Non-resident Indians would have savings and income in foreign currencies like dollars, euros, pounds, etc. Many have banking and investment needs in India for which they require a Bank Account. Banks and other financial institutes provide NRI Accounts. These offer services like taxation, currency exchanges, remittances, etc.
What is an NRI Account?
An Overseas Citizen of India or a Person of Indian Origin who has established an account with a bank or financial institution is called an NRI Account. NRIs can open them to deposit their income from India or any other nation. Any Indian citizen can open the account with a banking service approved by the Reserve Bank of India. However, this process requires you to adhere to some protocols.
There are also several types of accounts that NRIs can open. The three major types include:
- Non-Resident External or NRE Account
- Non-Resident Ordinary or NRO Account
- Foreign Currency Non-Resident or FCNR Account
What are the requirements for opening NRI Accounts?
While the prerequisites to open NRI account online may differ between banks, the following are typical conditions to meet:
- According to the FEMA regulations, the applicant's residential status should be of an NRI.
- You can also open NRI Accounts if you work for the Indian Navy, Foreign-registered airlines, or international shipping businesses for at least 182 days outside India's domestic borders.
- Should be personnel of the Indian government with diplomatic passports.
- Those who visit abroad to study.
What are the documents involved?
Even though documentation changes according to the bank's policies, the following is a list of documents necessary to open an NRI Savings Account:
- Application form
- Photocopies of the front and back pages of the passport that includes your name, address, date of birth, and issue and expiration dates.
- Proof of employment
- Authentic visa, work permit, student visa, or residency visa photocopy
- Current and Indian resident addresses