visit to India. If a person has come on a tourist Visa, he/she can open an NRO account with maximum validity of 6 months.subsequently, the NRO account has to be redesignated as Resident account. But if the foreign national has come to India for the purpose of service holding a Visa with validity > 180 days, he can open a resident account only. Q37) What are the documents needed for Outward Remittance process from NRO type accounts? Form A2 FEMA Declaration (Form 2) Form 15 CA Form 15 CB Q38) What are the various accounts that can be opened under a Special Purpose Foreign Currency (SPFC) account? The shipping agents SPFC account (in any of the 14 permissible foreign currencies with IVBL s Nostro arrangement) The shipping agents Current account (in INR) and NRE /NRO SB accounts of the sea-farers Page 14 of 15 Version 1.0 (April 2013)
15 Q39) Do we offer Home Loans to Non Resident Indians? ING offers Home Loans to salaried NRI customers including Persons of Indian Origin. We are present in 17 locations across India and fund in most of Builder Projects present in those locations. We offer loans up to 6 Cr. in metro cities and up to 3 Cr. in all other locations. A customer can avail loan up to a maximum tenor of 20 years for the following purpose : Purchase Construction Renovation / Extension / Up gradation Composite Loan (Plot purchase + construction) Q40) What are the investment options for Non Resident Indians/PIOs? Investing in the Indian markets to benefit from good returns across different product types has been one of the most important factors attributing to India being the highest recipient of remittances worldwide in the last 2 years. We offer the following products to help our customers meet their financial goals : NRIs (excluding NRIs from US) can investment in India through Mutual funds / Unit Linked Insurance Plans. Based on the risk profile, we help choose the right investment instruments. Life Insurance and General Insurance products. HAPPY LEARNING!! Page 15 of 15 Version 1.0 (April 2013)
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