Non-resident Indians are allowed to open Non-Resident (External) Accounts (NRE Account) and Non-Resident Ordinary Accounts to open the 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 NRI bank account opening formalities, they can instead opt to open the account at their convenience, from the comfort of their abroad homes by following these simple steps.
Downloading the form via the appropriate bank’s website
The form for non-face-to-face account opening is available on bank websites. This form requires being downloaded and filled up by the NRI who wants to open the account. Some banks also give the facility of filling up the form online and submitting a scanned copy of documents.
- Approved proof of identification has to be submitted, as well as proof of PIO or NRI status in the form of photocopies of passport including valid visa or PIO card.
- Approved proof of address also must be provided.
- Payment instrument for the first contribution needs to be included with the application.
Attestation of documents
Banks usually need the supporting documents to be attested by the Indian Consulate or overseas bank or be notarized by a foreign notary. Alternatively, furnishing additional approved proof with self-attestation may also be allowed.
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.
- The completed set of application form and documents needs to be dispatched to the bank branch.
- However, if you want to submit documents online the bank also provides the facility through which you can upload your scanned documents.
- 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
Instant account opening is usually not provided when the bank account is opened without meeting the NRI (non-face to face).
Banks have NRI helplines that can be accessed for assistance in the completion of the NRI bank account opening formalities.