A
Non Resident Indian(NRI) as per FEMA 1999 is an
Indian citizen or Foreign National of Indian Origin resident outside India for purpose of employment, carrying
on business or vocation in circumstances as would indicate an intention to stay outside India for an Indefinite period. An Individual will also be
considered as NRI if his/ her stay in India is less than 182 days during the proceeding financial year.
Banks
allow NRI’s to open an NRI account when they complete the account opening formalities.
A customer for this purchase a form has to be filled up in which the
information soughtly the bank is provided. . They can open a NRI Saving Bank
Account, Current Account, Fixed Deposits in Indian Rupees, Fixed Deposits in
Foreign Currency, NRO account ( Rupee accounts for crediting income in India )
Money
Transfer
Money
can be transferred either through on line or drafts or telegraphically or by wire
transfer or Cheques. E-Transfer is completely online, paperless money transfer
service which enables the customer to send money directly from one bank account
in foreign country to India .
Drafts in Indian rupees can be purchased from exchange companies of one country
and mailed to the branch of another country where the customer has the account.
Telegraphic or wire transfers can be made through branch to branch. Cheques can
be deposited for credit of the customer’s accounts and the Cheques will be
collected and credited to their accounts.