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Back to Top of Index Question-21: Are NRO/NRE account holders eligible for loans/overdrafts against their fixed deposits ?

April 26, 2017account deposits eligible fixed HOLDERS index Loans NRE nro overdrafts

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Back to Top of Index Question-21: Are NRO/NRE account holders eligible for loans/overdrafts against their fixed deposits ?

1 Answer

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10 Posted

Yes, subject to the condition that loans against NRO accounts should not be used for relendilng,carrying on agricultural/plantation activities or for investments in real estate business. Loans availed of against NRE deposits can be utilised for investment in India, on non-repatriable basis, in certain specified areas and acquisition of flat/houses subject to prescribed conditions.