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NRI FAQs

Who is a non-resident Indian (NRI)?
Is it mandatory for non-resident Indian citizens to obtain permission of Reserve Bank to acquire residential/commercial properly in India?
Are NRIs entitled to home loans?
Who is a foreign citizen of Indian origin?
What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India?
What is the tax benefit for an NRI?
Are NRIs permitted to maintain accounts in rupees and in foreign currency?

1. Who is a non-resident Indian (NRI)?

An Indian Citizen who stays outside India for employment/carrying on business or vocation or stays under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. Organizations and Officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non –Resident foreign citizens of Indian Origin are treated on par with non-resident Indian Citizens (NRIs) for the purpose of certain facilities.

2.Is it mandatory for non-resident Indian citizens to obtain permission of Reserve Bank to acquire residential/commercial properly in India?

No!

3.Are NRIs entitled to home loans?

Yes, most of the premier financial institutions offer home loans to NRIs as per their terms and conditions.

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4. Who is a foreign citizen of Indian origin?

A foreign citizen is deemed to be of Indian origin, if he, at any time, was an Indian citizen or either of his parents or any of his grandparents was a citizen of India. The spouse of an NRI is also treated as an NRI for the purpose of opening and maintaining bank accounts and making investments in shares/ securities in India. Citizens of Pakistan and Bangladesh are not eligible for this status.
For investments in immovable properties, a foreign citizen (but not a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Nepal or Sri Lanka) is deemed to be of Indian origin, if he, at any time, was an Indian citizen, or if his father or paternal grandfather was an Indian citizen.

5. What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

6. What is the tax benefit for an NRI?

Indian bank deposits are free from wealth tax for NRIs. Interest earned on NRE, FCNR and NRNR accounts are exempt from Indian income tax.

7. Are NRIs permitted to maintain accounts in rupees and in foreign currency?

Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authorised dealers only.

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