#AD
NRIs/ OCIs living abroad for business, work or education can open a bank account in India. Banks in India offer numerous ways to apply for NRI accounts from the comfort of their home abroad. As an NRI residing abroad, you can opt for a non-face-to-face account opening by downloading an application form from their official website, duly filling in the details, and dispatching it to the bank address.
Several banks also allow online applications for customers’ ease. This article discusses ways to apply for an NRI account in India from abroad.
What is the meaning of NRI?
According to the RBI, a ‘Non-resident Indian’ (NRI) is a person who is a citizen of India residing abroad. NRIs are those who have resided in India for less than 182 days during a financial year, those who have left India for employment, or those living abroad for employment reasons. Note that those living abroad can be classified into two main categories: OCIs (Overseas Citizens of India) and NRIs (Non-Resident Indians).
They can access two major types of NRI accounts: NRO (Non-Resident Ordinary) and NRE (Non-Resident External) accounts. An NRE savings account is best for parking your international income and is free of tax, while an NRO account is for the income you earn in India, like investments made in mutual funds, fixed deposits, rent, property sales, etc. NRE/NRO accounts can be opened by any NRI, including seafarers and mariners.
To open an NRI account online, you must first look for the best bank for an NRI account, which would offer the most benefits that align with your preferences and requirements. Once you zero in on a suitable bank, arrange the required documents, fill out the application, and send it to the bank address with the attached documents.
Documents required for opening an NRI account
The essential documents required to apply for an NRI account online are:
- Proof of identity – A copy of your valid passport
- Proof of non-resident status (Any 1 of the following) – Visa, foreign passport with PIO declaration, PIO card, continuous discharge certificate with a valid contract letter for the seafarers, resident card, or resident permit
- Proof of overseas address (any 1 of the documents) – Passport, national ID, or government-issued ID card, driving license, latest utility bill (mobile, telephone, gas, or electricity), latest bank statement, resident permit, council tax bill, electoral card, or voter ID
- Tax-related documents – PAN or Form 60
- Current photograph and image of your signature
- Document certification – If you submit an application without visiting the branch for an NRI account, ensure all your documents, i.e., your passport, address proof, visa, etc., are certified by any financial entities as asked by your selected Bank. For instance, in the case of IDFC FIRST bank, it requires an attestation or certification from any of the financial entities from your overseas country, i.e., overseas Bank having branches in India, the overseas branch of an Indian bank, notary, court magistrate, post office, exchange houses, Indian embassy, etc.
Once you fill out the application form and submit the same along with your KYC documents via email your NRI account will be opened. However, the customer will be required to send the attested KYC documents via courier to the branches within 90 days of account opening to avoid freeze restrictions on your account.
Benefits of an NRI account
Here are some critical NRI account benefits:
- Account may be jointly opened with NRI or an Indian resident.
- Interest and principal amounts are repatriable in the case of an NRE account.
- Interest generated on an NRE account is tax-exempt in India.
- After paying applicable taxes, you may transfer funds from your NRO bank account to your NRE account.
With IDFC FIRST Bank, you can choose from two different account variants: NRE savings account, NRO savings account, and. With your IDFC FIRST Bank NRI savings account, you can keep track of your Indian earnings from anywhere in the world and complete your financial transactions with ease from any port. In addition, you get a dedicated relationship manager with 24×7 customer support for increased convenience. So go ahead and open an NRI Savings Account with IDFC FIRST Bank today!
