{"id":16113,"date":"2026-09-10T13:26:29","date_gmt":"2026-09-10T07:56:29","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16113"},"modified":"2026-09-09T13:27:45","modified_gmt":"2026-09-09T07:57:45","slug":"nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/","title":{"rendered":"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Not_every_rupee_you_invest_in_India_comes_back_the_same_way_This_article_walks_NRIs_through_NCD_IPO_eligibility_the_NRE_vs_NRO_bidding_decision_TDS_on_interest_income_and_the_FEMA_compliance_checklist_so_you_know_exactly_what_youre_signing_up_for_before_you_bid\"><\/span><strong>Not every rupee you invest in India comes back the same way. This article walks NRIs through NCD IPO eligibility, the NRE vs. NRO bidding decision, TDS on interest income, and the FEMA compliance checklist, so you know exactly what you&#8217;re signing up for before you bid.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>If you\u2019re an NRI who has seen a high-coupon NCD IPO in the newspaper and wondered if you could participate in it, you&#8217;re not alone, and the honest answer is: it depends, and often, no. Non-Convertible Debentures (NCDs) have become a popular fixed-income option for resident Indians who want to earn double-digit coupons from NBFCs and housing finance companies. In comparison to equity IPOs, where NRIs can participate fairly easily, the vast majority of NCD public issues in India exclude NRIs from their applicant pool. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#Not_every_rupee_you_invest_in_India_comes_back_the_same_way_This_article_walks_NRIs_through_NCD_IPO_eligibility_the_NRE_vs_NRO_bidding_decision_TDS_on_interest_income_and_the_FEMA_compliance_checklist_so_you_know_exactly_what_youre_signing_up_for_before_you_bid\" >Not every rupee you invest in India comes back the same way. This article walks NRIs through NCD IPO eligibility, the NRE vs. NRO bidding decision, TDS on interest income, and the FEMA compliance checklist, so you know exactly what you&#8217;re signing up for before you bid.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#What_Is_an_NCD_and_Why_Do_NRIs_Even_Consider_It\" >What Is an NCD, and Why Do NRIs Even Consider It?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#Can_NRIs_Actually_Bid_on_NCD_IPOs_The_Eligibility_Reality\" >Can NRIs Actually Bid on NCD IPOs? The Eligibility Reality<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#NRE_vs_NRO_Which_Account_Should_You_Bid_From\" >NRE vs NRO: Which Account Should You Bid From?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#FEMA_Rules_You_Cant_Afford_to_Ignore\" >FEMA Rules You Can&#8217;t Afford to Ignore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#Tax_on_NCD_Interest_What_Actually_Lands_in_Your_Account\" >Tax on NCD Interest: What Actually Lands in Your Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#NCD_IPOs_Frequently_Asked_Questions\" >NCD IPOs Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#Sources\" >Sources<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>This isn&#8217;t an oversight. Issuers make the decision to exclude NRIs to avoid the compliance burden of dealing with foreign investments and the reporting requirements under FEMA. So before you get your NRE or NRO account ready to bid, it&#8217;s worth understanding exactly where you stand. This includes understanding what the actual eligibility looks like, why your choice of bank account determines your right to repatriate, and what the RBI mandates you to disclose once you&#8217;re in. This guide walks through all of it in plain terms.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_an_NCD_and_Why_Do_NRIs_Even_Consider_It\"><\/span><strong>What Is an NCD, and Why Do NRIs Even Consider It?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An NCD is a loan given to a company for a fixed coupon over a specific period of time. It is similar to a <a href=\"https:\/\/goldenpi.com\/corporate-fixed-deposits\">corporate fixed deposit,<\/a> except that an NCD does not give the company the right to convert the loan to equity. For NRIs used to near-zero returns on foreign savings accounts, a listed NCD offering 9-11% annually looks attractive. The catch: liquidity, credit risk, and eligibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_NRIs_Actually_Bid_on_NCD_IPOs_The_Eligibility_Reality\"><\/span><strong>Can NRIs Actually Bid on NCD IPOs? The Eligibility Reality<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here&#8217;s the part most people get wrong: the Reserve Bank of India doesn&#8217;t broadly forbid NRIs from investing in NCDs. The restriction usually comes from the issuing company itself, which decides, issue by issue, whether to open the offer to NRIs. In practice:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most public NCDs issued by NBFCs and HFCs in India explicitly mention that NRIs cannot apply in the prospectus.