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.