Returned To India?

Returned to India ?  You can open below accounts on your return to India:

Resident Foreign Currency Savings Account

An RFC savings account can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year; to enjoy the flexibility of converting foreign currency funds into Indian rupees whenever required.

  • This account can be held jointly by eligible returning NRI
  • This account can be held in US Dollar (USD), Great Britain Pound (GBP) & Euro (EUR)
  • Funds in RFC Account can be repatriated for bonafide purposes
  • Interest earned is exempted from Tax in India provided “Resident but Not Ordinarily Resident”
    (RNOR) status is held as per the Income Tax Act
  • Transfer balance to NRI Accounts on regaining NRI status
  • To deposit money in your RFC Savings Account, you can use the funds brought from abroad on your return in a freely convertible foreign currency.
  • You can also transfer funds from an existing NRE/FCNR Account held in other Banks

Resident Foreign Currency Fixed  Deposit  

  • A Resident Foreign Currency Fixed Deposit can be opened by NRIs who have returned for permanent settlement after being resident outside India for a continuous period of not less than one year; to enjoy the flexibility of converting foreign currency deposits into Indian rupees whenever required.
  • Account can be held jointly by eligible Returning NRI
  • It can be held in US Dollar (USD), Great Britain Pound (GBP) , Euro (EUR) & Japanese Yen (JPY)
  • Interest earned is exempted from Tax in India provided Resident but Not Ordinarily Resident
    (RNOR) status is held as per the Income Tax Act
  • Earn tax exemption on interest accrued on declaration of Resident but Not Ordinarily Resident status
  • Protect your savings from exchange rate risks
  • Repatriate funds on bonafide purpose
  • The interest is reinvested and paid at the time of maturity of the deposit

 

Who is Eligible? –  You’re eligible , if :

  • You were resident outside India for a continuous period of not less than 1 year prior to your return
  • You have been permanently settled in India since your return
  • You are an NRI who has returned to India on or after 18th April, 1992

Recommendedhttp://www.oracleinvestor.com/nri/fcnr-deposits/

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