<\/li>\n\n\n\n<li>If an issuer allows NRI participation, applications from individuals who reside in, or are subject to the tax laws of, the USA and Canada are almost always rejected outright to sidestep US securities law and FATCA complications.<\/li>\n\n\n\n<li>If the issuer allows NRI participation, investments can be made only through an NRE or NRO Non-PIS bank account. The Portfolio Investment Scheme is not applicable to NCDs.\u00a0<\/li>\n\n\n\n<li>Even when eligible, the minimum investment is typically \u20b910,000 (10 NCDs of \u20b91,000 face value), the same as for resident investors.<\/li>\n<\/ul>\n\n\n\n<p>The practical takeaway: always check the &#8220;Issue Related Terms&#8221; or eligibility section of the Red Herring Prospectus\/Shelf Prospectus of the specific NCD before assuming you can apply; don&#8217;t rely on the previous issue&#8217;s rules carrying over.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NRE_vs_NRO_Which_Account_Should_You_Bid_From\"><\/span><strong>NRE vs NRO: Which Account Should You Bid From?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If an NCD issue does permit NRI participation, your account choice determines what happens to your money later\u2014not just how you invest it.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>NRE Account<\/strong><\/td><td><strong>NRO Account<\/strong><\/td><\/tr><tr><td><strong>Source of funds<\/strong><\/td><td>Foreign income remitted to India<\/td><td>Indian income (rent, dividends, prior investments) or foreign funds<\/td><\/tr><tr><td><strong>Repatriation of investment proceeds<\/strong><\/td><td>Fully repatriable<\/td><td>Capped at USD 1 million per financial year (after taxes)<\/td><\/tr><tr><td><strong>Interest earned on the account itself<\/strong><\/td><td>Tax-free in India<\/td><td>Fully taxable in India<\/td><\/tr><tr><td><strong>TDS on NCD interest income<\/strong><\/td><td>Applicable, per DTAA\/Section 195<\/td><td>Applicable, per DTAA\/Section 195<\/td><\/tr><tr><td><strong>Ideal for<\/strong><\/td><td>NRIs who want unrestricted future repatriation<\/td><td>NRIs investing in India-sourced money, less concerned about repatriation limits<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>If you will eventually transfer the entire investment (principal plus gains) back abroad without limits, bidding through NRE is cleaner. If you&#8217;re investing rupee income already sitting in India, NRO works fine; just remember the annual repatriation ceiling applies when you want to move it out later.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/\" aria-label=\"Masala Bonds Explained: How Indian Corporates Shift Currency Risk Overseas\u00a0\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Masala Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/\">Masala Bonds Explained: How Indian Corporates Shift Currency Risk Overseas\u00a0<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\" aria-label=\"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"NRI Guide to NCD IPOs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\">NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cumulative-vs-monthly-interest-ncds-which-option-is-better-for-investors\/\" aria-label=\"Cumulative vs. Monthly Interest NCDs: Which Option Is Better for Investors?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Cumulative vs Monthly Interest NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cumulative-vs-monthly-interest-ncds-which-option-is-better-for-investors\/\">Cumulative vs. Monthly Interest NCDs: Which Option Is Better for Investors?<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FEMA_Rules_You_Cant_Afford_to_Ignore\"><\/span><strong>FEMA Rules You Can&#8217;t Afford to Ignore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investments made by NRIs in Indian securities, including NCDs, come under the Foreign Exchange Management (Non-Debt\/Debt Instruments) framework of the RBI. A few points matter most in practice:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Investments can be made on a repatriation basis (viewed as foreign investments and subject to sectoral limits) or a non-repatriation basis (viewed as domestic investments and no requirement to repatriate sale proceeds).<\/li>\n\n\n\n<li>On the repatriation route, your holding per NCD series generally can&#8217;t exceed the limits prescribed for FDI in convertible instruments of that category.