It is mandatory for NRI/PIO/OCI to make payments only from the below options for buying Property in India:
• NRE Account: Known as Non Residential External account, these are special kind of accounts for NRI’s.
• NRO Account: Known as Non Residential Ordinary account
• FCNR Account: Known as Foreign Currency National Rupee Account. It’s a kind of fixed deposit account and one can maintain account in a choice of 6 currencies: USD, GBP, EUR, JPY, CAD and AUD.
• Wire Transfer: - it means transfer of payment directly from the Foreign Bank to the desired Indian bank account. In this case a wire transfer remittance receipt is issued by the foreign bank confirming the amount transferred in Indian bank account.