What are the rules of governing the credit of proceeds of foreign currency notes, travelers cheques to NRE accounts?
During your temporary visits to India as an NRI, you can tender foreign currency notes, travelers chequers brought in by you for crediting your bank accounts. It has been advised by RBI that there will be no limits placed on tenders of Foreign Currency / TCs where the proceeds are to be credited to the resident or non resident account of the tenderer. No further documentary evidence or enquiry into the source of instrument has to be called for in these cases, by the banks. However, the NRI account holder has to tender the foreign exchange in person during his temperory visit to India. Q4) What are the rates of interest offered on various NRI deposit schemes? A) You get 4.5% as rate of interest on your savings balance in NRE and NRO accounts For deposits under NRE and NRNR scheme, banks in India have been given liberty to offer their own rates (SELECT ? INTEREST Calculator) For deposits in FCNR Accounts, banks have been given the freedom to offer their own rates of interest but subject
Related Questions
- Can proceeds of foreign currency notes/travelers cheques be credited to NRE accounts without any restriction?
- What are the rules of governing the credit of proceeds of foreign currency notes, travelers cheques to NRE accounts?
- Can proceeds of foreign currency notes/ travelers cheques be credited to NRE accounts without any restriction?
