What is the process to open an NRI account?

Life can take us anywhere. Today may be living in India, and the next minute, you might switch jobs and land in a foreign country. An opportunity like this does not necessarily mean needing to uproot your life altogether. If you have a family here, you may return to India sometime. The management of finance, at the very least, is taken care of by Indian banks, thanks to the NRI services they offer. As a result, NRIs can live in any part of the world and continue to manage their finances back home or fulfill the financial obligations of their family members.

There are several NRI banking services that banks provide, such as the NRE account, NRO account, FCNR account, an RFC account. You can open any, based on your requirements. But how to open one?

Step-by-step guide: 

You need to follow three simple steps to open these accounts. Before that, research is crucial to determine the kind of account that suits your best. Following are the steps –

Offline or online: Select the bank where you want to open the NRI bank account. Once you have decided on the bank, visit the nearest branch, and begin the process. Nowadays, you can open the account while you are overseas as well. You can open them online, but you need to get in touch with your domestic banking representative through e-mails. Provide your contact details and the bank representative will call you and assist in the opening of the account. NRI accounts are easy to open online if you have already moved abroad. 

Type of accounts: You could discuss your needs with the bank official and determine the kind of NRI account that works best for you. From the three types of account – NRO account, NRE account, and FCNR account. There is also the RFC account, which is meant for those who plan to come to India in the future. Each of these accounts has unique features. For instance, you can park your foreign currency earnings in an NRE account after converting them into Indian rupees. Your Indian earnings remain safe in an NRO account. FCNR works more like fixed deposits and remains unaffected by foreign currency exchange. You also need to know the tax charges and benefits for all three accounts, and depending on your requirements, open one or more accounts.

 

Documentation: You need to submit some documents for using the NRI services apart from the account opening form. Those include –

 

Valid passport, including the first and last pages, which has your details mentioned.

Document confirming your Indian or overseas address. The one mentioned on the document should match with the one mentioned in the application form. 

NRI status proof like resident or employment visa, work, or resident permit. 

PAN card or form 60 photocopy. 

Recent passport-sized photographs. 

Initial payment cheque or demand draft for opening the account and maintaining a minimum balance requirement.

If you cannot visit the bank branch for opening any of the NRI banking services, you can get the documents attested by a notary or the Indian embassy in the country you live in.