Banking for Non Resident Indians in India
1. Non Resident External (Rupee) account– NRE
A foreign tourist visiting India can also open an NRO a/c and can repatriate all the balances in the a/c provided the a/c is closed within 6 months.
- Loan facility is available to NRI for the purpose of housing, car and also personal loans are available against deposits or other forms of securities.
- Bank overdraft facility is provided to NRI accounts.
- Joint account holding facility is available and is subjected to conditions.
- Nomination facilities are available to NRE, NRO, and FCNR (B), accounts.
- Power of Attorney can be held over an account but his rights of operation over the account are limited.
- On the return of NRI to India the account will be converted into regular Indian accounts (like RFC) and will function with previous rate of interest if the deposit has not reached its maturity.
- All features are mentioned on a generalized basis and features of each account are regulated by RBI from time to time.
- The documents mentioned below are in general. The bank may demand for other specific documents depending on the bank and type of account.
- Passport size photograph with a signature across the photo
- Utility bills, photocopy of passport with foreign residence address, photocopy of driving license or any relevant document as a proof of address to foreign residence
- Photocopy of passport
- Photocopy of Visa
- All the copies will have to be attested by Embassy of India or any other overseas banker.
- Axis bank
- CITI bank
- Standard Chartered bank
- Canara bank