Operations by Joint Account Holder (POA)

Operations by Joint Account Holder (POA)

 

NRE / FCNR B Account

NRO Account

Operations in the account in terms of Power of Attorney is restricted to:

 

  • Withdrawals for permissible local payments.
  • Outward Remittance to the account holder himself through normal banking channels.
  • Investments in India subject to compliance with the relevant regulations made by RBI.

 

Operations in the account in terms of Power of Attorney is restricted to:

 

  • Withdrawals for permissible local payments in rupees.
  • Remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels.
  • While making remittances, the limits and conditions of repatriability will apply.

 

Prohibition

 

  • Opening of accounts in the name of NRI by Power of Attorney is prohibited.
  • POA cannot deposit foreign currency notes in the accounts.