Are you working in a foreign country but wish to open a savings account in your name to manage funds for your family in India? Or do you wish to have an account through which you can collect rent from your tenants in India? An NRI account can get you through all these requirements. Read on, to know more about it.
Can an NRI open and operate a bank account in India? NRI accounts are the way. An NRI account may be a savings or a term deposit account that can be opened by individuals living outside India, holding a valid status of being an NRI.
So how do you get started? This quick guide will help you understand all about opening an NRI account in India.
Know the Types
NRI accounts can help you to attend to your financial obligations, investments, and other financial objectives. There are 2 types of NRI savings accounts:
- NRE (Non-resident external) Account: It is opened wherein the deposits are made in the denomination of their country of residence but are held in INR denomination.
- NRO (Non-resident ordinary) Account: It is opened to maintain income earned in India and is also held in the same denomination (INR).
Let’s know about how to open an NRI account.
How to Open an NRI Account?
Application for opening an NRE/NRO account can be made in online and offline modes:
- Online Mode: It is a simple and convenient process for which an application form can be filled online through the bank’s website. The documents that need to be submitted along with the form can also be scanned and uploaded. Also, some banks provide free courier pickup of documents at your doorstep.
- Offline Mode: If you wish to open the account via offline mode, you may contact the nearest branch of that bank in your country of residence. You may also contact the bank’s office in India for further guidance on where and how to submit the form and documents to open NRI account.
Documents to be Submitted:
Like any general savings account, few documents are to be submitted for opening an NRI account:
- NRI Status Proof: Copy of visa/work permit/overseas resident card
- Passport: Photocopy of a valid passport
- PAN: A valid copy of PAN or form 60, if PAN is not available
- Address Proof: Any valid address proof with the same address as mentioned in the application form
- Photograph and cheque/draft: The latest photograph along with a cheque/draft as the initial amount for opening the account
Also, these documents must be attested by any of the designated authorities as below:
- Authorized officials of Indian Embassy in the country of residence
- Judge/Court Magistrate or Notary Public Abroad
- Officials of overseas banks having tie-ups with Indian banks
- Authorized officials of scheduled commercial banks registered in India with overseas branches.
An Account with Multiple Benefits
If you have financial obligations towards your family in India or have properties/other modes of earning within India, holding an NRI account can be beneficial for you. You can also open these accounts jointly with your family members living in India for ease of operation.