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A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) can avail the following facilities without the permission from the Reserve Bank of India:

1. Deposits

(a) Non-Resident (Ordinary) Rupee Account – NRO Account: An NRO account is a savings, recurring, fixed deposit or current account held by NRIs (for income earned from rent, pension, dividend, etc.) in India to manage their income earned in India. They can transfer money from their current NRE account to NRO account (Authorized Dealers can allow remittance/s upto USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter together with a certificate issued by a Chartered Accountant). The account allows them to receive funds in Indian or Foreign currency. They can even apply for an NRO account jointly with a resident Indian or even an NRI. However, the interest they earn in this account is subject to TDS (Tax Deducted at Source).

(b) Non-Resident (External) Rupee Account – NRE Account: An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings in India. These savings are exempt from tax i.e., neither the balance nor the interest earned on these accounts is taxable. An NRI can open a joint NRE account with one or more NRIs. The principle amount in an NRE account and the interest accumulated thereon is open to repatriation. In other words, one can transfer these amounts to a foreign account in case of an NRE account.

(c) Foreign Currency Non-Resident Account-FCNR Account: This account allows to save money earned overseas in Foreign Currency and the deposits are taken in US Dollars, Pounds Sterling, Euro and Japanese Yen. Since the money will be held in foreign denomination, one can be saved the risk of exchange rate fluctuations. FCNR Accounts are Term Deposit Accounts which means premature withdrawal is allowed by banks but interest is paid only on post completion of 1 year. The interest earned on deposits is tax-free in India. The Principal amount and the interest earned thereon is fully repatriable, i.e., it is completely transferable.

2. Investment in India :

One can invest in :

Government Securities/Units with repatriation rights.
Company shares/Debentures with repatriation rights.
Shares/debentures of Indian companies through stock exchange under port-folio investment scheme with repatriation rights.
Indian companies without any limit on non-repatriation basis, freely.

3. Immovable property

One can acquire –

immovable property in India other than agricultural/plantation property or a farm house, if he/she is an NRI.
immovable property other than agricultural land/farm house/plantation property in India out of repatriable funds, if he/she is a PIO.