• Can accounts be maintained by NRIs with any bank in India?

• Are NRIs permitted to maintain accounts in rupees and in foreign currency?

Ans.I

Banks holding authorised dealers' licenses (i.e. banks authorized to deal in foreign exchange) or banks specifically authorized in this behalf by Reserve Bank can only maintain accounts in the names of NRIs. Certain Co- operative/commercial banks (referred to as authorized banks) have been specifically permitted to maintain accounts of NRIs expressed in rupees even though they are not authorized dealers.

Ans.II

Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authorized dealers only.