NRI Support | DiVitas

As one of the fastest growing economies, India offers NRIs a wide range of investment opportunities across a variety of asset classes. With investment opportunities ranging from equity, fixed income, real estate and more, India has continued standing as an attractive investment destination.

With a highly experienced team carrying out comprehensive research across asset classes, our advisors will help you make the best investment decisions based on your profile and risk appetite.

Some of the services we offer are-

Personal investment advisory
Corporate/Trust investment advisory
Taxation
Real estate advisory

Newsletter

Eligibility

Who is an NRI / PIO?

The terms Non-Resident Indian (NRI) and Person of Indian Origin (PIO) have been used in some of the rules issued under the Foreign Exchange Management Act. Under the Consolidated FDI Policy, the definition of NRI/PIO is as follows:

NRI means an individual resident outside India who is a citizen of India or is a Person of Indian Origin;
PIO means an individual (not being a citizen of Pakistan or Bangladesh):
– Who at any time, held an Indian passport;
– who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955;
– Who is a spouse of an Indian citizen or a person referred herein above

Classification of Overseas Indians

Particulars	NRI	PIO card holder	Overseas Citizen of India(OCI)
Definition	An Indian citizen ordinarily residing outside India and holding an Indian passport	A person registered as a PIO card holder under MHA’s scheme	A person registered as Overseas Citizen of India under Section 7A of the Citizenship Act, 1955
Eligibility	–	Any person who at any time has held an Indian passport or who/ either of whose parents or grandparents were born in or were permanently resident in India as defined in Government of India Act, 1935 and other territories forming part of India thereafter provided neither was at any time citizen of Afghanistan, Bhutan, China, Nepal, Pakistan and Sri Lanka or spouse of Indian citizen or PIO	A foreign national who was eligible To become citizen of India on 26.01.1950 or anytime thereafter; or Belonged to a territory that became part of India after 15.08.1947 and his/her children and grand children Excluding persons who were citizens of Pakistan of Bangladesh at any time Whose country of nationality allows dual citizenship under local laws
Exclusion	None	PIOs of all countries except Afghanistan, Bhutan, China, Nepal, Pakistan and Sri Lanka	PIOs of all countries except Pakistan and Bangladesh
Procedure for registration	None prescribed	Eligible person can apply in prescribed form with enclosures to the Indian Mission/ Post in the country where he/ she is ordinarily resident. Click here to go to the form.	Eligible person can apply to the Indian Mission/Post in the country of citizenship or where he/she is ordinarily resident. Click here to go to the form.
Indian citizenship	Already an Indian citizen	As per Citizenship Act; has to reside in India for minimum 7 years before applying for citizenship	Can obtain citizenship after 5 years from the date of OCI registration, provided he/ she stays in India for one year before applying for citizenship

KYC for an NRI

I am an NRI residing outside India. How do I get myself KYC Compliant?

The soft copy of the KYC form is available on our website. You may also approach your relationship manager for a form or else you can download the same from this link. The same duly completed along with a recent photograph, the necessary attested documents such as PAN card, passport, identity and address proof can be submitted or mailed to our representative who can complete the KYC formalities for you.

Are there any special requirements for an NRI?

Yes. In addition to the certified true copy of the passport, certified true copy of the overseas address and permanent address will also be required. If any of the documents (including attestations/ certifications) towards proof of identity or address is in a foreign language, they have to be translated to English for submission. The documents can be attested, by the Consulate office or overseas branches of scheduled commercial banks registered in India.

Is there any special requirement for a PIO (Person of Indian Origin)?

The requirements applicable to an NRI will also apply to a PIO. However, additionally, he will need to submit a certified true copy of the PIO Card.

Newsletter

Banking

Banking in India

There are different categories of Indians who are settled abroad but are keen to invest in India. NRIs are permitted to hold the following types of bank accounts in India as:

FCNR (B) – Foreign Currency Non- resident (Bank) Account –
A foreign currency account, which can be opened with overseas remittances through normal banking channels. NRIs/PIOs are permitted to open and maintain FCNR accounts.

