NRI DEFINED
NRIs, like you, have been playing a sterling role in the development of India. As you are aware, the Indian economy is fast developing and integrating into the world economy. India is considered as a safe and reliable destination for foreign investments. Bank deposit is one of the important avenues because of safety, liquidity and steady returns it offers.
We, at BANK OF INDIA, have always held the NRI community in high esteem. BANK OF INDIA is a Govt. of India Public Sector Undertaking and a premier banking institution. We offer a variety of deposit schemes for NRIs. Our network of over 4800 domestic branches and 56 foreign outlets is always at your service to take care of your banking needs. In order to render service exclusively to NRIs, we have 6 Specialized NRI Branches at important cities apart from 12 Branches with NRI centres at certain key Cities, gradually spreading across the Globe
When you return to India for permanent stay, you can place your foreign savings in Resident Foreign Currency Account (RFC)
Who is NRI?
Non-Resident Indian Means: A person resident outside India who is a citizen of India or a person of Indian origin i.e.
- Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
- Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International / Multinational Agencies like United Nations Organization (UNO), International Monetary Fund (IMF), World Bank etc.
- Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.
- Students going abroad for studying are now treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA.
Who is PIO?
A person of Indian origin who is a citizen of any other country other than Bangladesh or Pakistan, if :
- She/ He, at any time, held an Indian passport or
- She/ He or either of her/his parents or any of her/his grand-parents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57of 1955)
- The person is a spouse of an Indian Citizen or a person referred to in sub clause (i) or (ii) above.
Who is Returning Indian?
Returning Indians i.e. those Indians who were non-residents earlier, and are returning now for permanent stay in India are permitted to open, hold and maintain Resident Foreign Currency (RFC) A/c.
