I am an NRI, can I invest ?
Yes, You can depost in SBNRE (Saving Bank Non Resident External) Account or FCNR (Foreign Currency Non Resident) Deposit Account. Deposits may be
in Indian Rupees in SBNRE Account and in Foreign Currencies in FCNR Deposit
Account.
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How will my monthly interest will be paid back ?
In case of SBNRE (Saving Bank Non Resident External) Account Interest will be Paid Monthly. In case of FCNR (Foreign Currency Non Resident) Deposit
Account the Interest Amount will get accumulated and the same will be paid at
the time of maturity (Minimum Period 1 Year).
Can I re-invest interest amount ?
Yes, Interest can be re invested.
Can I advise you to pay monthly interest to my parents ?
Yes, monthly interest can be paid to your parents if you give standing
instruction to your bank. It is possible only in the case of SBNRE (Saving Bank Non Resident External) Account and
not possible in the case of FCNR (Foreign Currency Non Resident) Deposit Account.
Can I transfer from my US Bank account (US$) as Deposit ?
Yes, transfer can be made.
Can I get my money back in US$ after maturity ?
Yes, you can get your money back
in US$ after maturity from FCNR (Foreign Currency Non Resident) Deposit Account.
Do I need to have any Bank account in India ?
Yes, SBNRE (Saving Bank Non Resident External) Account is Compulsory. FCNR (Foreign Currency Non Resident)
Deposit Account is optional, if you want to maintain your deposit account in
Foreign Currencies.
Can I invest in Deposits on my
Family Members names ?
Yes, you can.