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NRI Corner

FAQ
FAQs: 1-10  of 11
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Who is an NRI?

An NRI (Non Resident Indian) is person residing outside India for employment, carrying out business but is a citizen of India or is a person of Indian origin (PIO).
For a PIO, the following conditions must hold true

    • The person has held an Indian passport at any point in time or
    • The person/either of his or her parents/any of his or her grandparents has been a citizen of India as per the of India or the Citizenship Act, 1955 or
    • The person is married to an Indian citizen or a person belonging to either of the two above mentioned categories.
What types of bank accounts can an NRI have in India?

An NRI can hold the following types of accounts in India.

  • Non-Resident Ordinary Account (NRO)
  • Non-Resident External Rupee Account (NRE)
  • Foreign Currency Non Resident Account (FCNR)
What is the difference between NRE, NRO and FCNR accounts?

Differentiating factors

NRE

NRO

FCNR

Currency

Rupee account Rupee account Foreign currency account

How can it be opened

Can be opened with any authorised dealer or bank authorised by the RBI to open and maintain such an account (A/c) Can be opened with any authorised dealer Can be opened with designated currencies like Great Britain Pound, US Dollar, Japanese Yen, Deutsche Mark and Euro

How are the funds transferred?

NRI has to remit the amount from the country of his residence to India Funds can be remitted from abroad or from income generated in India. The amount deposited is generally non -repatriable Funds from foreign exchange acquired in the form of currency notes, and Travellers Cheques or foreign exchange earnings or foreign exchange earned and / or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals

How are the accounts held?

Current, Savings, Recurring or Fixed Deposit A/c Current, Savings, Recurring or Fixed Deposit A/c Only Term Deposits are allowed in this type of account. The term may vary from 6 months to 3 years

Treatment of Interest earned

The interest income is exempt from Income Tax The interest earned from such accounts is freely repatriable No interest is paid on deposits held for less than 6 months
How can a NRI buy an Insurance policy from Aviva?
How can an NRI make premium payments?

NRIs can pay insurance premium through the following channels in INR only.

  • Remit directly from abroad through our global partners.
  • Debit from NRO, NRE or FCNR account
  • Credit Card
  • Electronic Clearance service
Does Aviva have medical tie ups for conducting tests for the life to be insured?

Aviva has tie ups with medical centers at multiple locations. Medical tests can be conducted at any of these medical centers.

List of Medical Centres in Middle East for NRI
S.No. Name of Medical Centre and Address Location Contact No. E mail ID.

1

Apollo Medical Centre LLC,
PO Box 1097, Al Hamriya 131, Muscat, Sultanate of Oman.
Tel: (968) 24787766 Fax: (968) 24700093 		Muscat , Sultanate of Oman (968) 24787766 apollomct@omantel.net.om
2 Harley International Medical Clinic
D-103, Nashwan Building, Mankhool Area,
P.O.Box:34801, Dubai, U.A.E.
Tel: +971-4-3986677 / 3989988
Fax:+971-4-3989011/3989012
 Dubai , U.A.E (9714) 3986677 / 3989988 harleycl@emirates.net.ae
How can an NRI manage his/her policy staying abroad?
How can an NRI monitor policy and fund performance?

Daily NAVs are updated on the official website of Aviva. Also, detailed fact sheets are also available at the end of every month on the website. NRIs can also login on the website to view full details of the held policy.

What are the Tax benefits / Rebates available to NRIs on Insurance Policies?

The Income Tax Act, 1961, provides various rebates/benefits for the NRIs on insurance policies.

Section Benefits
80C Premiums paid towards a life insurance policy are eligible for a deduction of up to Rs 1 lakh from the taxable income.
80D Premiums paid towards health insurance are eligible for a tax rebate of a maximum of Rs 15000 (Rs 20,000 for senior citizens) from the taxable income.
10(10D) Any benefits received on your life insurance policy is tax free
10(10A)(iii) With respect to insurance proceeds, one third of the value at vesting Date would be tax free

Tax benefits / exemptions are applicable irrespective of the status of the NRIs (NRIs/PIOs or OCIs).

Are the incomes earned in India and abroad clubbable for the purpose of tax benefits / insurance policy benefits?

No, incomes earned in India and abroad cannot be clubbed for the purpose of tax benefits.