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Is there any requirement with respect to the bank accounts in India for a non-resident?

April 26, 2017bank accounts India non-resident requirement respect

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Is there any requirement with respect to the bank accounts in India for a non-resident?

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The banker should be informed in case of change of residential status. The bank will immediately designate resident bank account as “Non-resident ordinary” (NRO) account. The account could be in any form Saving, Current, Fixed Deposit or Recurring Deposit. A returning NRI can open a Resident Foreign Currency (RFC) account. Funds in this account are free from all restrictions regarding utilization in India/ abroad including investment (e.g. immoveable property, shares) in any form outside India. However it may be noted that the funds held in the RFC account offer a low return compared to other investment avenues in India.