Friday, July 24, 2015

Can NRIs Invest in Public Provident Fund or PPF?

Can NRI Invest in Public Provident Fund or PPF?
Answer to this question is both Yes and No. Since an NRI cannot open a new PPF account, so it's not possible for them to invest money in public provident fund, but if an NRI already has an active PPF account, opened when he was resident then he can continue to invest in PPF. Like other resident investor, he can invest up to Rs 1.5 lakh every financial year i.e. from 1st April to 31st March.

Friday, July 17, 2015

Can NRI open more than one NRE or NRO Account?

Can NRI open more than one NRE, NRO or FCNR account with different banks?
Yes, an NRI can more open more than one NRE, NRO or FCNR accounts with different banks in India. I am not exactly sure if you can open two accounts with a different branch of the same bank, but multiple accounts can definitely be held with different banks. For example, many of my friends have NRE accounts with HDFC Bank, Kotak Mahindra and YES bank. They even have multiple accounts with same bank but account type is different. For example, you can open one NRE, one NRO and multiple FCNR deposits with HDFC bank.