ABout

ELIGIBILITY

Required documents

ABOUT Bank Account for NRI

A bank account is a financial account between a bank customer and a financial institution. A bank account can be a deposit account, a credit card, or any other type of account offered by a financial institution. The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the account at any point in time is the financial position of the customer with the institution. a fund that a customer has entrusted to a bank and from which the customer can make withdrawals.

ELIGIBILITY

You are eligible if you are a Non-Resident individual of Indian nationality or of Indian origin.

Required Documents

  • Photocopy of the pages of the passport containing passport details and personal details of all applicants
  • Copy of valid visa / work permit
  • One passport photograph of each applicant
  • One document confirming either the overseas or Indian address. The address on the document has to match the address mentioned in the application form.
HELP

HELP

Following types of bank accounts can be opened:

  • Non-resident External (NRE)
  • Non-resident Ordinary (NRO)
  • Foreign currency Non-resident (FCNR)

An NRE (Non-Resident External) Account is a savings account maintained in Indian Rupees where you invest your foreign income earned outside India.

An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension etc.

You get a cheque book and an International Debit Card against your NRE Savings Account.

You get a cheque book and an International Debit Card against your NRE Savings Account.

Yes. The principal and interest earned on NRE Savings Account are fully repatriable.

  1. NRI/PIO may remit an amount, not exceeding USD one million per financial year, out of the balances held in NRO accounts / sale proceeds of assets / the assets in India acquired by him by way of inheritance / legacy, on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter and an undertaking by the remitter and certificate be a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India 
  2. NRI/PIO may also, within the overall limit of USD one million, as stated above, remit sale proceeds of assets acquired under a deed of settlement made by either of his parents or a close relative (as defined in Section 6 of the Companies Act, 1956) and the settlement taking effect on the death of the settler, on production of the original deed of settlement and an undertaking by the remitter and certificate be a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India

As per current guidelines, funds in NRE Savings Account are exempted from Income tax in India.

The interest is subject to income tax deduction at source @ 30% plus applicable surcharge plus education cess.

Yes. Transfer of funds from NRE Savings Account is allowed for bonafide personal purposes such as personal expenses, education of children and gifts.

Yes. You can transfer funds from your existing NRE Savings Accounts to open NRO/FCNR Accounts.

Traveler's Cheques can be used to credit/open the account. If the foreign currency notes brought by you exceed USD 5,000/- or the combined value of Travellers Cheques and notes exceed USD 10,000/-, then you have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India.

Yes. You can appoint a mandate holder for your NRE Savings Account. You can also choose to provide the mandate holder with an ATM Card on your NRE Savings Account.

Yes. You can hold your NRE/ NRO Savings Account jointly with other Non-Resident Indian(s) or Resident Indian.

Yes. You can have a nominee for the NRE Savings Account.

You can access your NRE Savings Account through Net Banking, Phone Banking and Mobile Banking.

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