Basics Of Banking Regulations Which All NRIs Should Know

Becoming an NRI?

Congratulations!

However, know the basic banking guidelines and rules for seamless financial transactions in India. Let’s decode

Indian bank account

According to FEMA guidelines, you cannot hold an Indian bank account after becoming an NRI. You need to open an NRI account for your banking requirements.

Types of accounts

You can choose from an NRE or an NRO bank account depending on your financial needs. Both these accounts are different from one another.

Repatriation

Repatriation is allowed from NRO account but there’s a limit of USD 1 million per financial year. Funds in the NRE accounts are fully and freely repatriable.

Taxation

Interest earned on NRO accounts is taxable. However, interest income from NRE and FCNR accounts are completely tax-exempt.

Investments

NRIs can invest in different avenues in India. However, some investments are not allowed like agricultural property, farmlands, etc.

Know these rules for hassle-free banking. Choose Metra Trust NRI accounts and earn up to 7.25% interest on savings account with monthly credits.