An NRI account is a first and foremost requirement of a non-resident Indian or person of Indian origin residing overseas for handling income generated in the foreign denomination as well as managing the funds earned in India via dividends, property rent, etc. NRI account also helps in fulfilling the financial needs of their family living in India and making investments in Indian markets. A person must possess a valid Indian passport, NRI status proof, and proof of address to open an NRI account in India.
NRI accounts can be primarily categorized into two types– NRE account (for overseas income) and NRO account (for income earned in India). There are numerous advantages of opening an NRI account in India such as full and free repatriation, tax exemption, minimal balance requirement, etc. People living overseas can easily open an account with minimum documentation and online KYC verification, without physically visiting the bank branch in India.
Scroll down to know in detail about the documents required to open an NRI account in India.
Documents required to Open NRI Account in India
To open an NRE/NRO account, an NRI or PIO residing overseas should possess the following documents:
- Identity proof (valid Indian or overseas passport)
- NRI Status proof / Proof of Indian origin (Copy of valid visa/ work permit / Overseas Resident Card)
- Proof of address (as mentioned in the application form)
- Recent passport size color photograph
- Permanent Account Number (PAN) or Form No. 60
One should get all the above KYC documents should be self-attested from any of the following officials:
- 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
- Indian Embassy/Consulate General in the country where the non-resident customer resides
How to apply for an NRI account online
To open an NRI account online without visiting any bank, one should follow the below-mentioned procedure:
- Visit the bank’s website and download the account opening form.
- Fill in all the required details and submit the form along with the attested documents to complete the process.
- Upon submission of original documents, transfer funds from any of your other bank account. Once the funds are received, the NRE/ NRO account will be activated.
- Subsequently, the bank will send you a welcome kit comprising an International debit card, passbook, payable-at-par cheque book, etc. for a convenient banking experience.
Additional Read: 8 Things You Must Know About Nri Account
- No extra fee is charged for opening an NRI account in India. However, the account holder must maintain an average monthly balance in the account to avoid deactivation.
- An NRE account can be opened jointly with a resident Indian only, on a Former or Survivor basis. On the other hand, an NRI is allowed to jointly hold the NRO account with another NRI or a close relative Indian citizen.
- While NRE account holders can deposit the funds only in foreign denominations, in an NRO account the money can be deposited in foreign as well as Indian currency. However, the money can be withdrawn from both types of accounts only in Indian currency.