<\/li>\n\n\n\n<li>You&#8217;re required to report the remittance and the resulting NCD holding to the RBI, typically within 30 days of the investment, through your bank&#8217;s reporting channel.<\/li>\n\n\n\n<li>No additional approval from the RBI is needed for application. The main responsibility lies with the reporting bank and the issuing company. However, you will be held responsible for the impact of your incomplete documents (PAN, KYC, and FEMA declaration).\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_on_NCD_Interest_What_Actually_Lands_in_Your_Account\"><\/span><strong>Tax on NCD Interest: What Actually Lands in Your Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Interest earned by an NRI on NCDs is subject to TDS under the provisions governing payments to non-residents in Section 393(2) of the <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/new-income-tax-act-2025-what-changes-for-bond-investors-in-2026\/\" type=\"post\" id=\"15711\">Income-tax Act, 2025<\/a> <sup>[1]<\/sup>, which came into effect on April 1, 2026, and replaced the corresponding provisions of Section 195 of the Income-tax Act, 1961. For ordinary NCD interest that does not fall under a special concessional category, the applicable TDS rate is generally the rate prescribed as \u201crates in force,&#8221; along with the applicable surcharge and health and education cess.<\/p>\n\n\n\n<p>A lower rate may be available under a Double Taxation Avoidance Agreement (DTAA), subject to the NRI meeting the treaty conditions and furnishing the required documentation, including a Tax Residency Certificate (TRC) and the prescribed treaty information, now furnished through Form 41 (earlier Form 10F).<\/p>\n\n\n\n<p>One practical filing change worth flagging: the remittance certificates for NRIs and their chartered accountants, Form 15CA and Form 15CB, have been replaced by Form 145 and Form 146 respectively <sup>[2]<\/sup>, and the TDS certificate formerly known as Form 16A has been changed to Form 131 <sup>[3]<\/sup>. The underlying tax treatment has not changed merely because of these form-number changes; the paperwork and reporting framework have been updated under the new Act.\u00a0<\/p>\n\n\n\n<p>Capital gains on the sale or redemption of listed NCDs after the July 2024 Budget continue to follow the 12.5% flat rate without indexation for long-term gains and slab-linked short-term rates, both preserved unchanged under the new Act. As before, if excess TDS is deducted, it&#8217;s recoverable only by filing an Indian income tax return.<\/p>\n\n\n\n<p>A quick sanity check for readers: the new Act retains the full tax exemption on NRE and FCNR account interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCD_IPOs_Frequently_Asked_Questions\"><\/span><strong>NCD IPOs Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1788939381802\"><strong class=\"schema-faq-question\">Q1. <strong>Can NRIs invest in NCD IPOs in India?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, NRIs can generally invest in eligible NCDs issued in India, subject to the terms of the issue and applicable FEMA\/RBI requirements. The specific NCD offer document should always be checked for investor eligibility.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788939396409\"><strong class=\"schema-faq-question\">Q2. <strong>Can an NRI apply for NCDs through an NRE account?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, where the issue and applicable regulations permit it. The source of funds and the route used for investment matter for determining whether the eventual proceeds can be repatriated.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788939407986\"><strong class=\"schema-faq-question\">Q3. <strong>Can an NRI invest in NCDs using an NRO account?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. An NRO account can be used for eligible Indian investments, subject to applicable FEMA rules and the conditions governing repatriation of the investment proceeds.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788939421900\"><strong class=\"schema-faq-question\">Q4. <strong>What is the main difference between using NRE and NRO funds?<\/strong><\/strong> <p class=\"schema-faq-answer\">The important distinction is repatriation. NRE funds and eligible income are generally designed for repatriation, whereas NRO balances are subject to specific repatriation conditions and limits under FEMA and RBI rules.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788939435892\"><strong class=\"schema-faq-question\">Q5. <strong>Can an NRI apply for an NCD IPO through UPI?