Master Direction – Deposits and Accounts
This Master Direction outlines the guidelines for opening, holding, and maintaining foreign currency accounts and accounts in India by persons resident in and outside India.
Part I: Foreign Currency Accounts by a Person Resident in India
This part deals with the rules for opening and maintaining foreign currency accounts in India, including the types of accounts that can be held and the miscellaneous provisions.
Part II: Accounts in India by a Person Resident Outside India
This part covers the guidelines for opening and maintaining accounts in India by non-residents, including exemptions, and the different types of accounts such as NRE, FCNR (B), and NRO accounts.
The Master Direction provides a comprehensive framework for banks and individuals to follow while dealing with foreign currency accounts and accounts in India.
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Download: Master Direction – Deposits and Accounts (Updated as on January 9, 2020)