The Reserve Bank of India (RBI) Guidelines for Investment in Immovable Property by NRIs and PIOs
Please note that the following information has been extracted from the FAQs section of the RBI and was last updated on April 01, 2016. We strive to keep this section updated with relevant information; however, for the latest updates, we recommend visiting the official RBI website at rbi.org.
Under the Foreign Exchange Management Act (FEMA), 1999, a person resident outside India refers to an individual who is not a resident in India.
Types of Accounts for NRIs/PIOs in India
NRIs or PIOs can open, hold, and maintain various types of accounts in India with an Authorized Dealer, which refers to a bank authorized to conduct foreign exchange transactions. NRO Savings Accounts can also be maintained with Indian Post Offices. However, individuals or entities from Bangladesh and Pakistan require prior approval from the Reserve Bank.