Non-Resident Indian Means:
a) A person resident outside India who is a citizen of India i.e.
i. Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
ii. Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International/ Multinational Agencies like United Nations Organisation (UNO), International Monetary Fund (IMF), World Bank etc.
iii. Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies/ Organisations or posted to their own offices including Indian Diplomatic Missions abroad.
b) A person of Indian origin who is a citizen of any other country other than Bangladesh or Pakistan, if
i. He, at any time, held an Indian passport or
ii. He or either of his parents or any of his grand parents was a citizen of India by virtue of Constitution of India or Citizenship Act 1955 (57 of 1955)
iii. The person is a spouse of an Indian Citizen or a person referred to in sub clause b (i) or (ii) above.
c) Students going abroad for studies are treated as Non Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA

The easiest way of opening an account would be to contact the nearest branch of Bank of India who would gladly assist in fulfilling the required formalities and opening an account. If Bank of India branch is away, then following documents may be sent to the branch where account is desired to be opened :-
• Account may be introduced by an existing customer of the branch or may be verified by present banker or by Embassy Officials abroad.
• Copies of important pages of passport (containing name, signature, birth-date, place/ date of issue, expiry date etc) duly authenticated by Notary Public/ Officials of Indian Embassy.
• Two passport size photographs with signatures on reverse.
• Remittance for opening an account.

The Bank may permit payment of deposit before maturity. The rules in this respect are broadly as under:
(i) FCNR / NRE Scheme:
No interest is payable if the deposit is withdrawn before expiry of minimum maturity of 12 months from the effective date of deposit.
In other cases, interest is payable at a rate applicable on the date of deposit for the period run or the contracted rates, whichever is less, minus 1 % penalty in respect of NRE Deposits. For FCNR Deposits, interest is payable at a rate applicable on the date of the deposit for the period run minus 1 % penalty. However, if the applicable rate is less than 1%, no deduction will be made from principal amount.
(ii) NRO Deposits:
• No interest is payable if the deposit is withdrawn before expiry of 15 days in case of term deposit
• Interest is payable at a rate applicable on the date of deposit for the period run or the contracted rate, whichever is less, minus 1 % penalty.

a) FCNR Account:
NRIs may instruct their banker to transfer by SWIFT funds for credit of your account as under:-
i) USD - to Bank of New York, New York (SWIFT Code : IRVTUS3N) account No. 802-611-5265 of Bank of India, New York for ultimate credit to account No. 00033-44556 of Bank of India, Mumbai NRI Branch (SWIFT code BKID IN BBNRI)
ii) Sterling Pound- Bank of India, London Branch, (SWIFT Code : BKIDGB2L) European Centre, 63 Queen Victoria Street, 4th floor, London EC4N 4UA A/c No. 0110300-12101 in the name of Bank of India, Mumbai NRI Branch (SWIFT code BKID IN BBNRI)
iii) Euro-to Societe Generale, Paris (SWIFT Code :SOGEFRPPADB) Account No. 30003 04970 00001089126 59 of Bank of India, Paris Branch (SWIFT code BKID FRPP) for ultimate credit to Account No. 4317 EUR 000810 of Bank of India, Mumbai NRI Branch (SWIFT code BKID IN BBNRI)
iv) Japanese Yen- Bank of India, Tokyo Branch, (SWIFT Code : BKID JPJT) Central P.O. 253- Tokyo, Account No. 5013 of Bank of India, Mumbai NRI Branch (SWIFT code BKID IN BBNRI).
v) You may also send demand drafts as under:-
• Currency Drawn on
• USD New York
• GBP London
• EUR Paris
• JPY Tokyo
Mail the draft alongwith the Account-opening Form and other papers to Bank of India where you desire to open an account. However, such remittance results into delay and loss of interest for transit period- particularly, if it is a personal cheque.
FCNR deposits are accepted at select authorised branches.
b) NRE/ NRO Account:
NRIs may instruct their bankers to remit the amount directly by telex/ SWIFT to any of our forex branches for onward credit to Bank of India's branch where account is to be opened. Draft drawn on Mumbai or elsewhere may also be mailed to concerned branch which will be credited to the account on realisation.

An NRI is free to grant Power of Attorney to a Resident. However, such Power of Attorney is restrictive. The Power of Attorney holder can do local operations and give deposit renewal instructions. Power of Attorney Holder can not instruct to transfer funds abroad.