How to Open an NRI Bank Account in India?
Settling down in a foreign land cannot completely uproot you from your native land. There may be various reasons for keeping the bond with your country intact. They can be financial reasons and emotional reasons as well. Considering this fact, banks in India provide you with NRI accounts. These bank accounts help you to operate from your place of work and keep your financial obligations towards your loved ones intact.
NRI accounts offered in India can be broadly classified as –
Non-Residential External (NRE) Savings Account – This account helps you in transferring foreign currency earned by you to your loved ones residing in India. These accounts are exempt from any kind of wealth tax and interest earned through these accounts is also exempted from tax. You can only put in foreign currency in these accounts while putting in Indian rupees is not permissible. These accounts help you in transferring money to India to your near and dear ones easily and conveniently.
Non-Resident Ordinary (NRO) Account – If you have any regular flow of income in form of rents, pensions, dividends etc and have other local payments to be made on regular basis then NRO accounts prove to be beneficial for you while you stay abroad. The source of funds that get credited in this account need to be from within India. This account is maintained only in Indian currency. Repatriation of USD 1 million per financial year is permissible through this account. All incomes received in this account are subject to TDS.
Foreign Currency Non-Resident (FCNR) Fixed Deposit Account – This account comes handy when you wishto keep the foreign currency earned by you in the same denomination in order to save yourself from being hit by exchange rate fluctuations. As this account is maintained in foreign currency, the source of funds needs to be from abroad. There is no income tax charged in India on the earnings made through this account.
Documents Required to Open NRE/NRO account in India
Following documents are broadly required if you wish to open an NRE/NRO account in India. However the documents required may vary from one bank to the other.
Following documents are broadly required if you wish to open an NRE/NRO account in India. However the documents required may vary from one bank to the other.
- Photocopy of passport.
- Photocopy of Visa.
- Proof of Address of Foreign Residence - 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.
- All the copies will have to be attested by Embassy of India or any other overseas banker.
- Passport size photograph - Self attested by signing across the photograph.
Bank Vise Documents Required to Open NRE/NRO Account in India
Following table gives you the details of documents required by few top Indian banks in order to open a NRE/NRO account in India.
Following table gives you the details of documents required by few top Indian banks in order to open a NRE/NRO account in India.
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Name of Bank
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Documents Required For Opening NRE/NRO Account
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HDFC Bank LTD
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* Incase, you cannot come to our branch for account opening and you reside in a non FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
* Incase, you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional document.
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State Bank of India (SBI)
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You can submit the application by visiting any of our branches along with the following documents.
* If you cannot visit the branches you may send the completed application to any of our branches in India after your signature is duly verified in the application form1 and the copy of the documents is duly attested by your Banker or by Indian High Commission.
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ICICI Bank
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1. When you submit an application for account opening at ICICI Bank branch in India or overseas, you will need:
2. When you submit an application for account opening from outside India, you will need:
3. For NRIs from Australia, Belgium, Canada, France, Hong Kong, Japan, Singapore, UK, and USA:
A self-drawn initial funding cheque (mandatory). Ensure that signature on cheque and application form match.
4. For NRIs from Germany: A self-drawn initial funding cheque (preferable). Ensure that signature on cheque and application form match.
In absence of the above cheque, all supporting documents must be certified from any of the following authorities – banker / financial institution / credit union / Indian embassy / notary (or equivalent as applicable by law).
5. For all other Countries (other than the ones mentioned in the above two points): A self-drawn initial funding cheque
Documents certified by any of the following authorities – banker / financial institution / credit union / exchange house / Indian embassy / notary (or equivalent as applicable by law).
You can get your documents certified by regulated bodies as given below: Banks in USA Banks and financial institutions other than in USA Credit unions Exchange houses
Countries where notary certification is accepted
Self-drawn funding cheque should be drawn on the banks or credit unions mentioned above or scheduled commercial bank governed by Reserve Bank of India.
Note- All KYC Documents provided need to be self attested |
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AXIS Bank
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In order to open an account with Axis Bank, customer will have to submit the following documents.
For NRI (Non Resident Indian)
For PIO (Person of Indian Origin)
All the above photocopies required to open the NRE Saving Accounts should be attested in case you are downloading the account opening form and sending it to India. Attestation can be done by your banker abroad or the Indian Embassy or notary or equivalent authority as per the applicable law.
The address proof must match with the communication address selected by you on this Relationship Form. Any one of the following address proofs:
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Contributed By: Megha Sharma |
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Megha Sharma works as a guest lecturer in Delhi. She holds an MBA & Doctorate from the UPTU. With extensive knowledge and experience in various financial products, she also works as a consultant in banking & finance domains wherein she offers advice to her clients in managing personal finance. | |
