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Bank of Baroda, India ’ s International Bank

Middle East

NRI Frequently Asked Questions (FAQs)

Who is an NRI?

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a Non-Resident. (Persons posted in UN organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as Non-Residents). Non-Resident foreign citizens of Indian origin are treated at par with Non-Resident Indian citizens (NRI's).

What is definition of NRI?

Regulation 2(vi) of FEMA 5

Ø Person resident outside India, who is a citizen of India or is a person of Indian origin

Ø Indian citizens working abroad on assignment with Foreign Governments, Govt. agencies or in UNO and its affiliates IMF, IBRD etc. and Govt. officials (both central and state) and other officials of PSU's deputed abroad on assignments or posted abroad including Diplomatic Missions are non-resident Indians.

Ø Non-resident foreign citizens of Indian origin are treated on par with NRI citizens for the purpose of certain facilities.

Who is not an NRI?

Indians who has gone abroad for any of the following purposes

ü Tourism

ü Undertaking business promotion.

ü To receive training

ü Obtaining medical treatment.

ü Participating in sports or cultural activities.

ü Indians or persons of Indian Origin residing in

ü Nepal/Bhutan/Pakistan/Bangladesh.

ü Crew members working for Shipping/Airlines Companies posted in India and those companies whose registered offices are in India.

Who is a Person of Indian Origin?

FEMA 5 Regulation 2(XII)

For the purposes of availing of the facilities of opening and maintaining bank accounts and investments in shares/securities in India, a citizen (other than a citizen of Pakistan or Bangladesh) is a PIO if

  • He at any time held an Indian passport   Or

  • He or either his/ her parents/any of his/ her grandparents was a citizen of

  • India by virtue of the Constitution of India or Citizenship Act 1955 (57 of 1955) Or

  • sThe person is a spouse of an Indian citizen or a person referred to in sub-clause (A) or (B).

What are the various facilities available to NRI's?

NRI's are eligible for the following facilities:

  1. Maintenance of Bank accounts in India

  2. Investments in securities / shares of and deposits with Indian firms / companies on repatriation / non-repatriation basis

  3. Investments in immovable properties in India

What are the Products & Services, offered by our Bank to NRI customers?

I) Deposit Products at Branches in India:

  • Foreign Currency Denominated Non-resident Fixed Deposits (FCNR-FD)

  • Foreign Currency Linked Rupee Deposits (FCLR) Scheme

  • Non Resident External (NRE) (RUPEE) Savings Account

  • Non Resident External (NRE) (RUPEE) Current Account

  • Non Resident External (NRE) (RUPEE) Fixed Deposits

  • Non Resident Ordinary Rupee Savings Account (NRO-SB)

  • Non Resident Ordinary Rupee Current Account (NRO-CA)

  • Non Resident Ordinary (NRO) (RUPEE) Fixed Deposits

  • Resident Fgn Currency (RFC) A/c - for NRIs returning to India for settlement

II) Deposit Products at selected Overseas Branches (UAE &Oman):

  • Baroda Structured Deposit

  • Baroda Term Deposit

III) Loan Facilities to NRIs

  • Housing Loans to NRIs / PIO

  • Margin Money Loan for Housing Loan In India (UAE )

  • Loans/Overdrafts Against Security of Non-Resident (RUPEE) Fixed Deposits

  • Loans Against FCNR (B) Deposits in Rupees

  • Loan Against FCNR (B) Deposits in Foreign Currency in India

IV) Inbound Money Transfer Services

Rapid funds 2 India

An easy and hassle-free money transfer service to India currently from Bank of Baroda’s 6 branches in UAE and 3 branches in Oman

Money Transfer Service - Western Union through more than 2 lakh agent location well spread in over 200 countries (Tie-up arrangement with our Indian Branches)

V) Other Miscellaneous Services

Investment Opportunities under PIS (Portfolio Investment Scheme)

Value Added Services such as –

Depository (Demat account) Services

Innovative Internet Banking facility – ‘Baroda Connect’ at CBS branches (Presently more than 1050)

Information based Internet banking – I-bob facility at non- CBS branches (Presently more than 1050)

Consultancy Service at selected specialized NRI branches at Mumbai / New Delhi

V) What is Foreign Currency denominated Non-Resident Fixed Deposit (FCNR (B) (FCNR) Scheme?

