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Back to Top of Index Question-28: How should an account under the Non-Resident Non-Repatriable (NRNR) Rupee Deposit Scheme be opened ?

April 26, 2017account deposit index non-repatriable non-resident NRNR opened rupee Scheme

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Back to Top of Index Question-28: How should an account under the Non-Resident Non-Repatriable (NRNR) Rupee Deposit Scheme be opened ?

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Such an account can be opened with an authourised dealer in India by remitting funds from abroad in any convertible foreign currency. NRIs can also open such accounts by transferring funds from their existing NRE/FCNR accounts. No penal interest is chargeable for premature withdrawl of NRE/FCNR deposits for the purpose of making investment in the scheme.