How to open NRI account in India: List of documents needed to open NRI savings account

NRI savings account: There are two types of NRI Savings Accounts: Non-Resident External (NRE) Savings Account, Non-Resident Ordinary (NRO) Savings Account.

If you're an Indian residing or employed overseas and are considering opening an NRI Savings Account in India, it's a prudent decision. This account offers you the opportunity to support your family's financial requirements in India and engage in investments within the Indian market. Present regulations in India provide flexibility in repatriating the funds held in an NRE Account, encompassing both the principal amount and interest earnings, according to the ICICI Bank website.

Types of NRI account in India

How to open an NRI account in India

Now, let us take a look at how to open an NRI account, as per the HDFC Bank website.

You can visit any nearest HDFC Bank branch in India and open NRE/ NRO Account. If account is being opened under FACE-TO-FACE basis, then you will have to carry all the original KYC documents while visiting the branch.

2) Online
"If you are already an existing account holder with HDFC Bank and if you wish to open account under NON FACE TO FACE basis then you need to mandatorily self-attest on all supporting KYC documents. If you do not hold any bank relationship with HDFC Bank and if you wish to open account under NON FACE TO FACE basis then supporting KYC documents need to be self attested by the and further need to be attested by any one of the designated authorities. Click Here for the list of designated authorities," stated the HDFC Bank website.

List of documents required to open NRI account

Like all domestic savings accounts, there is a list of documents that have to be submitted to open an NRI account.

Here’s are the documents required as per the HDFC Bank website:

• 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.

• 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,
• Judge,
• 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.

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