This deposit plan enables entire maturity proceeds i.e. principal and interest fully repatriable in Foreign Currency (USD, GBP, EURO, YEN, AUD & CAD) at par at a place of your choice. Funds may be transferred from FCNR A/C of one NRI to FCNR / Non Resident (External) Rupee Savings / Fixed Deposit accounts of another NRI.

What is Foreign Currency Linked Rupee Deposits (FCLR) Scheme?

This deposit plan offers the dual advantage and benefits of both NRE Rupee Deposits and FCNR Deposits. Moreover, since the maturity value is determined in foreign currency at the time of application, the risk of losing money due to a fall in the exchange rate is eliminated.

How the Deposit Account can be opened?

For the purpose of opening a new account, you may choose any of our branches convenient to you in India and follow the under mentioned procedure.

  1. Download the account opening form from Bank’s website ( and fill up the respective account opening form for the particular type of account, viz. FCNR B, NRE / NRO Rupee Savings Bank / Fixed / Current Accounts with your signature attested.
  1. Enclose one passport sized photograph (one for each in case of joint account holders) signed across or at the reverse.
  1. Enclose a photocopy of your passport attested.
  1. Forward all the above along with your remittance to the concerned branch where you want to open your account.

How I can obtain the attestation?

Attestation may be obtained from any one of the following:

1) An official authorised by the Indian Embassy or Consulate abroad.

2) Notary.

3) Any of our overseas Branches.

4) Your Banker.

5) A person known to our Bank.

How I can remit funds to my NRE account in India?

Ø For the purpose of augmenting / replenishing your existing account, you may choose any one or more of the following modes of remittances as per your convenience-

Ø A demand draft drawn in foreign currency say, US Dollars or Great Britain Pound (GBP) or Euro preferably drawn on New York / London / Brussels.

Ø Your personal cheque in foreign currency drawn on your account abroad.

Ø Demand drafts, Mail / Electronic Transfers from any of our foreign branches drawn on our Indian branches either in Rupees or foreign currency.

Ø Drafts drawn abroad in Indian Rupees by Reserve Bank of India authorised Exchange Houses (mainly in Middle East).

Ø International Money Orders in foreign currency.

Ø Transfers from existing FCNR / Non-Resident External Rupee Accounts with us.

Rapid funds2 India–

An easy and hassle-free money transfer service to India from Bank of Baroda’s 6 branches in UAE and 3 branches in Oman

Ø Money Transfer Service - Western Union

Facilitated through more than 2 lakh agent locations well spread in over 200 countries. However, credit to NRE account is not permitted

Ø SWIFT REMTTANCE: The modern mode of transferring money instantaneously. For detailed information please be in touch with your Banker or our nearest branch for enabling SWIFT remittance. Please log on to our Bank’s website to view the SWIFT codes of our various foreign Exchange branches all over India.

Ø During your personal visit, you may tender foreign currency CASH and / or Travellers cheques. As per Reserve Bank rules, you are permitted to carry to India without Customs declaration amounts in Cash component up to USD 5000/-(or equivalent in other foreign currencies) along with travellers cheques with the sum total of the two aggregating USD 10,000/-. These limits are for each NRI visiting India. On the other hand you may bring in any amount after declaring the same at the customs counter and obtaining a Currency Declaration Form (CDF) signed by Customs Official.

What are the current rules regarding Taxation in respect of NRE Accounts in India.


Interest earned in NRE / FCNR A/c is exempt for Individuals who are NRI under FERA.


Balance lying in NRE / FCNR accounts are exempt from wealth Tax.

v Assets located abroad of NRI are exempt from Wealth Tax.

v Exemption available after return to India for Money and Value of Assets acquired out of such Moneys within 1 year preceding date of return or any time thereafter for 7 successive Assessment Years following date of return.

What are the benefits of opening Foreign Currency Non-resident (FCNR B) and / or NRE Rupee SB or Term Deposit Accounts?

Ø Can be maintained by NRI's with Bank’s branches in India

Ø Can be operated through Power of Attorney holder in India

Ø Internet Banking facility available at CBS branches

Ø Loan facility is available

Ø Option to keep the deposit receipt free of cost in Bank's safe custody.

Ø FCNR accounts can be maintained in GBP, US dollar, Euro, JPY, Canadian Dollar & Australian Dollar

Ø FCNR accounts and NRE Term Deposits can be kept only as Term Deposits (for minimum 1 year and maximum 5 years only)

Ø Intimation of due dates enable you to plan your finance portfolio.

