Know the Documents Required to Open NRI Account
Documents required for NRI Account
If you are a non-resident Indian staying or working abroad, it is a good decision to open an NRI Savings Account in India. It helps you to take care of the financial needs of your family living in India and helps you to make Investments in Indian markets. There are two kinds of accounts – the Non-Resident External (NRE) Savings Account and Non-Resident Ordinary (NRO) Savings Account.
An NRE account is for your foreign income earned outside India and is tax-free whereas an NRO account is for your income earned in India such as sale of property, rent, investments made in resident tenor etc.
Documents required to open NRI account
Like all Savings Accounts, few documents are required for opening NRI Account. Here’s a list:
- ID Proof - Photocopy of Valid Passport
- ID Proof - Copy of Permanent Account Number (PAN)/ Form 60 (in absence of PAN)
- Proof of NRI Status - Copy of valid visa/ work permit / Overseas Resident Card
- Address Proof - The address on the document must be the same as the address mentioned in the application form
- Along with the documents required for opening an NRI account, you also need to provide a photograph and an initial payment cheque/ draft from your own account.
All photocopies of the above proofs must be attested by any of the following:
- Authorized officials of overseas branches of Scheduled Commercial Banks registered in India,
- Branches of overseas banks with whom Indian banks have relationships,
- Notary Public abroad,
- Court Magistrate,
- Indian Embassy/Consulate General in the country where the non-resident customer resides
Once you submit the documents required for an NRI Account, the account will be opened and ready for transactions.
Features of an NRI account
- The accounts can be opened jointly with a resident Indian only on Former or Survivor basis.
- Currency in NRE and NRO accounts is denominated in Indian rupees.
- Principal and interest amounts are fully repatriable in case of NRE accounts.
- Transfer money from NRO to NRE account post payment of applicable taxes.
- Interest earned on NRE accounts is exempt from tax in India.
You can now apply for an NRI Account with HDFC Bank here.
NRE Account and its Benefits
Difference Between NRE & NRO Accounts
Want to open an NRI account