<\/strong><\/strong> <p class=\"schema-faq-answer\">The payment mechanism available to an NRI depends on the issue, intermediary, and applicable payment rules. NRIs should not assume that the same UPI application process available to resident retail investors will apply to them.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788939451849\"><strong class=\"schema-faq-question\">Q6. <strong>Are there any FEMA limits on NRI investment in NCDs?<\/strong><\/strong> <p class=\"schema-faq-answer\">NRI investments in Indian securities are subject to the applicable FEMA framework and any limits or conditions prescribed for the relevant security. The terms can differ depending on the type of instrument and route of investment.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.incometaxindia.gov.in\/w\/section-393-5\">Income Tax Department \u2014 Section 393, Income-tax Act, 2025<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/help\/all-topics\/e-filing-services\/income-tax-forms\">Income Tax Department \u2014 Income Tax Forms FAQs<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.incometaxindia.gov.in\/documents\/d\/guest\/form-131-faqs\">Income Tax Department \u2014 Form 131 FAQs<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\">Disclaimer<\/h3>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Not every rupee you invest in India comes back the same way. This article walks NRIs through NCD IPO&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NRI Guide to NCD IPOs: Eligibility, NRE vs NRO &amp; FEMA Rules<\/title>\n<meta name=\"description\" content=\"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NRI Guide to NCD IPOs: Eligibility, NRE vs NRO &amp; FEMA Rules\" \/>\n<meta property=\"og:description\" content=\"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-10T07:56:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kunal Arora | CA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:site\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kunal Arora | CA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/\"},\"author\":{\"name\":\"Kunal Arora | CA\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/d3fccd8baf9a3fda41c1c5356272ce8d\"},\"headline\":\"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules\",\"datePublished\":\"2026-09-10T07:56:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/\"},\"wordCount\":1515,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/09132602\\\/NRI-Guide-to-NCD-IPOs.jpg\",\"articleSection\":[\"Bond News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/\",\"name\":\"NRI Guide to NCD IPOs: Eligibility, NRE vs NRO & FEMA Rules\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/09132602\\\/NRI-Guide-to-NCD-IPOs.jpg\",\"datePublished\":\"2026-09-10T07:56:29+00:00\",\"description\":\"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#primaryimage\",\"url\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/09132602\\\/NRI-Guide-to-NCD-IPOs.jpg\",\"contentUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/09132602\\\/NRI-Guide-to-NCD-IPOs.jpg\",\"width\":1600,\"height\":900,\"caption\":\"NRI Guide to NCD IPOs\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\",\"name\":\"GoldenPi | Blogs\",\"description\":\"All about bonds online in India\",\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\",\"name\":\"GoldenPi Technology Pvt Ltd\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08120536\\\/Logo-01-scaled.png\",\"contentUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08120536\\\/Logo-01-scaled.png\",\"width\":2560,\"height\":750,\"caption\":\"GoldenPi Technology Pvt Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/goldenpitech\",\"https:\\\/\\\/x.com\\\/GoldenPiTech\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/goldenpi\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/d3fccd8baf9a3fda41c1c5356272ce8d\",\"name\":\"Kunal Arora | CA\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\",\"contentUrl\":\"https:\\\/\\\/goldenpi.com\\\/blog\",\"caption\":\"Kunal Arora | CA\"},\"description\":\"Kunal Arora is a Chartered Accountant and finance expert with over 8 years of expertise in navigating the complex financial heart of India\u2019s leading NBFCs. As a Financial Controller at Oxyzo, Kunal focuses on the core pillars of financial integrity - transparency, regulatory excellence and the strategic reporting that builds investor trust.