Non-Resident Indians (NRIs) who want to open a bank account in India have to adopt a procedure laid down by the Reserve Bank of India (RBI) and banking regulations under FEMA (Foreign Exchange Management Act). NRIs can open NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) accounts. These accounts assist in managing foreign earnings made abroad and in India and maintaining compliance with Indian financial regulations.
Steps to Open an NRI Bank Account
1. Select the Appropriate Bank and Account Type
- Choose a bank in India that provides NRE, NRO, or FCNR accounts according to your needs.
- Make a decision about whether you need an individual account or a joint account with someone else who is an NRI.
2. Account Opening Options
- Travel to India: You can go to India and directly visit the bank branch to finish the account opening procedure.
- Through an Overseas Branch: If you have an Indian bank branch in your country, you can walk into the branch to apply for an NRI account.
- Online Application: If the bank does not have a physical branch in your country, you can apply online. The NRI support team of the bank will assist you through the process and with documentation.
3. Fill Out the Application Form
- Get the NRI account opening form either from the website or the branch of the bank.
- Fill in the details like name, passport details, overseas and Indian address, and occupation.
4. Submit the Documents Required
- Valid Passport & Visa (evidence of NRI status).
- Overseas Address Proof (utility bill, driving license, rental agreement).
- Indian Address Proof (if available).
- PAN Card (for taxation in India).
- Passport-sized Photographs.
- Initial Deposit (according to the bank's requirement).
5. Verification Process
- The bank can insist on physical verification or a document attestation by the Indian Embassy, a Notary Public, or the overseas branch of the bank.
- Video KYC verification is permitted by some banks for NRIs.
6. Account Activation and Provision of Banking Necessities
- After approval of the application, account details will be provided by the bank.
- Remit the initial deposit amount through remittance from an overseas account.
- The bank will send the necessary banking documents, such as the passbook, ATM card, checkbook, and internet banking details, to your foreign address directly.
