If you’re an NRI looking to open an account in India, there are a host of options to serve your needs. You can effectively manage your overseas and Indian earnings through these accounts.
You basically have three types of accounts you can choose from, according to your requirements. They are:
- NRI Savings Account
- NRI Current Account
- NRI Trading Account
While there may be more variants of these accounts that banks offer to their customers, these are the basic types that we are going to talk about in detail in this blog. You can apply for any of these NRI accounts in India securely by filling an online application form.
The documents that you will require to submit for each of these accounts are as follows:
If you hold a valid Indian passport
- Identity proof: Copy of valid Indian passport (pages with your name, address, date of birth, date, and place of issue, expiry date, photograph, address, signature, and observation page, if any)
- NRI Status proof: Resident card or a Valid Visa
- Proof of address: One of these documents Click here should be submitted as the address proof. For current/mailing address proof, one of these documents, click here needs to be also submitted.
- One of the addresses mentioned on the Account Opening Form should be the Overseas Address.
- Recent passport size color photograph
- Permanent Account Number or Form No. 60 for every/subsequent account opening
If you are of Indian Origin and currently hold an overseas passport
- Identity proof: Copy of valid overseas passport (pages with your name, address, date of birth, date, and place of issue, expiry date, photograph, address, signature, and observation page, if any)
- Proof of Indian Origin proof: Copy of valid PIO / OCI card or any other proof establishing Indian Origins & Person of Indian Origin declaration as provided in the account opening form
- Latest immigration stamp page of entry/exit into/from India
- Proof of address: One of these documents Click here should be submitted as the address proof. For current/mailing address proof, one of these documents click here needs to be also submitted.
- One of the addresses mentioned on the Account Opening Form should be the Overseas Address.
- Recent passport size color photograph
- Permanent Account Number or Form No. 60 for every/subsequent account opening
If you are applying online, you will have to submit documents that are attested personally and by
- Authorized officials of overseas branches of Scheduled Commercial Banks registered in India
- Branches of overseas banks with whom Indian banks have relationships
- Notary Public abroad
- Court Magistrate
- Judge,
- Indian Embassy/Consulate General in the country where the non-resident customer resides.
When you open an NRI account in India, you receive a host of benefits. Some of them are:
- Tax Benefits: While the interest earned on your NRE Saving Account are tax-free in India,
- Repatriation Advantages: Another important advantage of NRI Accounts is repatriation benefits. Both NRO and NRE Saving Accounts allow smooth movement of funds because you can repatriate both, the principal and interest abroad.
- Minimal Balance Requirement: You don’t need to maintain high balances in your NRE and NRO Accounts.
- FCNR Deposit: In addition to NRE/NRO saving accounts and NRE/NRO fixed deposits you also have an option of booking Foreign Currency Deposits.
Opening an NRI account in India is convenient. Most banks allow you to open NRI accounts without visiting the branch in India. All you need to do is fill a form online, take a printout, attach the self-attested copy of the required documents, and courier it to the bank in India.
