Mumbai: Non- resident Indians (NRIs) can open NRI bank accounts in India. Some of these accounts will help NRIs to meet the financial demands of their family in India while also investing in Indian markets.
Savings accounts come in two varieties: Non-Resident Ordinary (NRO) and Non-Resident External (NRE). An NRO account holds your tax-free domestic income from sources like sales of real estate, rent, resident tenancy investments and so on, whereas an NRE account holds your international income received outside of India.
Documents needed to create an NRI account:
-A copy of a current passport.
-Copy of Permanent Account Number (PAN) or, in the event that PAN is not available, Form 60.
-Copy of a current work permit, visa or overseas resident card.
-Along with the documentation necessary to create an NRI account, you must additionally send a picture and an initial payment cheque/draft from your personal account.
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-All photocopies of the aforementioned evidence must be attested by any one of the following:
Authorised representatives of Scheduled Commercial Banks with abroad branches and Indian registration.
Overseas bank branches with Indian banks, as well as foreign notaries, Magistrate of Court, Judge.
Indian Embassy/General Consulate in the nation where the client, who is not a resident, resides.Features of an NRI account:
NRI accounts can be opened jointly with a resident Indian, but only on a Former or Survivor basis.
The currency in NRE and NRO accounts is in Indian rupees. In NRE accounts, both the principal amount and interest earned can be fully repatriated. Money can be transferred from an NRO account to an NRE account after paying applicable taxes. Interest earned on NRE accounts is not taxed in India.
In order to open an NRI account, you have to complete the Know Your Customer (KYC) procedure. Certain papers, such as the NRI Account Opening Form, must be kept ready. These may differ somewhat from bank to bank, however, you can get the NRI Account Opening Form pdf on the official bank websites.
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