We all have that one NRI member in our family who lives abroad for better employment and earnings. Every NRI leaves their family and hometown to spend most of their time abroad, saving for the betterment of his family. To secure their hard-earned money is what every bank strives to achieve. And thankfully, the banking processes of today are much more convenient and secured.
Gone are those days of visiting a bank branch to open an NRI account and wait for the formalities to be cleared. Today, within a single click from your mobile, or computer, you can transact funds from abroad to India within a few seconds. So, for those who wish to open NRI account online without visiting a branch, here’s this article.
Steps involved:
- Visit your bank website and download the online application form for new NRE account.
- Select the country of residence and fill in the required fields.
- You will be asked to fill in your current address and hometown address, your registered mobile number and ID essentials.
- Submit the relevant documents and passport size photographs and signature in their said format
- The bank will then verify your documents and activate the account within a maximum of 2 working days.
- The account will be non-operational unless you deposit the amount to activate it. There is a minimum balance required to make the account active. You can consult with your bank executive to know how much the minimum balance needed for an NRE savings account.
What are the documents needed for opening an NRI account?
If you are a non-resident of India, it is an excellent decision to open NRE savings account in India. It helps you take care of your financial needs of your family living in India. Also, with the help of NRE account balance or NRO account earnings, you can make investments in Indian markets. So to open an NRI account, there is a list of documents to be submitted. Here’s what all are needed.
Status proof:
- This includes a photocopy of your current passport that shows the address, name, date of birth, place of issue, expiry date, signature and photograph.
- Photocopy of valid VISA/ IKAMA (only for GCC) / Overseas Citizen of India card
- PR (Permanent Residency) Card issued by USA, Singapore, Australia, UK etc. instead of a visa.
- You should also include six months payslip of the current company.
Identity proof
- Relevant pages of the current passport
Permanent Address proof
- Either a driving license
- Aadhaar card
- Voter’s ID card
- Passport
Additional requirement:
- Two passport size photographs
- signature
That said, the steps to follow online may vary from bank to bank. Some banks help you open an NRI account in just two days. There is a paperless accounting process to improve the customer use complete online process in 3 simple steps.