Blogs Frequently Asked Questions

NRIs do not need to pay tax in India if their income is INR 2.5 Lakh in the financial year. However, if it is more than that, then they need to file an ITR in India.

As per Income Tax, an individual is considered an NRI if he/she did not live in India for more than 182 days during the preceding accounting year.

NRIs can avoid TDS by opening a Non-Resident Ordinary Account (NRO), a Non-Resident External Account (NRE), and a Foreign Currency Non-Resident Account (FCNR).

Yes, as an NRI you can claim for tax refund. For this, you are required to reconcile the TDS credit and advance tas as shown in the 26AS form. However, for this, it is compulsory to file the ITR.

According to the FEMA guidelines, there is no penalty if you do not declare your NRI status. However, you should either close your present savings account or convert the following account into an NRO savings account ASAP. If you fail to do so you may face financial and legal penances.

According to this new rule, an NRI visiting India and staying more than 120 days but less than 182 days is treated as a resident but not an ordinary resident (RNOR) if the total income of that person is Rs 15 lakh or more after gross income post deduction - income arising in India.

The minimum bank balance required for a UK spouse visa as of April 11, 2024, is £29,000. It is the new financial threshold for the visa. However, if you want to depend solely on cash savings to fulfill this requirement then you must show a balance of a minimum of £88,500 in your account for at least six months.

The most widely accepted proof of funds for a UK visa is a recent bank statement that demonstrates sufficient funds held in your personal account for at least 28 continuous days before your application date. You can show it either in the form of a paper statement or an electronic download from your bank.

The 28-day rule for the UKVI refers to the financial requirement that applicants must show when applying for a visa. In this rule, you need to show that you have held the necessary required funds in your bank account for at least 28 consecutive days before the date you apply. It is required to prove your financial stability to support yourself during your stay in the UK and this applies mainly to student and skilled worker visas.

The fee for Indefinite Leave to Remain (ILR) in the UK for 2025 is £2,885. This fee is applicable to all the applications made both outside and inside the UK. You may verify the latest details on the official website of the UK government to get the most accurate information.

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

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.

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.

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.

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

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.

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.

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

NRIs (Non-resident Indians) and PIOs (Persons of Indian origin) both can open an NRE or NRO account.

Yes, an NRI can have both an NRE and NRO account at the same time. Both accounts serve different purposes.