Can I have NRE and normal account?

As per the Foreign Exchange Management Act (FEMA) guidelines, an NRI cannot have a savings account in his or her name in India. You must convert all your savings (money earned abroad) to a Non-Resident External Account (NRE) or Non-Resident Ordinary (NRO) account.

Can NRI use resident bank account?

A resident is a citizen who stays in India for at least 182 days in a financial year. NRIs can maintain bank accounts in India in the form of rupee or foreign currency accounts. The latter can be maintained only with RBI authorised dealers or banks.

Can NRI open NRE account jointly with a resident Indian?

NRE Account may be held jointly. If held jointly with Resident Indian, the joint account holder should be a close relative of the primary account holder (NRI) as per RBI guidelines and the operation in such joint account shall be ‘Former or Survivor’ only.

Can a resident Indian open a joint account with NRI?

Can a resident be a joint account holder with NRI in NRE NRI accounts? Yes, a joint account can be opened with a Resident Indian who is a close relative. The mode of operation is permitted on ‘Former (NRI) or Survivor’ basis only.

Is it mandatory to open both NRE and NRO account?

It is essential for an NRI to open Non-Resident External (NRE) or Non-Resident Ordinary (NRO) Account, to do any banking transactions in India. However, depending upon the transactional requirements of the NRI/PIO, he/she can decide to open either an NRE or NRO Account, or even both.

Is NRE and NRI account same?

An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. However, there can be a joint NRE account only with another NRI.

Can NRI have two demat accounts?

NRIs can have as many as NRI Demat Accounts as they want. In most cases, NRIs open 2 demat accounts (NRE and NRO Demat Account) for repatriable and non-repatriable transactions. Although, they can only have one NRI PIS bank account (required for trading on repatriation basis) with a designated bank approved by RBI.

Can NRI have multiple demat accounts?

Yes, an NRI can have as many demat accounts as he wants. Usually NRIs open 2 demat accounts; NRE Demat Account and NRO demat Account. The NRE Demat account is to buy/sell shares on repatriable basis. In case of an NRE Demat Account, both principal and dividend/interest are freely repatriable.