RBI Guide Lines
RBI Guidelines specific to Investment in Immovable Property for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
NOTE: The below stated information has been taken from the FAQs section of the Reserve Bank of India, which was last updated on the 17th January 2012. We aim to keep updating this section with relevant information from time to time, however to ensure you have the latest information, you may also visit – rbi.org.
In terms of the Foreign Exchange Management Act (FEMA), 1999 a person resident outside India means a person who is not resident in India.
What are the different types of accounts which can be maintained by an NRI1/ PIO2 in India?
If a person is NRI or PIO, she/he can, without the permission from the Reserve Bank, open, hold and maintain the different types of accounts given below with an Authorized Dealer in India, i.e. a bank authorised to deal in foreign exchange.NRO Savings accounts can also be maintained with the Post Offices in India. However, individuals/ entities of Bangladesh and Pakistan require prior approval of the Reserve Bank.