Ø Automatic Renewal on due date for similar period at the prevailing rate of interest in the absence of fresh instructions to ensure that your money grows timely.

Ø Acceptance & execution of Standing Instructions.

Ø Addition and Deletion of name of account holders is permitted.

Ø Secrecy / confidentiality of your transactions and accounts are maintained.

Ø Provides for easy liquidity and convertibility.

Ø Funds in such accounts are freely repatriable

Ø Provision for nomination

Ø Interest is payable only if deposit is kept for the minimum period

Ø Status of FCNR accounts on return of account holder would be resident but interest would be paid at contracted rate till maturity of deposit

Ø Exempt from Income tax / Wealth tax

What are the facilities available to Returning Indians?

Ø Returning Indians i.e. those who were Non- Residents earlier and are returning now for permanent stay, are permitted to open hold and maintain a RFC a/c in India to keep their -

Ø Foreign currency assets acquired, owned and held outside India and brought to India at the time of returning for permanent stay

Ø Foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India

Ø Foreign exchange received or acquired when he was resident outside India as gift or inheritance from a person resident outside India

Ø NRE accounts will also be converted to resident rupee accounts or RFC accounts at the option of the account holder on his return to India and becoming residents in India. In case of NRE Fixed Deposit, the accounts will continue to earn agreed rate of interest till maturity even after these being converted to resident account.

Ø FCNR accounts will be converted to resident rupee accounts or RFC account at the option of the account holder on his return to India and becoming resident in India.

Ø In case the account is converted to resident rupee account, the foreign currency amount will be converted to Indian Rupees at applicable exchange rate ruling on the day of conversion. Interest on the new deposit would be payable at the relevant rate applicable on such deposit.

Ø Ordinary non-resident accounts will be redesignated to resident accounts in India on return of the account holder to India and consequently becoming resident in India.

Ø In case the amount is transferred to RFC account, the rate of interest applicable to RFC account will be payable. You can also open RFC account with the ASSETS brought by you on return as well as your foreign assets held abroad, at any future date, should you so desire.

Ø Our Bank offers remunerative deposit schemes to NRI's returning to India with intention of permanently settling down here. All your existing repatriable accounts can be transferred to RFC (Resident Foreign Currency) accounts denominated in any one / or more than one foreign currencies - USD, GBP, Euro, JPY, CAD and AUD.

What are the currencies in which I can open the FCNR B account?

In six currencies namely USD, GBP, EURO, JPY, CAD and AUD

Can I open a FCNR B account with any convertible currency?

Yes. Other currencies to be converted into the currency of deposit at cross rate

What are the types of FCNR B accounts permitted?

Only fixed deposits except recurring deposits

Is there any minimum and maximum term for fixed deposits?

Minimum term one year, maximum 5 years

Can I have chequebook facility?

Yes, for NRE and or NRO savings account chequebook is provided

No chequebook facility will be available for FCNR A/c

At what minimum frequency can I receive interest if I choose?

At quarterly intervals on fixed deposits & half yearly in Savings account

At half yearly intervals for FCNR term deposit

What are the rates of interest offered by your bank?

Interest rates on NRE and FCNR B deposits are subject to RBI ceiling rates

Can your rates differ from other banks?

No, rates should not vary between the banks as the base rate is quoted by FEDAI.

Am I exposed to exchange risk in maintaining FCNR accounts?

If the FCNR B Deposit is held in the same currency (currency of your country of residence), totally insulated against exchange risks. However, value of your savings held in FCNR B deposits in India depends on exchange rate of rupee to that currency.

Can I open a joint account?

Yes, but only with other NRIs

Can I register nomination in the account?

Yes, nomination is permitted

Am I to pay tax on interest earned on NRE and FCNR B deposits?

No, Deposit and interest earned are exempted from Indian income tax & wealth tax.

Can I take loans against my deposit in case of need?

Yes, loans are promptly available against your NRE rupee term deposit and FCNR B deposit in Indian Rupee as well as foreign currency (only against FCNR B deposit) in India. Foreign currency loan can also be raised at overseas branches.

How I can repay my loan taken against my FCNR B or NRE term deposits?

You can repay your loan by way of inward foreign remittances / adjustment to the maturity proceeds of deposit or by debit to your NRE SB account / NRO account.

Repayment of loans / overdraft availed by third parties out of their own resources.

