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3 policies NRIs should keep an eye on
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This video explains three important policies that NRIs should know about.
Are you an NRI? If you answered ‘yes’ to that, here are 3 policies you should be aware of. The first is regarding restrictions on bank accounts. According to the FEMA, you cannot hold a regular savings account with an Indian bank. Instead, you can open an NRO, an NRE or an FCNR account. You should also know about the regulations regarding acquisition of property. The FEMA does not allow NRIs to purchase agricultural property, farmhouse lands, or plantations. But - you can acquire these properties by way of inheritance. Lastly, you should be aware of what you can invest in. And more specifically, what you cannot. The FEMA restricts NRIs from investing in the following schemes: Public Provident Fund (PPF) National Savings Certificate (NSC) 5-year post office time deposit Senior Citizen Savings Scheme (SCSS) So, that sums up the key things that NRIs should be aware of.