1. What are the different types of accounts that an NRI can open at MCC Bank?
Ans.: NRI can open the NRE (Rupees) Account

2. Can an NRI maintain multiple accounts with different banks in India, simultaneously?
Ans.: Yes, there is no prohibition to open and maintain multiple accounts a/cs.

3. Can an NRI open joint accounts with one or more NRIs?
Ans.: Yes.

4. Can an NRI open joint accounts with residents?
Ans.: Yes NRIs can open Joint Account with Resident Close Relative as defined in Companies Act 1956,
Section 2(41) and Section 6 and in terms of RBI circular dated 22/09/2011.

5. Should all the NRI desirous of opening joint accounts be residing in the same country?
Ans.: No, they can be residing in different countries, also.

6. Can NRI accounts be opened from abroad also?
Ans.: Yes. An NRI Can also open accounts from abroad by sending duly filled and signed application
along with attested copies of passport and Visa, etc.

7. Can an NRI open an account with Zero balance?
Ans.: Yes, an individual taking up an employment, business, vocation etc. can complete the account opening formalities prior to going abroad with zero balance. Subsequently, he must remit funds to make the account operative within a reasonable time, where after only cheque book will be issued.

8. Can an NRI give Power of Attorney to a resident to operate his accounts and for making investments on his behalf?
Ans.: Yes, an NRI can appoint a Power of Attorney holder to make local payment from his NRE / NRO a/cs. and also investments on his / her behalf.

9. What are the restrictions imposed on the Power of Attorney?
Ans.: A Power of Attorney holder cannot do the following acts :

(i) Open and close NRI a/cs. in the name of NRI
(ii) Repatriate funds from a/c. in the form of DD/TT etc.., unless specified in P.A.
(iii) Give gifts.
(iv) Transfer funds to NRE accounts.
(v) Cannot raise loans/execute documents on behalf of NRI.

10. Can an NRI deposit local funds into NRE account?
Ans.: No, only credits coming from abroad in the form of DDs/TTs/MTs/FCs/TCs etc. can be deposited in
NRE a/c.

11. Is interest earned on NRE a/c, taxable?
Ans.: No tax is applicable to interest earned on NRE a/c.

12. If the NRE deposits are withdrawn before the maturity date, what will be the loss?
Ans.: If the deposit has not run for the minimum period of 12 months - No interest.
Otherwise, the interest at the rate applicable for the period the deposit has run will be paid.

13. Can the NRI deposits be prematurely extended to get benefit of higher interest?
Ans.: Yes, the deposit will earn interest without penalty for the period it has run, provided it has run for the 12 months period and thereafter at the higher interest

14. Can loans against NRE be repaid from local sources?
Ans.: Yes, but not in cash.

15. Will the Bank renew our NRE deposits automatically?
Ans.: Yes, provided automatic renewal instruction are given at the time of opening the deposit in which case, it will be automatically renewed for an identical period

16. Is nomination permitted in NRI a/cs?
Ans.: Yes, NRIs can nominate either a resident or a non-resident as Nominee. However, only one nominee is permitted per account. Nominee can also be a minor in which case, guardian has to be appointed to receive payment on minor's behalf.

17. What are the formalities in death claim settlement?
Ans.: If the nominee, either resident or non-resident, plans to utilize the funds locally payment will be made in Indian Rupees.

RETURNING INDIANS :

18. What happens to accounts of the NRI on his/her return to India?
Ans.: A returning Indian's NRE SB accounts will be designated as Resident account. However, NRE term Deposit accounts may be permitted to continue to run till maturity.

19. Is a NRI subject to tax after returning to India?
Ans.: Yes, NRIs earnings are subject to tax laws of the country.