How to Open an NRI Account in India?
Posted on: 09/Jul/2024 4:48:39 PM
To open an NRI (Non-Resident Indian) account in India, you have two main types to choose from: Non-Resident External (NRE) Savings Account and Non-Resident Ordinary (NRO) Savings Account. Here`s how you can go about it:
Types of NRI Accounts:
1. Non-Resident External (NRE) Savings Account:
- Denominated in Indian Rupees (INR).
- Funds are fully repatriable (both principal and interest earned).
- Interest earned is tax-free in India.
2. Non-Resident Ordinary (NRO) Savings Account:
- Denominated in Indian Rupees (INR).
- Funds are partially repatriable after payment of taxes.
- Interest earned is taxable in India.
How to Open an NRI Account in India:
You can open an NRI account in India either offline by visiting a bank branch or online, depending on your relationship with the bank.
Offline Process:
1. Visit a Bank Branch:
- Choose a bank that offers NRI banking services (e.g., ICICI Bank).
- Carry original KYC (Know Your Customer) documents if opening the account under face-to-face basis.
2. Required Documents:
- Valid Passport (photocopy, attested).
- PAN Card or Form 60 (if PAN is not available).
- Proof of NRI status (valid visa, work permit, Overseas Resident Card).
- Address Proof (document with current address).
- Photograph.
- Initial payment cheque or draft.
3. Attestation:
- Photocopies of documents must be attested by authorized officials:
- Overseas branches of Indian banks.
- Overseas banks with whom Indian banks have relationships.
- Notary Public abroad, Court Magistrate, Judge.
- Indian Embassy/Consulate General in the country of residence.
Online Process:
1. Existing HDFC Bank Customers:
- If you are already an HDFC Bank customer, you can open an account online under the non-face-to-face basis.
- Self-attest all supporting KYC documents.
2. New Customers (Non-HDFC Bank Customers):
- Self-attest KYC documents, then get them attested by designated authorities listed by the bank.
Features of NRI Accounts:
- Joint Accounts: Can be opened with a resident Indian on a former or survivor basis.
- Currency: Accounts are denominated in Indian Rupees (INR).
- Repatriation: Full repatriation of funds (NRE) or partial repatriation after taxes (NRO).
- Taxation: Interest on NRE accounts is tax-free in India; NRO account interest is taxable.
By following these steps and ensuring you have all required documents in order, you can successfully open an NRI account in India to manage your finances and investments while residing abroad.
