What is the purpose for which I can avail the overdraft facility against my non-resident deposit accounts?
Rupee Loans can be granted for the personal expenses and business requirements except for purposes provided below NRI Rupee Loans are Non-Repatriable and cannot be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely: • -The Business of Chit-Funds or Nidhi Company • Agricultural or plantation activities or in real estate business * , or construction of farm houses • Trading in Transferable Development Rights (TDRs) • Re-lending/ Investment in shares/securities * For the purpose of item (ii) of proviso, real estate business shall not include development of townships, construction of residential/ commercial premises, roads or bridges.
