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Sunday, March 20, 2016

Non-resident Indian bank account opening from overseas


Non-resident Indian bank account opening from overseas

Non-resident Indians (NRIs) are allowed to open Non Resident (External) Accounts (NRE Account) and Non Resident Ordinary Accounts to open savings account / or fixed deposits with banks in India.

However, since many NRIs find it difficult to visit the bank branch in India to complete the account opening formalities, they can instead opt to open the account at their convenience, from the comfort of their overseas homes by following these simple steps.

1.     Downloading the form..!

The form for non-face-to-face account opening is available on bank websites. This form needs to be downloaded and filled up by the NRI who wishes to open the account.
Some banks also provide the facility of filling up the form online.

2.     Documents needed..!


Approved proof of identity has to be submitted, as well as proof of NRI or PIO status in the form of copies of passport with valid visa or PIO card.  

Approved proof of address also needs to be provided. Payment instrument for initial contribution needs to be enclosed with the application.
3.     Attestation..!

Banks usually require the supporting documents to be attested by the Indian Consulate or overseas bank, or / be notarised by a foreign notary.

Alternatively, furnishing additional approved proof with self-attestation may also be allowed.
4.     Additional KYC..!

Some banks may require the applicant to fill up an additional KYC format to disclose tax residency status and related details under the FATCA and CRS requirements.
This may entail the submission of additional proof and documents along with the account opening form.

5.     Dispatch..!

The completed set of form and documents needs to be dispatched to the bank branch.
Alternatively banks provide PO box service in certain countries, whereby the NRI can drop the application in a post box with the PO box number.


Points to note

·        Insta account opening is usually not provided when the account is opened with out meeting the NRI (non-face to face).
·        Banks have NRI helplines that can be accessed for assistance in the completion of the account opening formalities.

Courtesy: Centre for Investment Education and Learning (CIEL).

Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
Non-resident Indian bank account opening from overseas Reviewed by S. Chitra on March 20, 2016 Rating: 5 Non-resident Indian bank account opening from overseas Non-resident Indians (NRIs) are allowed to open Non Resident (External) Accoun...

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