Non resident Indians who
have/ intend to have investments in India
For Non resident Indians who have/intend to have certain investments,
property and bank accounts in India, we manage their financial affairs in
India, we provide nri investment services, nri tax services, nri income tax services as follows:
Chartered Accountants |
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NRI Investment Services
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Banking Accounts
| Particulars | Foreign Currency Non-Resident Account (FCNR) | Non-Resident External Rupee Account (NRE) | Non-Resident Ordinary Account (NRO) |
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| Who can open | NRI | NRI | Any person resident outside India i.e. even a non-NRI. |
| Type of account | Term deposit only | Savings, Current, Recurring/ Term deposit | Savings, Current, Recurring/ Term deposit |
| Period for deposits | For terms not less than 1 year and more than 3 years i.e. 1-3 years only | No restriction | No restriction |
| Joint account | In the name of two or more non-resident individuals | In the name of two or more non-resident individuals | May be held jointly with residents |
| Operation of account | Besides account holder, Power of Attorney holder | Besides account holder,Power of Attorney holder | NRI and Resident Indian Account holder jointly or severally. Also Power of Attorney holder. |
| Nomination | Permitted | Permitted | Permitted |
| Designated currency | USD, Pound Sterling, Japanese Yen, Euro, DM, Australian Dollars, Canadian Dollars | Indian Rupees | Indian Rupees |
| Rate of interest | Fixed or floating within the ceiling rate of LIBOR/ SWAP rates for the respective currency/corresponding term minus 25 basis points at present. | Savings: Ceiling rate of six month USD LIBOR Term Deposit: Ceiling rate of USD LIBOR of corresponding maturity Current: No interest is paid |
Savings: As applicable to domestic savings account Term Deposit: Banks are free to determine interest rates. Current: No interest is paid. |
| Taxation of interest | Tax-free. Even on permanent return to India, tax-free till the time a person is “Not Ordinarily Resident” within the meaning of the Income Tax Act. | Tax-free. If a NRI permanently returns to India, interest accrued w.e.f the date of permanent return to India is taxable. | Taxable and Tax deducted at source at the applicable rate |
| Foreign Currency Risk | Account Holder is protected against changes in INR value vis-à-vis the currency in which account is dominated | Account holder is exposed to the fluctuations in the value of INR | Account holder is exposed to the fluctuations in the value of INR |
| Repatriation | Both principal and interest freely repatriable | Both principal and interest freely repatriable | Interest and other current income freely repatriable. Principal repatriable up to USD 1 million per calendar year. |
| Change in residential status | Can be continued till due date on which option for conversion to Rupees/ RFC (See FAQs on Returning NRIs) account to be exercised | Can be continued till maturity, but to be designated as resident account or converted to RFC | Account to be designated as a Resident account |
Non resident Indians who inherit assets in India
A NRI inherits assets in the form of investments, property etc in India and intends to either liquidate them and repatriate the sale proceeds of the same or manage the same in most tax efficient manner. We enable him to achieve these objectives by facilitating the clearance from Income Tax Department, RBI and other regulatory authorities.
Non resident Indians/ other Non-residents who have/ intend to set up a business in India
Please look into our entry strategy services.
Returning NRI
NRI who return to India for good, should know various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange his financial affairs in India and outside India.
When relocating to India, the following aspects should be taken care of :
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Where can we help ?
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Emigrating Indian/ New NRI
An emigrating Indian/ new NRI wants to retain/ disinvest assets (property, investments, business) acquired in India and repatriate the income/ sale proceeds thereof. We enable him to do so as follows:
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