Blogs Frequently Asked Questions

Yes, NRIs can appoint different agents to do the same task, hence they can execute multiple PoAs for the same purpose.

Yes, an Indian POA can withdraw money from the joint account, but it can only be done if the account holder (s) or principal has mentioned it properly in the POA with the bank's permission and authorized them. If the agent is allowed to make transactions, it also means they can withdraw money.

Minimum balances vary by bank, typically ₹10,000–₹25,000. Some banks offer zero-balance NRI accounts for premium customers.

A PAN card is mandatory for NRO accounts due to tax regulations but not required for NRE or FCNR accounts unless making taxable investments in India.

Income tax act says that NRIs have been staying in India for less than 182 days in the financial year or if they've been in India for less than 60 days during the previous year and 365 days.

Indian residents and foreign citizens without Indian heritage cannot open an NRI account. OCI and PIO cardholders are eligible.

Yes, most Indian banks allow NRIs to open accounts online by filling out a digital form and uploading documents. Some require physical verification or notarized copies.

Yes, you can apply online or via courier by submitting a passport, visa, overseas address proof, and PAN (if applicable) to Indian banks. Some banks offer video KYC for remote verification.

Top banks offering NRI accounts include SBI, HDFC, ICICI, Axis, and Kotak Mahindra. The best choice depends on interest rates, remittance services, and online banking facilities.

NRI bank account opened by an Indian citizen who lives outside of India and it is authorized by the Reserve Bank of India

When any person buys a property from an NRI, the TDS is deducted at the rate of 12.5% plus the Surcharges and Cess on the amount of capital gain.

No, it is not allowed for NRIs to buy agricultural land in India directly. However, there are some exceptions, like getting it in inheritance or a gift from an indian resident. The Foreign Exchange Management Act does not allow the NRIs to purchase plantations, agricultural lands, or farmhouses.

There is a whole list of documents that are needed for an NRI if they want to buy property in India: Passport, Visa and Work Permit, OCI/PIO Card, Pan Card, Income Tax Returns, Bank Statements, Proof of Income, Foreign Remittance Certificate, Property Tax Receipts, Sale Deed/ Agreement, Power of Attorney, No Objection Certificate, Title Deeds, Encumbrance Certificate

Yes, an NRI can buy property in India without an Aadhaar card. NRIs don't need to have an Aadhaar card to make property transactions in India.

Yes, you can buy a property in India with an OCI card.

Yes, a PAN card is an important document that is needed to buy a property in India for an NRI

Yes, you can continue to hold your overseas assets and foreign bank accounts that you have invested in or opened while being an NRI, after returning to India.

You can keep your NRE account until 90 days after your return to India, but during this period, you have to either convert it to a resident savings account or close it.

After becoming a resident of India, the taxability depends on whether one is the ROR or RNOR. For RNOR, you will be taxed on the Income received in India, Income accruing or arising in India, Income deemed to accrue or arise in India, and Income from a business or profession controlled in India. For ROR, you will be taxed on worldwide Income.

After returning to India, you should convert your NRI accounts into a resident savings account or close them and open an RFC account and transfer the funds in foreign currency into it (if any). Take care of your investments, inform all the brokers, banks, and insurers that you have changed your residential status, and understand the taxation process for RNOR and ROR, which depend on your residential status.