Can I authorise a resident person to operate my NRI account?

Yes, through a power of attorney except for repatriation (if not being made in favour of self). As per extant directives of R.B.I. NRE account can be operated through Resident Power of Attorney holder, including remittance from India out

of the balance available in NRE & FCNR-B Deposit accounts, provided specific powers are assigned to the Resident Power of Attorney Holder. The remittances under Power of Attorney are permitted only to the Non-Resident Account holder.

Can I leave instructions with you to renew deposits automatically?

Yes, deposits will be renewed automatically based on your onetime instructions, however in absence of your instructions, it will be renewed on existing terms.

Will the bank hold my deposit receipt in safe custody?

Yes, you can opt to avail this facility.

What exchange rate would apply on my foreign inward remittance in foreign currency?

Ruling rate of exchange on the date of conversion would be applied to your transaction for conversion of foreign currency into INR. The exchange rate changes every day.

What is Portfolio Investment Scheme?

Our Bank is offering Portfolio Investment Services to NRIs at the designated branch. Our Specialised NRI Branch, Mumbai is the designated branch for giving RBI permission and reporting to RBI your all purchase/sale of shares, debentures. A Non-resident Indian (NRI) may purchase /sell shares and /or convertible debentures of an Indian company, through a
registered broker on a recognised stock exchange, subject to maintaining the account with the designated branch -Specialised NRI branch, Mumbai for routing the transactions relating to purchase and sale of shares / convertible debentures under this Portfolio Investment Scheme (PIS).

Are NRI deposit accounts with your Bank subject to a minimum balance?

Yes, for savings it is Rs. 1,000/- (with chequebook facility) and fixed deposits Rs. 1000/-.

Is there any minimum amount for opening of FCNR B deposit?

Yes, as under-

USD 500

GBP 500

EUR 500

CAD 500

AUD 500

JPY  60,000

What would be the start day of my Fixed Deposit?

The start date of the deposit will be the date of the draft in the following cases:

1. If the Demand draft is drawn by a branch of Bank of Baroda on a branch of Bank of Baroda.

2. If the draft is drawn by any other Bank or Exchange house but is payable at a branch of Bank of Baroda and the cover has been provided to Bank of Baroda on the date of the draft.

In all other cases i.e. If a draft is drawn and payable by / at any other Bank, then the date of fixed deposit will be the date of realisation of such drafts.

Is deposit and interest repatriable freely in case of NRE/FCNR account?

Yes, Principal and interest earned are fully repatriable

Can I close fixed deposit accounts before maturity?

Yes, but interest payable will be 1% less than the rate applicable for the completed period

Can the deposit be continued at the same interest rate if I come back for good before maturity?

Yes, till due date, on which, option is available for RFC to be exercised or convert into rupees.

Can I be issued a Debit card in respect of my NRE account?

Yes, you can be issued International debit card by the identified branches at select centers that can be utilized internationally. You can activate your card by simply withdrawing the money or making balance inquiry with the PIN provided along with the card, however, for change of PIN, you need to do it only at Bank’s ATM in India.

Can I be issued a Credit Card having my NRE account with your Bank

Yes, Our BOBCARDS LTD. would take up your request for issue of International Credit Card with Visa logo and photo, however, for sake of convenience, they would desire to have auto debit facility from your NRE account, which you may keep with any of Bank’s branches in India.

Can I avail housing loan in Rupees in India?

Yes, you can avail housing loan in Indian Rupee from any of our Bank’s branches in India subject to certain terms and conditions. Details of the same are available on our Bank’s website. In case of difficulty you may copy and paste the following URL–

What kind of documents I am supposed to submit along with my housing loan application?

You should submit the following documents as applicable in your case alongwith your housing loan application form:

  1. Copy of the employment contract
  2. Certified copy of the latest salary slips for the past 24 months
  3. Copy of the identity card issued by the present employer
  4. Copy of latest work permit
  5. Copy of the Visa stamped on the passport
  6. Copy of statement of NRE account maintained in India
  7. Overseas Bank account statement of the last 24 months
  8. Guarantor net worth details along with income proof

Is there any scheme available for financing the margin money for Housing Loan to NRIs?

Yes, there is a salary linked personal loan scheme for the above purpose, which is currently available at our UAE and Oman branches.

What is Baroda Advance against property for NRIs?

