Here are some notes about Special Non-Resident Rupee Accounts (SNRR accounts) in India:
- What is an SNRR account? An SNRR account is a current account that can be opened by a non-resident who has business interest in India. The account can be used to hold and transact rupees in India.
- Who can open an SNRR account? Any person resident outside India who has business interest in India can open an SNRR account. This includes individuals, companies, and other entities.
- What are the benefits of an SNRR account? SNRR accounts offer a number of benefits, including:
- The ability to hold and transact rupees in India.
- The ability to use the account for specified transactions in trade, foreign investments, External Commercial Borrowings, etc.
- The ability to remit funds to the non-resident’s home country.
- What are the restrictions on SNRR accounts? There are a few restrictions on SNRR accounts, including:
- The account can only be used for bona fide business transactions.
- The account cannot be used to remit funds to India.
- The account cannot be used to invest in Indian securities.
- How to open an SNRR account? To open an SNRR account, you will need to contact an authorized dealer bank in India. You will need to provide the bank with the following documents:
- Passport
- Visa
- Proof of business interest in India
- Proof of identity
- What are the fees associated with SNRR accounts? The fees associated with SNRR accounts vary depending on the bank. However, you can expect to pay an annual maintenance fee, as well as fees for transactions.