Permissibility of Multiple NRI Accounts

• NRIs are allowed to open more than one NRI account.
• They can maintain multiple NRE, NRO, and FCNR accounts simultaneously.
• Accounts can be opened with different banks across India.
• RBI regulations do not restrict the number of NRI accounts.
• Each account must comply with FEMA and RBI guidelines.

Purpose-Based Account Maintenance

• Different accounts can serve different income sources.
• NRE accounts are used for foreign earnings.
• NRO accounts are ideal for managing Indian income.
• FCNR accounts help hold deposits in foreign currencies.
• Segregation helps in easier financial tracking and compliance.

Joint Holding and Account Types

• Multiple accounts can be individually or jointly held.
• NRIs can open joint accounts with other NRIs.
• Some NRO accounts allow resident Indians as joint holders.
• Account types may include savings, current, or fixed deposits.
• Proper declaration must be submitted for each account.

Bank-Specific Requirements

• Each bank may have unique documentation norms.
• Separate KYC is needed for each new account.
• NRIs must submit overseas address and ID proofs.
• Banks may require FATCA and CRS declarations.
• Online account opening options may vary by bank.

Regulatory and Tax Compliance

• All NRI accounts are subject to RBI monitoring.
• Interest from NRE and FCNR accounts is tax-free in India.
• NRO account interest is taxable under Indian laws.
• Annual returns may need to include all account details.
• Compliance ensures legality and smooth fund operations.