Bank of Baroda presents a very own product for NRIs known as “Baroda Advance Against Property to NRIs” which has been developed to meet out financial needs of NRIs against their properties situated in India. This loan facility to NRIs against properties acquired by them in India from their own sources is subject to certain terms & conditions. Details of the same are available on our Bank’s website. In case of difficulty you may copy and paste the following URL–

How I can open my Demat account with your Bank?

Currently there are 8 locations in India identified to offer Demat services in our Bank.









The following documents are required for opening of Demat account;-

1. A/c opening form duly filled up as supplied by the respective branch

2. Required details are:

a) NRI foreign address b) NRI local correspondence address c) NRI bank particulars d) proof of identity 1) passport 2) Proof of address 3) copy of bank a/c statement 4) passport size photograph and 5) Copy of PAN Card

How can I get a PAN card?

Till recently, the NRIs had to go through a cumbersome process for applying to a PAN card. It meant applying for a card with the help of an Indian representative (a tax consultant or CA in most cases) on Form 49 A. However, considering the problems and also the fact that very few cards were issued, the Income Tax Department has recently simplified the process.

It now allows NRIs and even foreign citizens to directly apply for a PAN card, without any reference to a representative. The Form 49 A is similar to that of anybody seeking a PAN card. NRIs can download the form from the websites of two designated PAN service providers — UTI Technology Services and National Securities Depositories — and send the filled-up form to their offices.

The application form requires NRIs to attach a photocopy of their passport and a photocopy of their bank account in India. In case the application is made by NRIs when visiting India, they need to furnish a photocopy of the their resident-country bank account. The services providers can charge for the processing of PAN card application and courier charges for sending the PAN card. Given that e-filing of tax returns has also been facilitated now, NRIs can file returns on basis of their PAN card from overseas.

Can I open PPF account with your Bank?

As per the current provision to the PPF Scheme 1968 (Notification no. GSR 585 dated 25th July 2003 issued by Govt. of India), NRIs are not eligible to open an account under PPF scheme.  However, if a resident who subsequently becomes NRI during the currency of maturity period prescribed under PPF scheme may continue to subscribe to the Fund till its maturity on a non repatriation basis.

What is Core Banking Solution (CBS) and what are the benefits available?

Our Bank has taken up the “Technology enabled Business Transformation Process” to introduce Core Banking Solution and is in process of migrating to (CBS) Core Banking Solution in phases, which networks the banking operations of our bank's branches. This would offer and ensure ‘Anywhere Anytime Banking’ to the customers of the CBS branches.

With this facility, you will be able to carry out following major activities….

Ø View balances in your all linked accounts.

Ø Transfer the funds from one account to another account of your own.

Ø Transfer the funds from his any account to account of third party (within the bank).

Ø Pay utility bills on real time basis.

Ø Request for Chequebook, Demand Draft, Banker’s Cheque and FD renewal etc.

Ø Receive alerts for various transactions done/ for various actions

The form can be downloaded from our Bank’s website, on our Internet Banking portal, or from our branches. Please take this form and submit it to the branch where you are maintaining your account. (please also refer the terms and conditions, as given on for details, application form and list of CBS branches).

How I can repatriate funds out of balance lying in NRO account?

You can remit upto USD 1 million, for bonafide purposes, per financial year from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per f. y. includes sale proceeds of immovable properties held by NRIs / PIO without any lock in period subject to 2 residential properties.

What are the avenues for Investments on repatriation basis?

Ø Government dated securities/treasury bills.

Ø Units of domestic mutual funds.

Ø Bonds issued by a public sector undertaking (PSU) in India.

Ø Non-convertible debentures of a company incorporated in India.

Ø Shares in Public Sector Enterprises being dis-invested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids.

Ø Shares and convertible debentures of Indian companies under FDI scheme (including automatic route & FIPB).

Ø Shares and convertible debentures of Indian companies through stock exchange under Portfolio Investment Scheme.

Ø Perpetual debt instruments and debt capital instruments issued by banks in India.

What are the Investments opportunities on non-repatriation basis?

Ø Government dated securities (other than bearer securities)/ treasury bills.

Ø Units of domestic mutual funds.

Ø Units of Money Market Mutual Funds in India.

Ø Non-convertible debentures of a company incorporated in India.

Ø The capital of a firm or proprietary concern in India, not engaged in any agricultural or plantation activity or real estate business.

