Many Indians work and reside in foreign countries because of the kind of opportunities they get for growth, success, and prosperity. It is the right of every human being to pursue their ambitions and lead a brighter future. Hence, they go overseas for education, job, and other priorities as there is more scope for economic and social development. They are also in need of money during a crisis or medical emergency. Thus, they need to save it for themselves and their families living in India.
There are different kinds of NRI accounts in India, such as the NRE account, NRO account, and FCNR account. The account opening process for each of these varies between banks. Here is a structure to open the account:
- Get the required documents ready
- Attestation and KYC
- The bank gets the courier pick up done from NRI’s residence or NRI couriers it to the bank branch
The documents required to open these accounts are the same if opened in the same bank. Different banks have different documentation requirements for each of these accounts. Here is a list of standard documents required for these accounts:
- Passport: A photocopy of the relevant photo page and address page in the passport mentioning the customer’s name, date of birth, date and place of issue, expiration date, photograph, and signature.
- Visa: Valid Visa / Work Permit / Residence Permit
- Overseas address proof (any one of the documents): Address on passport / Utility bill / Overseas or Indian Bank statement of last six months / Rent receipt with lease deed / A letter from the existing bank / Residence permit / Driving licence
- Photograph
- PAN Card or Form 60: If the NRI wants to open an NRE account or NRO account in India, they must compulsorily submit the PAN Card for investing in mutual funds or shares. They can also submit Form 60 in the absence of the PAN Card and opt for FD and FCNR deposits under these accounts.
After keeping them ready, understand the KYC process followed by the bank. Generally, the documents for NRO online require self-attestation as well as attestation from any one of the sources such as Notary, Embassy/High Commission, Overseas branch of an Indian bank, or any foreign bank with Indian presence.
There are many benefits of opening an NRO bank account as it helps NRIs deposit their money in INR or any Foreign currency and withdraw in Indian currency. Pay interest on the savings in India and repatriate the interest amount and the principal amount within the set limits. It is not prone to exchange rate risks while managing the income earned in India.