\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/ca-kunal-arora-005299158\\\/\"],\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/author\\\/kunal-arora\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NRI Guide to NCD IPOs: Eligibility, NRE vs NRO & FEMA Rules","description":"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/","og_locale":"en_US","og_type":"article","og_title":"NRI Guide to NCD IPOs: Eligibility, NRE vs NRO & FEMA Rules","og_description":"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.","og_url":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/","og_site_name":"GoldenPi | Blogs","article_publisher":"https:\/\/www.facebook.com\/goldenpitech","article_published_time":"2026-09-10T07:56:29+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg","type":"image\/jpeg"}],"author":"Kunal Arora | CA","twitter_card":"summary_large_image","twitter_creator":"@GoldenPiTech","twitter_site":"@GoldenPiTech","twitter_misc":{"Written by":"Kunal Arora | CA","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#article","isPartOf":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/"},"author":{"name":"Kunal Arora | CA","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/d3fccd8baf9a3fda41c1c5356272ce8d"},"headline":"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules","datePublished":"2026-09-10T07:56:29+00:00","mainEntityOfPage":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/"},"wordCount":1515,"commentCount":0,"publisher":{"@id":"https:\/\/goldenpi.com\/blog\/#organization"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#primaryimage"},"thumbnailUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg","articleSection":["Bond News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/","url":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/","name":"NRI Guide to NCD IPOs: Eligibility, NRE vs NRO & FEMA Rules","isPartOf":{"@id":"https:\/\/goldenpi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#primaryimage"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#primaryimage"},"thumbnailUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg","datePublished":"2026-09-10T07:56:29+00:00","description":"Can NRIs invest in NCD IPOs in India? Understand eligibility, NRE vs. NRO account rules, FEMA requirements, taxation, and key points before investing.","breadcrumb":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#primaryimage","url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg","contentUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg","width":1600,"height":900,"caption":"NRI Guide to NCD IPOs"},{"@type":"BreadcrumbList","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/goldenpi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules"}]},{"@type":"WebSite","@id":"https:\/\/goldenpi.com\/blog\/#website","url":"https:\/\/goldenpi.com\/blog\/","name":"GoldenPi | Blogs","description":"All about bonds online in India","publisher":{"@id":"https:\/\/goldenpi.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/goldenpi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/goldenpi.com\/blog\/#organization","name":"GoldenPi Technology Pvt Ltd","url":"https:\/\/goldenpi.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/05\/08120536\/Logo-01-scaled.png","contentUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/05\/08120536\/Logo-01-scaled.png","width":2560,"height":750,"caption":"GoldenPi Technology Pvt Ltd"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/goldenpitech","https:\/\/x.com\/GoldenPiTech","https:\/\/www.linkedin.com\/company\/goldenpi\/"]},{"@type":"Person","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/d3fccd8baf9a3fda41c1c5356272ce8d","name":"Kunal Arora | CA","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog","url":"https:\/\/goldenpi.com\/blog","contentUrl":"https:\/\/goldenpi.com\/blog","caption":"Kunal Arora | CA"},"description":"Kunal Arora is a Chartered Accountant and finance expert with over 8 years of expertise in navigating the complex financial heart of India\u2019s leading NBFCs. As a Financial Controller at Oxyzo, Kunal focuses on the core pillars of financial integrity - transparency, regulatory excellence and the strategic reporting that builds investor trust.","sameAs":["https:\/\/www.linkedin.com\/in\/ca-kunal-arora-005299158\/"],"url":"https:\/\/goldenpi.com\/blog\/author\/kunal-arora\/"}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/comments?post=16113"}],"version-history":[{"count":2,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16113\/revisions"}],"predecessor-version":[{"id":16117,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16113\/revisions\/16117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media\/16114"}],"wp:attachment":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media?parent=16113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/categories?post=16113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/tags?post=16113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}