Can NBFCs accept deposits from NRIs?

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Can NBFCs accept deposits from NRIs?

neetubm Offline

Golden Member

Posts: 122
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01-26-2010, 12:06 PM

Effective from April 24, 2004, NBFCs cannot accept deposits from NRI except deposits by debit to NRO(Non resident Ordinary Rupee Account) account of NRI provided such amount do not represent inward remittance or transfer from NRE(Non-Resident External Account)/FCNR (B)( Foreign Currency Non Resident Account ) account.

However, the existing NRI deposits can be renewed.

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