Q675. Depositing cheque from

property sale to bank account in

India . . .

Question: Dear Sir, I am US citizen with OCI, will be selling my property in India which was bought as Resident Indian. The property is in my "Initialized" Indian name and registered in that name only. As a NRI my NRO account has the name is in expanded form against the initialized name, and I am aware I cannot hold SB account with my initialized name now. The question is, will the bank accept the sale proceeds (check/DD) given under my initialized name against my NRO account with expanded initials? The buyer can give the DD only in the initialized name as the property was registered under that name. Please advise, and will appreciate your input in this regard. Thanks, Venugopalan S. Answer: Unless I am missing something in your question, let me answer by way of example: Suppose a person has a bank account under the name, Virendar Kumar Chopra. Would the bank refuse to deposit a cheque in this account if it was issued to V. K. Chopra? As long as you have proof your identity, I personally doubt you would have a problem unless the spelling in the name is wrong. If you have doubts, why not check with SBI first. NRIs can have more than one NRO account. There is no prohibition to open and maintain multiple accounts with different banks in India. Any of the top private banks such as ICICI, HDFC or Axis bank (I don’t have a preference) would probably love be get your business.