FAQ FOR NRE ACCOUNT

Q: Who is an NRI?

A: An NRI is an Indian citizen who stays outside India:

(a) for purposes of carrying out employment or any business or vocation;

(b) under circumstances indicating an intention to stay outside India for an uncertain duration

(c) any Indian citizen deputed outside India for a temporary period in connection with employment.

Q: Who is a person of Indian Origin (i.e.PIO) ?

A: A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO If

(a) he/ she at any time held an Indian passport; OR

(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India or

(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above

Q: How can I open an NRE Account?

How to transfer money to NRE account from USA?

 How to transfer money to NRE account? How to transfer money to NRE account from USA? These are common questions many NRIs have. There are several ways in which you can transfer money to a NRE account from abroad. The money is deposited in Indian rupees.

Another question you may have is- can I deposit money in NRE account from India? You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.

What is exit Load if I invest in mutual Fund??

Mutual funds companies collect an amount from investors when they join or leave a scheme. Fee charged to join or leave a scheme is generally referred to as a 'load'.

Exit load is a fee or an amount charged from an investor for exiting or leaving a scheme.

Quarterly Revision of Interest Rates for Small Savings Schemes

Quarterly Revision of Interest Rates for Small Savings Schemes

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: