NRI Account is a Bank Account opened by an Indian who is a Person of Indian Origin or non-resident Indian. It allows such individuals to deposit and handle their foreign income earned outside of India. It also holds any other funds that they wish to remit to India. There are various types of NRI accounts available in India, such as Non-Resident External, Foreign Currency Non-Resident, and Non-Resident Ordinary Accounts.
The choice of account depends on the purpose of the account and the types of transactions that an NRI would like to conduct. Opening an NRI account in India is a straightforward process, but there are a few things you need to keep in mind. The following guide offers a step-by-step process for opening an NRI Account in India:
Step 1: Choose the right type of account
An NRI Account comes in different types. These include NRE, NRO, and FCNR Accounts. You need to select the type of account based on your requirements. You also further need to choose a sub-type within the picked type. For instance, you can opt for an NRE Fixed Deposit, Savings, or Current Account based on your preference.
Step 2: Choose the right bank
Once you have decided on the type of account you need, you need to choose the right bank. Several banks in India offer NRI accounts. It would help if you researched the banks that offer the best interest rates, convenient services, and reliable customer support. To get the best deal, compare the NRI Account interest rates thoroughly.
Step 3: Gather the required documents
You will need to submit some documents to open the account. These documents may vary based on the bank and the type of account you are opening. However, here is a list of the commonly asked documents for reference:
- Passport copy
- Valid visa
- Address proof in the country of residence
- PAN card (if available)
- Passport-sized photographs
Step 4: Fill in the application form
After gathering all the necessary documents, you need to fill in the application form for the account you want to open. You can get the application form from the bank’s website or the bank’s branch office. For convenience, it is best to take the route to open NRI Account online.
Step 5: Submit the application form and documents
Next, submit the application along with the necessary documents to the bank. You can do so in person at the bank’s branch office, send them via post, or upload them on the bank’s website. Regardless of which route you take, cross-check the application and documents once before uploading.
Step 6: Activate your account
Once the bank has verified your documents and application form, they will activate your account. You will receive the account details and a debit card through the mail. You can start using your account once you receive these details.
