Can an NRI returning to India keep his money in Bank accounts abroad ?
Posted by NriFinanceGuide on May 22, 2008
Yes, non resident indians – NRIs coming back from abroad after a long trip/stay of at least one year or so can maintain and keep their balances in such foreign banks abroad and also maintain their bank accounts without any problems. These NRIs can also deposit all their income that they earn abroad while they were living or were resident of that foreign countries like: USA – United States of America, United Kingdom – UK, Canada, Australia, Gulf- Dubai, UAE, Kuwait, etc. Also to mention that any income earned on any other asset held (immovable like real estate or not) acquired while living abroad or in the foreign land can be deposited in this account. Last but not the least NRIs should keep in mind that, any pension received by such a person from the employers can also be deposited in this bank account held in a foreign country. Any other fresh credits to such type of foreign bank accounts can be made only if it is out of foreign currency acquired from the above mentioned sources.
