Loans / Overdrafts:
Loans & overdrafts can be availed against the securtiy of NRE deposits for business purposes or personal use. Such loans should not be used for the purpose of investment in India or for re-lending or for investment in farm houses / Real Estate.
Operations in the Account:
Power of Attorney can be given to residents to operate the account for local payments. Power of Attorney holder cannot
- 1.Open an account
- 2.Remit funds abroad except only to the non-resident account. Remittance in favour of account holder is permitted provided specific power have been given in the Power of Attorney
- 3.Borrow against the deposit
- 4.Close the account