Nri Corner

Who is a Non-Resident Indian (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business or vocation outside India, or stays abroad under circumstances indicating an uncertain duration.



Who is a Person of Indian Origin (PIO)?
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if the person: (a) at any time held an Indian passport; or (b) or the persons parents or grandparents were citizens of India; or (c) is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above.

Other terms with vaguely the same meaning are overseas Indian and expatriate Indian. In common usage, this often includes Indian-born individuals (and also people of other nations with Indian ancestry) who have taken the citizenship of other countries.

According to Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world after Overseas Chinese . The overseas Indian community estimated at over 25 million is spread across every major region in the world.

Who is a Foreign Institutional Investor (FII)?
An FII is an institution established or incorporated outside India which proposes to invest in Indian securities and is registered with SEBI.

Who is an Overseas Corporate Body (OCB) ?
An OCB includes overseas companies, partnership firms, societies and other corporate bodies owned predominantly by non-resident persons of Indian nationality or origin outside India.

Can an NRI maintain a bank account in India?
Yes. NRIs can maintain accounts in rupees as well as in foreign currency.

What types of rupee accounts may NRIs maintain?
There are 4 types:
1. Non-resident (External) Rupee Accounts (NRE)
2. Non-Resident (Special) Rupee (NRSR) Account
3. Ordinary Non-resident Rupee Accounts (NRO)
4. Non-resident (Non-repatriable) Rupee deposit accounts (NRNR)

What are NRE, NRO and FCNR accounts?

Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds which can be remitted abroad.

Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with funds either remitted from abroad or generated in India. These funds are non-repatriable. However, under certain circumstances, these are allowed to be repatriated.

Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE account except that the funds are held in foreign currencies and can be maintained in Pound Sterling,U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained only in the form of term deposits, i.e. a deposit kept for fixed periods ranging from 6 months to 3 years.

How do NRE, NRO and NRSR accounts differ?
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRSR and NRO account cannot be normally remitted abroad but have to be used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the accountholder can only be credited to NRE accounts.

Portfolio Login


Is the marginal dip in SIP inflows an early sign of fading interest in equities? SIP flows holding above Rs 8,000 crore in May despite businesses being at standstill since couple of months is encouraging
Tue, 09 Jun 2020 12:19:47 +0530


Taking Stock: Sensex scales Mount 36K, Nifty back above 10,600 Bayer Cropscience, VST Tillers, Balkrishna Industries and IOL Chemicals were among more than 100 stocks on the BSE to hit a 52-week high.
Fri, 03 Jul 2020 16:34:13 +0530


Taking Stock: Sensex has a touch-and-go moment with 36K, Nifty at 4-month high On the broader markets, the SP BSE Midcap index rose 1.04 percent while the SP BSE Smallcap index closed with gains of 0.9 percent.
Thu, 02 Jul 2020 16:49:42 +0530


Taking Stock: Financials lead the rally on Street; Sensex back above 35,000 Top Nifty gainers include names like HDFC, UPL, Bajaj Finserv, and Axis Bank.
Wed, 01 Jul 2020 17:03:08 +0530


Taking Stock: D-St erases gains ahead of PM address; Nifty hold 10,300 Long buildup was seen in stocks like BEL, Jindal Steel, Balkrishna Industries, and SAIL.
Tue, 30 Jun 2020 16:47:45 +0530


Taking Stock: Lockdown extension, weak global cues weigh on D-St; Sensex below 35,000 Top Nifty gainers included HUL, Cipla, Britannia Industries, and HDFC Bank.
Mon, 29 Jun 2020 17:22:32 +0530


Taking Stock: Strong global cues help Sensex reclaims 35,000; IT, oil  gas shine Top Nifty gainers included IOC, TCS, Infosys, and BPCL.
Fri, 26 Jun 2020 16:38:35 +0530


Taking stock: Nifty slips below 10,300 amid June FO expiry, IMF warning on growth Sectorally, the SP BSE FMCG index rose 2.2 percent, BSE Healthcare index 1 percent and the Bankex was up 0.6 percent.
Thu, 25 Jun 2020 16:41:52 +0530


Taking Stock: Profit booking hits D-Street; Sensex falls over 500 points, Nifty holds 10,300 The SP BSE Mid-cap index was down 1.08 percent while the SP BSE Small-cap index fell 1.24 percent.
Wed, 24 Jun 2020 17:10:56 +0530


Taking Stock: Terrific Tuesday! Markets close near 4-month high; Nifty above 10,450 Sectorally, the SP BSE power index was up 4.2 percent, capital goods index 4.06 percent and the realty index gained 3.05 percent.
Tue, 23 Jun 2020 17:16:11 +0530


Taking Stock: Last hour profit-booking pushes Sensex below 35K; Nifty closes above 10,300 Despite muted global cues and fears of a second wave of coronavirus infections, markets focussed on regulatory approvals for domestic pharma firms for COVID-19 drugs, experts say.
Mon, 22 Jun 2020 16:43:04 +0530


The weekly dossier: A further rally or consolidation? Here#39;s what Dalal Street veterans expect A successful trade and close beyond this cluster of resistances between 10,330-10,360 will extend the upward journey taking the Nifty higher to levels of 10,550.
Sat, 20 Jun 2020 12:02:53 +0530


Taking Stock: Fabulous Friday! Sensex up more than 500 points; RIL M-cap crosses Rs 11 lakh crore Top Nifty gainers included Tata Motors, RIL, Bajaj Finance, and Bajaj Finserv.
Fri, 19 Jun 2020 16:38:03 +0530


Taking Stock: D-St brushes aside bad news; Sensex rallies 700 points; Nifty above 10K Sectorally, action was visible in banks, finance, metals, public sector, and power sectors, while some profit-taking was visible in healthcare and telecom stocks.
Thu, 18 Jun 2020 17:28:27 +0530


Taking Stock: India-China clash halts D-St rally; Nifty closes below 10K On the broader markets front, the SP BSE Midcap index rose 0.37 percent while the SP BSE Smallcap index was up 0.04 percent.
Tue, 16 Jun 2020 17:24:54 +0530


Taking Stock: Fear of second COVID wave rattles markets; Sensex falls more than 500 points Sectorally, selling pressure was seen in Bankex, realty, finance, capital goods, and consumer durables while some value- buying was seen in energy and healthcare stocks.
Mon, 15 Jun 2020 16:58:12 +0530

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