Ø Deposits with a company registered under the Companies Act, 1956 including NBFC registered with RBI, or a body corporate created under an Act of Parliament or State Legislature, a proprietorship concern or a firm out of rupee funds which do not represent inward remittances or transfer from NRE/FCNR(B) Accounts into the NRO Account.

Ø Shares and convertible debentures of Indian companies other than under Portfolio Investment Scheme.

What are the rules governing for NRIs making Investment in immovable Property?

ü May acquire immovable property in India other than agricultural / plantation property or a farmhouse out of repatriable and non-repatriable funds.

In respect of such investments NRIs are eligible to repatriate-

ü Sale proceeds of immovable property acquired in India to the extent of repatriable funds used for acquiring the property freely, without any lock-in period, upto two residential properties. The balance will be repatriable through NRO Account subject to conditions mentioned as above.

ü Refund of (a) application / earnest money / purchase consideration made by house-building agencies/seller on account of non-allotment of flats / plots and (b) cancellation of booking/deals for purchase of residential/commercial properties, together with interest, net of taxes, provided the original payment is made out of NRE / FCNR (B) account / foreign inward remittances.

ü Housing Loan in rupees availed of by NRIs from Bank can be repaid by the close relatives in India of the borrower.

Features of various deposit schemes available to Non-Resident Indians

Particulars Foreign Currency (Non-Resident) Account (Banks) Scheme (FCNR(B) Account) Non-Resident (External)Rupee Account Scheme (NRE Account) Non-Resident Ordinary Rupee Account Scheme (NRO Account)
(1) (2) (3) (4)
Who can open an account NRIs (individuals / entities of Bangladesh/ Pakistan nationality/ownership require prior approval of RBI) NRIs (individuals / entities of Bangladesh / Pakistan nationality / ownership require prior approval of RBI) Any person resident outside India (other than a person resident in Nepal and Bhutan) (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI)
Joint account In the names of two or more non-resident individuals In the names of two or more non-resident individuals May be held jointly with residents
Nomination Permitted Permitted Permitted
Currency in which account is denominated Pound Sterling, US Dollar, Jap. Yen, Euro, Canadian Dollar and Australian Dollar Indian Rupees Indian Rupees
Repatriable Repatriable Repatriable Not repatriable except for the following in the account - 1) Current income 2) Upto US $ 1 Million per financial year for any bonafide purpose out of the balances in NRO account / sale proceeds of assets the assets in India acquired by way of inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions.
Type of Account Term Deposit only Savings, Current, Recurring, Fixed Deposit Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits For terms not less than 1 year and not more than 5 years. For terms not less than 1 year and not more than 5 years. As applicable to resident accounts.
Rate of Interest Subject to cap:

LIBOR / Swap rates as on the last working day of the previous month for respective currencies of various maturities.

Subject to cap :

Fixed Deposits :

LIBOR / SWAP rates of the last working day of the previous month for US Dollar of corresponding maturity plus 100 basis points

Savings Bank Account

Interest rate shall be at the rate applicable to domestic savings account

Banks are free to determine interest rates for term deposits.
Operations by Power of Attorney in favour of a resident by the non-resident account holder Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. Operations on the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels. -

a. In India

i) to the Account holder

ii) to Third Parties







b. Abroad

i) to the Account holder

ii) to Third Parties





Not Permitted

Not Permitted

c. Foreign Currency Loans in India

i) to the Account holder

ii) to Third Parties


Not Permitted

Not Permitted

Not Permitted

Not Permitted

Not Permitted

Purpose of Loan

a. In India

i) to the Account holder

i) Personal purposes or for carrying on business activities. *

ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies

iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 9 of Sch. 2 to FEMA 5)

i) Personal purposes or for carrying on business activities. *

ii) Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies

iii) Acquisition of flat / house in India for his own residential use. (Please refer to para 6(a) of Sch.1 to FEMA 5)

Personal requirement and / or business purpose *

ii) to Third Party Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 9 of Sch. 2 to FEMA 5). Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities *. (Please refer to para 6(b) of Sch. 1 to FEMA 5) Personal requirement and / or business purpose *

b. Abroad

To the account holder and Third Party

Fund based and / or non-fund based facilities for bonafide purposes.

Fund based and / or non-fund based facilities for bonafide purposes.

Not permitted.

* The loans cannot be utilized for the purpose of re-lending, or carrying on agriculture or plantation activities or for investment in real estate business

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