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.

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Mutual Fund industry adds 5.6 lakh folios in July, debt funds gain traction  According to data from Association of Mutual Funds in India, the number of folios with 45 fund houses rose to 9,21,05,737 at the end of last month, from 9,15,42,092 at June-end, registering a gain of 5.63 lakh folios.
Fri, 14 Aug 2020 15:07:08 +0530


Taking Stock: Sensex rallies 800 points; 4 factors that worked for bulls Top Nifty gainers include names like Bharti Airtel, Cipla, HCL Tech, and Bajaj Finserv.
Fri, 25 Sep 2020 16:37:54 +0530


Taking Stock: Carnage on D-St! Sensex plunges 1,114 points; Nifty holds 10,800 A selloff in global markets and rising coronavirus infections stoking fears of lockdown that can delay the economic recovery led to risk-off sentiment.
Thu, 24 Sep 2020 16:41:57 +0530


Nifty settles near 10,800, Sensex nosedives over 1,100 pts; 5 factors that fuelled the selloff Markets remained in the red from the get-go as sentiment remained fragile on concerns over rising COVID-19 cases and uncertainty over economic recovery.
Thu, 24 Sep 2020 10:59:49 +0530


Taking Stock | Market falls for fifth day in a row but Nifty manages to hold 11,100 Sectorally, the action was seen in consumer durables, realty, energy, and banks while selling pressure was seen in telecom, power, utilities, healthcare and public sector.
Wed, 23 Sep 2020 16:21:34 +0530


Taking Stock | Market falls for 4th straight day; Sensex below 38K, Nifty breaks 11,200 Sectorally, selling pressure was seen in the Capital Goods index which was down 2.4 percent, followed by the SP BSE Oil Gas index that fell 2.3 percent, and the SP BSE Energy index was down 1.9 percent.
Tue, 22 Sep 2020 16:25:05 +0530


Taking Stock | Manic Monday! Sensex plunges 800 points; Nifty below 11,300 dragged by IndusInd Bank, Tata Motors Sectorally, the selling pressure was seen in the SP BSE Telecom index which was down 5.7 percent, followed by the SP BSE Realty index that fell 5.7 percent, and the SP BSE Metal index fell 4.7 percent.
Mon, 21 Sep 2020 16:22:32 +0530


Fresh wave of sell-off hits D-Street as Sensex, Nifty fall 2% each; 4 reasons that triggered the fall As per media reports, British Prime Minister Boris Johnson was pondering the second lockdown in Britain while Spain and other European countries were witnessing fresh restrictions due to the coronavirus pandemic.
Mon, 21 Sep 2020 15:05:34 +0530


Taking Stock: Sensex, Nifty end in the red; FTSE rejig, border tension infuse volatility After trading in the green for most of the day, equity benchmarks succumbed to a fresh spell of selling in the last hour of trade, closing with a negative bias.
Fri, 18 Sep 2020 16:32:30 +0530


Taking Stock: Nifty reclaims 11,600 as over 160 stocks hit 52-week high on BSE Markets are expected to be in sync with global cues. Upside seems to be limited considering the lack of fresh domestic triggers for the market.
Wed, 16 Sep 2020 16:10:10 +0530


Taking Stock | Sensex reclaims 39,000; small  midcap stocks outperform The SP BSE Mid-cap index was up 0.85 percent while the SP BSE Small-cap index closed with gains of 1.4 percent.
Tue, 15 Sep 2020 16:28:56 +0530


Taking Stock: Sensex pares gains, falls 98 points; small, midcaps outperform Action was seen in IT, realty, consumer durable and consumer discretionary stocks. Profit-taking was visible in telecom, banks, finance, and energy stocks.
Mon, 14 Sep 2020 16:13:16 +0530


Will market consolidate or take a leap forward? Here#39;s what market experts have to say Markets consolidated in a range last week amid mixed cues. Subdued global markets weighed on the sentiment, however, recovery in select index majors in the last two sessions triggered a sharp rebound.
Sun, 13 Sep 2020 13:00:59 +0530


Taking Stock: RIL at record high; Sensex jumps 600 points, Nifty reclaims 11,400 Sectorally, action was seen in energy, oil gas, public sector and capital goods stocks while profit-taking was visible in telecom and metal space.
Thu, 10 Sep 2020 16:39:09 +0530


Taking Stock | Market recovers early losses, but Nifty fails to conquer 11,300 Nifty50 is stuck in a range where 11250 is providing support while on the upside 11350-11400 are proving to be tough resistance levels for the index.
Wed, 09 Sep 2020 16:41:31 +0530


Taking Stock: Border tension, rise in COVID cases cap upside; Nifty closes above 11,350 The broader markets underperformed the benchmarks. The SP BSE midcap index fell 0.78 percent and BSE smallcap index closed 0.2 percent lower.
Mon, 07 Sep 2020 16:52:47 +0530


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Tue, 22 Sep 2020 16:58:58 +0530


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