How should an account under the non-resident Non- repatriable (NRNR) Rupee Deposit Scheme be opened?
• Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme. if the deposit is to be kept with the same authorised dealer. • What is the rate of interest payable on NRNR deposits? • Banks are free to determine the interest rate under this Scheme. • Can the principal or the interest accrued on NRNR deposits be repatriated outside India at any time? • The principal amount of the deposit is not eligible for repatriation . Interest earned upto 30th September 1994 is also not eligible for repatriation. Interest earned for the period beginning 1st October 1994 is,however,eligible for repat
Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme if the deposit is to be kept with the same authorised dealer.
Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme. if the deposit is to be kept with the same authorised dealer.
Ans. Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme. if the deposit is to be kept with the same authorised dealer.
Related Questions
- Back to Top of Index Question-28: How should an account under the Non-Resident Non-Repatriable (NRNR) Rupee Deposit Scheme be opened ?
- How should an account under the Non-Resident Non-Repatriable (NRNR) Rupee Deposit Scheme be opened ?
- How should an account under the non-resident Non- repatriable (NRNR) Rupee Deposit Scheme be opened?
