What are the terms and condition for NRI Deposits?

The terms and conditions governing the NRI deposits are given hereunder:

Acceptance of deposits can be made only by Indian Rupees through NRO Account.

NRI Deposits shall be accepted only through payments made from the depositors NRO A/c in India.

Deposits with funds transferred from NRE or FCNR (B) A/c’s will not be accepted

NRI Deposits shall not be accepted by any inward remittances from overseas

Document requirements for NRI FD investments

1) Passport with valid visa

2) Overseas address proof

3) A PIO card to establish Indian Origin, if it is a foreign passport.

4) Pan card

5) A local address proof if different from the passport address

a) Bank account statement or passbook

b) Local Property papers with registration deed

c) EB Bill card

d) Voter Id or Driving License

6) The NRI Depositor has to give the following declaration:

a) The amount deposited with Mahindra and Mahindra Financial Services Ltd. represents amounts transferred from NRO Account. Further this amount does not represent inward remittance from Overseas to NRO account or transfer of funds from NRE/FCNR (B) accounts to NRO account”.

b) “This is to declare that my stay in India during the financial year 2022-23 does not exceed/will not exceed 182 days & hence I will be a non-resident during the said financial year.

If there is a DTAA with the country of which the investor is a resident, then the Tax rate applicable will be the DTAA rate or the Income Tax rate whichever is more beneficial to the assesse /investor. The following additional documents should be provided by the NRI depositor to claim benefit of DTAA rate.

a) Tax Residency Certificate from the Income Tax department of the country the investor is a resident

b) Copy of the passport as of the beginning of the current financial year till date

c) Certificate from the investor as at the end of the financial year regarding his stay in India during Financial year.