A Person of Indian Origin (PIO) means a citizen of any country (other than Bangladesh or Pakistan), if :
India by virtue of the constitution of India or Citizenship Act, 1955 (57 of 1995) or He / She is a spouse of an Indian citizen or of a person referred above.
The three types of rupee accounts permitted, that can be maintained by NRIs are as follows :
Note : With effect from 01/04/2002, both NRSR and NRNR deposit schemes have been discontiuned.
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO accounts cannot be remitted abroad but have to be used only for local payments in rupees. Funds due to the non-resident accountholder which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.
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