Individuals who fulfil the criteria as per Foreign Exchange Management Act, 1999 to be called Non-Resident Indians or Persons of Indian Origin (PIO) can open these accounts.
Following categories of Indians are eligible to be called Non Resident Indians:
- Indian citizens who stay abroad for employment or for carrying on business or for any other purpose in circumstances indicating an indefinite period of stay outside India.
- Indian citizens working abroad on an assignment with Foreign Governments, Government Agencies or International Agencies like United Nations Organisation (UNO) or its affiliates IMF, IBRD etc.
- Government Officials (both Central and State), and
- Other Officials of Public Sector Undertakings deputed abroad on assignment or posted abroad.
NOTE: Individuals holding a visiting visa are not eligible to open NRE/FCNR accounts.
Following categories of individuals are eligible to be called a Person of Indian Origin:
A citizen of any country other than Bangladesh and Pakistan, holding or having held at anytime
a) an Indian Passport; or
b) his/her either of the parents or grand parents were a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or
c) he /she is a spouse of an Indian Citizen or of a person referred to in (a) or (b)