Can a Power of Attorney Holder Open and Close NRE Accounts on Behalf of NRIs?

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    Power of Attorney Holders have some powers when it comes to operating accounts on behalf of Non Resident Indians (NRIs). However, they have no power when it comes to opening and closing accounts on behalf of NRIs.

    Can a Power of Attorney Holder Open and Close NRE Accounts on Behalf of NRIs?
    This means that the NRI has to open and close NRE accounts himself.

    A resident Power of Attorney holder can operate on the NRE accounts. However, such operations are restricted to withdrawals for local payments. In case where the account holder is eligible to make investments in India, the power of attorney holder may be permitted by authorized dealer branch to operate the account to facilitate such investments.

    An NRI is allowed to open a NRE Savings Account, NRE Fixed Deposit account and a Recurring Deposit Account. In case he opens deposit accounts he can also avail of loans against the deposits.

    Read more about: nris
    Story first published: Saturday, December 6, 2014, 9:09 [IST]
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