NRE – Non-Resident External (Rupee) Account –
A Rupee designated account, which can be opened with overseas remittances through normal banking channels and funds are freely repatriable. NRIs/PIOs are permitted to open and maintain NRE accounts.

NRO – Non-Resident Ordinary (Rupee) Account –
An account which can be opened with permitted overseas remittances through normal banking channels and legitimate dues of the account holder in India. The amounts in such an account are non-repatriable.

Comparative analysis of the various accounts

Particulars	FCNR (B) account	NRE account	NRO account
Account holder	NRIs/PIOs	NRIs/PIOs	NRIs/PIOs/foreign entities (subject to conditions)
Joint of two or more nominees	Permitted	Permitted	Permitted
Joint account with another person resident in India	With resident close relative on former or survivor basis	With resident close relative on former or survivor basis	Permitted
Currency denomination	Any freely convertible currency	Indian Rupees	Indian Rupees
Repatriability: Principal	Freely repatriable	Freely repatriable	Not repatriable except in certain cases
Interest earned on deposits	Freely repatriable	Freely repatriable	Freely repatriable
Types of account	Term deposits of specified maturity period only Current	Savings Recurring Fixed Deposits Current	Savings Recurring Fixed Deposits Current
Period for fixed deposits	For terms not less than 1 year and not exceeding 5 years	For the periods as announced by the deposit taking bank	For the periods as announced by the deposit taking bank
Nomination facility	Available	Available	Available
Permitted credits	All permissible credits in respect of NRE accounts are permissible in FCNR accounts as well	Proceeds of remittances in India in any permitted currency Transfers from other NRE/FCNR accounts Interest accruing on the funds held in the account Interest on Government Securities and dividend on units of mutual funds, provided the securities/units were purchased by debit to the account holder’s NRE/FCNR account or out of inward remittance through normal banking channels Certain types of refunds	Proceeds of remittances from outside India through normal banking channels received in foreign currency which is freely convertible. Any foreign currency, which is freely convertible, tendered by the account holder during his temporary visit to India. Rupee funds should be supported by encashment certificate, if they represent funds brought from outside India. Transfers from rupee accounts of non-resident banks. Legitimate dues in India of the account holder. This includes current income like rent, dividend, pension, interest, etc. Sale proceeds of assets including immovable property acquired out of rupee/ foreign currency funds or by way of legacy/ inheritance.
Permitted debits	All permissible debits in respect of NRE accounts are permissible in FCNR accounts also	Local disbursements. Permissible remittances outside India. Transfer to NRE/ FCNR accounts of the account holder or any other person eligible to maintain such account. Investment in shares/securities/ commercial paper of an Indian company or for purchase of immovable property in India provided such investment/purchase is covered by the regulations made, or the general/special permission granted, by the Reserve Bank. Any other transaction if covered under general or special permission granted by the Reserve Bank.	All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank. Remittance outside India of current income like rent, dividend, pension, interest, etc. in India of the account holder. Remittance up to US$ One million, per financial year (April-March), for all bonafide purposes, to the satisfaction of the authorised dealer bank. All remittances of income need to be net of applicable India taxes

Newsletter

Achieving Financial

Nirvana

Assets Under

management
$140 million

Client

retention 98%

Zero

Advisory Fee

Transact

In less than
1 min

Financial Advisory

Experienced Team

Investment Support

Eligibility

Who is an NRI / PIO?

Classification of Overseas Indians

KYC for an NRI

I am an NRI residing outside India. How do I get myself KYC Compliant?

Are there any special requirements for an NRI?

Is there any special requirement for a PIO (Person of Indian Origin)?

Banking

Banking in India

Comparative analysis of the various accounts

Achieving Financial

Nirvana

Assets Under

management $140 million

Client

retention 98%

Zero

Advisory Fee

Transact

In less than 1 min

Financial Advisory

Experienced Team

Investment Support

Eligibility

Who is an NRI / PIO?

Classification of Overseas Indians

KYC for an NRI

I am an NRI residing outside India. How do I get myself KYC Compliant?

Are there any special requirements for an NRI?

Is there any special requirement for a PIO (Person of Indian Origin)?

Banking

Banking in India

Comparative analysis of the various accounts

management
$140 million

In less than
1 min