We are opening a discussion about the best Bank in Kerala for Opening a NRI / NRE Account. Appreciate our viewers opinion about it.

An NRIÂ is granted with the following facilities :

• Maintenance of Bank accounts in India
• Investments in securities/shares of and deposits with Indian firms/companies.
• Â Investments in immovable properties in India.Â

Overseas Corporate Bodies (OCB’s) are bodies predominantly owned individuals of Indian Origin or nationality resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees.Â

Source : Reserve Bank of India

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a Non-Resident. (Persons posted in UN organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as Non-Residents). Non-Resident foreign citizens of Indian origin are treated on par with Non-Resident Indian citizens (NRI’s).Â

Indians who go abroad for either of the following purposes
Tourism

• Undertaking business promotion.
• To receive training
• Obtaining medical treatment.
• Participating in sports or cultural activities.
• Indians or persons of Indian Origin residing in Nepal/Bhutan/Pakistan/Bangladesh.
• Crew members working for Shipping/Airlines Companies posted in India and those companies whose registered offices are in India.

Definition of NRI: Regulation 2(vi) of FEMA 5

• Person resident outside India, who is a citizen of India or is a person of Indian origin
• Indian citizens working abroad on assignment with Foreign Governments, Govt. agencies or in UNO and its affiliates IMF, IBRD etc. and Govt. officials (both central and state) and other officials of PSU’s deputed abroad on assignments or posted abroad including Diplomatic Missions are non-resident Indians.
• Non-resident foreign citizens of Indian origin are treated on par with NRI citizens for the purpose of certain facilities.
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  Source : Reserve Bank of India

Who is a Person of Indian Origin: FEMA 5 Regulation 2(XII)?
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For the purposes of availing of the facilities of opening and maintaining bank accounts and investments in shares/securities in India, a citizen (other than a citizen of Pakistan or Bangladesh) is a PIO if
He at any time held an Indian passport
Or
He or either his/ her parents/any of his/ her grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act,1955 (57 of 1955)
Or
The person is a spouse of an Indian citizen or a person referred to in sub-clause (A) or (B).
Definition of an Overseas Corporate Bodies (OCB’s)
Regulation 2(xi) of FEMA 5

OCB’s are companies, partnership firms, societies and other corporate bodies which are owned directly or indirectly to the extent of at least 60 per cent by non-resident Indians and include overseas trusts in which not less than 60 per cent of the beneficial interest is held by non-resident Indians directly or indirectly but irrevocably.

Source : Reserve Bank of IndiaÂ

• ABN AMRO Bank N.V.
• Abu Dhabi Commercial Bank Ltd.
• American Express Bank Ltd.
• Arab Bangladesh Bank Limited
• Allahabad Bank
• Andhra Bank
• Antwerp Diamond Bank N.V.
• Bank Internasional Indonesia
• Bank of America N.A.
• Bank of Bahrain & Kuwait BSC
• Barclays Bank Plc
• BNP PARIBAS
• Bank of Ceylon
• Bharat Overseas Bank Ltd.
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Calyon Bank
• Citibank N.A.
• Cho Hung Bank
• Chinatrust Commercial Bank Ltd.
• Centurion Bank of Punjab Limited
• City Union Bank Ltd.
• Coastal Local Area Bank Ltd.
• Corporation Bank
• Catholic Syrian Bank Ltd.
• Deutsche Bank AG
• Development Credit Bank Ltd.
• Dena Bank
• IndusInd Bank Limited
• ICICI Bank
• IDBI Bank Limited
• Indian Bank
• Indian Overseas Bank
• Industrial Development Bank of India
• ING Vysya Bank
• J P Morgan Chase Bank, National Association
• Krung Thai Bank Public Company Limited
• Kotak Mahindra Bank Limited
• Karnataka Bank
• Karur Vysya Bank Limited.
• Lord Krishna Bank Ltd.
• Mashreqbank psc
• Mizuho Corporate Bank Ltd.
• Oman International Bank S A O G
• Oriental Bank of Commerce
• Punjab & Sind Bank
• Punjab National Bank
• Societe Generale
• Sonali Bank
• Standard Chartered Bank
• State Bank of Mauritius Ltd.
• SBI Commercial and International Bank Ltd.
• State Bank of Bikaner and Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Indore
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Saurashtra
• State Bank of Travancore
• Syndicate Bank
• The Bank of Nova Scotia
• The Bank of Tokyo-Mitsubishi, Ltd.
• The Development Bank of Singapore Ltd. (DBS Bank Ltd.)
• The Hongkong & Shanghai Banking Corporation Ltd.
• Tamilnad Mercantile Bank Ltd.
• The Bank of Rajasthan Limited
• The Dhanalakshmi Bank Limited.
• The Federal Bank Ltd.
• The HDFC Bank Ltd.
• The Jammu & Kashmir Bank Ltd.
• The Nainital Bank Ltd.
• The Sangli Bank Ltd.
• The South Indian Bank Ltd.
• The Ratnakar Bank Ltd.
• The Lakshmi Vilas Bank Ltd
• UCO Bank
• UTI Bank Ltd.
• Union Bank of India
• United Bank Of India
• Vijaya Bank
• Yes Bank
• National Bank for Agriculture and Rural Development
• Export-Import Bank of India
• National Housing Bank
• Small Industries Development Bank of India
• Industrial Investment Bank of India Ltd.
• North Eastern Development Finance Corporation

Please leave us a comment, if we have missed out any.Â