Non Resident Indian (NRI):
PIO stands for Person of Indian Origin:
Features of NRE Accounts available to Non-Resident Indians (NRIs):
The loans cannot be utilised for the purpose of on-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
Permitted Credits and Debits
Permissible credits to NRE account are inward remittance to India in permitted currency, proceeds of account payee cheques, demand drafts / bankers' cheques, issued against encashment of foreign currency, where the instruments issued to the NRE account holder are supported by encashment certificate issued by AD Category-I / Category-II, transfers from other NRE / FCNR accounts, sale proceeds of FDI investments, interest accruing on the funds held in such accounts, interest on Government securities/dividends on units of mutual funds purchased by debit to the NRE/FCNR(B) account of the holder, certain types of refunds, etc.
*Close relative (relative as defined in Section 6 of the Companies Act, 1956)
Extract of Section 6 of the Companies Act, 1956
Meaning of “relative”
A person shall be deemed to be a relative of another if, and only if,-
List of Relative
Customer Notifications | Service Charges |Forex Rate | Branch IFSCodes | ATM Locations | Photo Gallery
© 2016 Bassein Catholic Co-operative Bank Ltd.