N.R. Accounts can be opened by an NRI after completing the prescribed account opening form. The form could be countersigned / introduced by a person known to the bank/ Indian Embassy/ Indian High Commission/ Notary Public in the country of residence of the account holder.

Such an account can be opened with an authorised dealer in India by remitting funds from abroad in any convertible foreign currency. Under the NRNR Scheme, deposits designated in rupees can be kept for periods ranging from 6 months to 3 years. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawal of NRE/FCNR deposits for the purpose of making investments in the scheme. See similar questions...

Yes, non-resident Indians can also invest in mutual funds. Necessary details in this respect are given in the offer documents of the schemes. See similar questions...

A foreign currency account is not allowed in S.A. This means that foreigners may bring in and take out money freely. There is no non-resident tax on dividends & interest. Money must be sent to a South African bank (an authorised Dealer) and the foreign currency will be converted into Rands which will then sit in a non-resident account. The instructions to buy and sell are done between client and broker. See similar questions...

CPF is a comprehensive social security savings scheme to which both employers and employees have to contribute. CPF takes care of members' needs in retirement, healthcare, home ownership, family protection and asset enhancement. See similar questions...

It is a Fund built up by contributions made by the employee during his working life and an equal contribution by his employer @ 12% of his salary at present and is payable back to him together with interest on exit from employment. See similar questions...

Statutory Provident Fund - For all industries employing 20 or more persons engaged in any industry specified in Schedule - I attached to the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 or for all Establishments or classes of Establish- ments to which the said Act has specifically been made applicable by the Central Government by issue of notification in Gazette of India, such Provident Fund is compulsory for employees drawing salaries (Basic + DA) of upto Rs. 6500/- pm. See similar questions...

The provident fund of the bankrupt will be considered as part of the bankrupt's assets subject to the provisions of individual provident fund. See similar questions...

If you are on a visit to India, please follow the procedure described for a resident Indian. Please carry your passport also. Get your application attested by an SBI official or at the Indian consulate. You can have the application form notarized locally. Submit the application form with a copy of your passport and initial remittance to a branch of your convenience offering INB service in India.. Alternatively, you could also hand over these documents to an SBI branch nearby if one is available. See similar questions...

The account can be opened joint with a non-senior citizen, provided the first account holder is a senior citizen. See similar questions...

The EPF is a form of compulsory savings for workers. 30% of this saving can be used for house purchases, 30% can be used to meet medical expenses and the balance can be fully withdrawn on retirement or when a person leaves the country for good. Currently, employees and employers contribute 11% and 12% of the employee’s monthly salary, respectively. All deductions and employer contributions should be noted in the employee’s salary slip. See similar questions...

The NRNR a/c holder has the option to directly credit the maturity proceeds to the NRE account but NOT to FCNR(B) A/C. No. The proceeds of NRNR deposits can be credited to NRE A/C only on maturity and in case of premature withdrawal the proceeds shall be credited only to NRO A/C. See similar questions...

Under the existing provisions of the Income Tax Act, 1961 the taxable entities are broadly divided into three groups, viz., individual, Company and all other persons such as Hindu Undivided Family, Firm, association of persons, etc. These taxable entities are divided into three categories depending upon their resident status. See similar questions...

Yes. As with some other children’s savings accounts, you, your family and your friends can use it to build up savings for your child’s future. A total of £1,200 a year can be added to your child’s CTF account. See similar questions...

Generally speaking, account links can be requested by processing a Transfer of funds (TOF). Before a TOF can be processed, you must confirm that the account-cc you wish to link has already been established; please review the account table in the OASIS financial system and/or the On-line Financial System Reports, under the "Table of Accounts" link. If the account you wish to link does not yet exist, please contact Terri Kirkman (tkirkman@finance.ucla.edu) in General Accounting for assistance. See similar questions...

Yes. This account may be either Sterling (or Euro), or in Turkish lira. Turkuaz Emlak can help you with this if you wish. See similar questions...

You as a NRI account holder can authorize an Indian Resident to operate your NRI account with ABN AMRO India. You will have to execute the completed Power of Attorney application form on a stamp paper. A power of attorney can operate your rupee savings account – NRE and / or NRO savings account and can make legitimate local payments in India. See similar questions...