All about NRI Account Opening

by IndusInd Bank Banking

When you move to another country, you still have ties with your home country. Your friends and family reside back home, which keeps you connected. However, once you gain the status of an NRI, it's mandatory to close your regular savings account and open an NRI account, according to RBI guidelines. This can be done online or by visiting your nearest bank branch. The Indian financial system grants you access to fulfil your banking and investment needs through an NRI account. You can open three types of NRI accounts: NRE, NRO, and FNCR.

An NRI account is required to manage your foreign earnings and Indian earnings back home. For instance, if you want to send money to your family in India, then you would require an NRE account to do so.

How to Open an NRI Bank Account

The digital evolution in the banking system has eased the process of account opening. Now, you can open an NRI account online in literally a few easy steps. The bank provides advanced banking services such as an online remittance platform and mobile banking.

Form Filling

Fill up the account opening form by visiting the bank’s website. Another way to fill up the form is by downloading it from the website and filling it up offline. You can upload the scanned copy after you have filled in all the required details.

Upload the Required Document

There is a set of documents that are required to be attached along with the account opening form. You can check out the bank's website to learn about the documents required by the bank. Some of the common documents are:

• Identity Proof

• International Address Proof

• PAN Card

• Non-Resident Status Proof

• Recent Passport Size Photograph

Attested Documents

The attestation requirement varies from bank to bank. It's better to check out the eligibility criteria and document requirements before applying for an account opening. Some banks need documents attested by government entities, while others accept self-attested documents.

You can get your documents attested by one of the following entities:

• A foreign branch of an Indian bank

• International Bank with an Indian presence

• Notary

• Embassy

Your bank may ask for additional documents for KYC verification. The KYC requirements are related to the tax residency status of the NRI applicant.

Submit Your Form

All the authorised banks in India have their official mailing address. You need to forward your application along with properly attested and completely filled-out documents to this address. You can also reach out to your bank for a courier pickup facility in case they provide this service.

Benefits of NRI Account Opening

Depending upon your financial needs and the type of NRI account opened, you can get a host of facilities from the bank. Some of the benefits of opening an NRI account are:

Remote Access

When you move to an international location, remote accessibility is the first thing that you ask for. Opening an NRI account enables you to manage your money and access all account-related information, such as transaction details, balance inquiries, and investment details, via your mobile app.

Loan Facility

Many authorised Indian banks grant loans to NRI account holders. There are certain eligibility criteria for getting the loan approved. This loan is available against money kept in the NRI account.

Lucrative Interest Rates

Indian banks provide lucrative interest rates on the amount kept in NRI accounts. This allows you to grow your money and invest it further.

Opening an NRI account has never been easier before. You can complete the entire process online without even stepping outside of your home. Make sure to check the facilities provided by different banks before opening an NRI account.

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Created on Jul 19th 2022 00:51. Viewed 771 times.

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