Can a resident individual give rupee gifts to his visiting NRI/PIO close relatives?
Yes, a resident individual can give rupee gifts to his visiting NRI/PIO close relatives by way of crossed cheque/electronic transfer within the overall LRS limit of USD 2,50,000 per financial year for the resident individual and the gifted amount should be credited to the beneficiary’s NRO account.
Can a resident individual gift shares/securities/convertible debentures etc to NRI close relative?
Yes, a resident individual is permitted to gift shares/securities/convertible Debentures etc to NRI close relative up to USD 2,50,000 per financial year subject to certain conditions.
What types of services can be provided by a resident individual to his / her non-resident close relatives?
A resident may make payment in rupees towards meeting expenses on account of boarding, lodging and services related thereto or travel to and from and within India of a person resident outside India who is on a visit to India. Further, where the medical expenses in respect of NRI close relative are paid by a resident individual, such a payment being in the nature of a resident to resident transaction may also be covered under the term “services”.
I get rental income in India and file India tax returns. I can show the bank our tax returns for the rental income and tax paid. In such a case, would the bank agree to transfer rental income to my NRE account and open FD's
Bank may credit the current income like rent, dividend, pension, interest etc., of NRIs to their NRE accounts provided they are satisfied that the credit represents current income of the NRI account holder and income tax there on has been deducted / paid or provided for (Based on appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted/Credited to NRE A/c is eligible for remittance and applicable taxes have been paid / provided for.)
I am an NRI buying property in India .I am making the payments for this property through my NRE savings account . Do I need to declare this investment to RBI/bank where I have the NRE savings account. Should I declare this in annual tax returns?
NRI / PIO purchasing residential / commercial property in India under general permission and via payment through their NRE account or foreign inward remittance are not required to file any documents/reports with the Reserve Bank.
How can I get statements of my account for a selected period?
You can now download our E-passbook app from Google Play store, iOS store, Windows app store. Using E-passbook you can retrieve account statement of any desired period. You also have an option to send/forward to e-mail.
I have not availed internet banking facility yet, how can I avail the same?
You may contact your branch through E-Mail and request for Internet Banking form. You are required to fill the form and send the hard copy of the same to the branch. Upon verification of the credentials, your Internet Banking kit will be sent to you.
How can I repatriate my maturing FCNR deposit proceeds?
FCNR deposits can be repatriated by obtaining DD or direct credit to the account of the depositor abroad.
I sold my immovable property in India, Can I repatriate it freely?
- An NRI is eligible to repatriate the amount equivalent to the amount paid for the acquisition of the residential property in India without any approval, and the same is available for a maximum of 2 properties.
- A Non-resident Indian (NRI)/ Person of Indian Origin (PIO) may remit an amount, not exceeding US $ 10,00,000 (USD one Million only) per financial year out of the balances held in NRO accounts/ sale proceeds of assets by way of purchase/the assests in India acquired by him by way of inheritance/legacy/out of Rupee funds, after paying taxes, if any, by submission of form 15-CA & 15 CB.
How can I retrieve or track information on my fixed Deposits/ Saving Deposit?
CorpBank net banking facility gives you snapshot of all your fixed deposits and you can track maturity all of your fixed deposits.
How can I get Capital gain account statement of my account for the financial year?
You can request for Capital gain account statement from your branch of operation. Shall you feel any inconvenience, please forward a request copy sent to the branch at nricell(at)corpbank.co.in.
I am an existing NRI customer of your Bank. Can I open joint account with Indian resident?
Yes, you can open joint account with close relative resident in India (as defined in companies Act 2013) on “Former or Survivor basis”. However, the name of NRI will be designated as the first person. The resident close relative shall be eligible to operate the account as a power of Attorney holder / Mandate holder in accordance with extant instructions during the lifetime of the NRI/PIO account holder.
I am returning back to India for permanent settlement whether my fixed deposits be taxed? Whether I need to change my account type?
- All NRE deposit accounts are to be re-designated as resident accounts immediately upon return of the account-holder to India for permanent settlement. In case the account-holder is only on a short visit to India, the account may continue to be treated as a NRE account
- Declaration from the account-holder to the effect that he/she has come to India for permanent settlement has to be submitted.
- Where the NRE term deposit is re-designated as resident rupee Deposit, the same will continue to earn interest at the originally fixed rate provided the deposit is held for the originally fixed full term even after re-designation. Interest earned on these accounts from the date of conversion into resident deposit account is liable for tax and TDS will be deducted wherever applicable.
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