BANKING AFFAIRS

Detailed explanation-1: -Any NRI who has returned to India for good is eligible to open an RFC account. The account can he held jointly with resident relative as joint holder on ‘former or survivor’ basis. However, such resident Indian relative joint account holder cannot operate the account during the lifetime of the resident account holder.

Detailed explanation-2: -A Resident Foreign Currency account in India can be maintained by a Non-resident Indian who has returned home for permanent settlement, after staying abroad for a minimum period of one year. An RFC account can be opened without any regulatory approval from the Reserve Bank of India.

Detailed explanation-3: -Ans.: A returning Indian’s NRO accounts will be designated as Resident account. However, NRE/FCNR term deposit accounts may be permitted to continue to run till maturity.

Detailed explanation-4: -Here are the types of bank accounts an NRI can open in India: Non-Resident (External) Rupee Account (NRE account) Non-Resident (Ordinary) Rupee Account (NRO account) Foreign Currency (Non-Resident) Account (FCNR account)