Simple steps to open NRI accounts from overseas
Non resident Indian is an Indian national who has gone abroad for the purpose of employment, studies or business and stayed in the foreign country for a period not less than 182 days
NRI’s living in overseas countries are permitted to open various deposit accounts namely; Non Resident External account (NRE), Non Resident Ordinary account (NRO), Foreign Currency Non Resident account etc., with branches of various banks in India.
However, since many NRIs find difficult to visit the bank branch in India, they can open the NRI account at their convenience by visiting an overseas Bank branch or a overseas representative office in their living country.
Even some banks provides online option to open an NRI account from the comfort of their overseas homes with free pickup services for the documents.
NRIs can contact the bank branches and get the prescribed application form through friends or by post. Nowadays, the application form can also be downloaded from the bank website. The necessary details are to be filled in and once completed the application form has to be sent to the bank along with proof of address and identity and initial deposit amount. Alternatively, some banks facilitate submission of application by NRIs online and the applicant can use digital signatures also while sending the application online.
Initial deposit amount
All credits to Non resident external account and FCNR account are to be routed through Foreign Inward Remittances only as detailed below:
FITT – Foreign inward telegraphic transfers
FDD – Foreign demand drafts issued at any overseas branch and payable at any branch situated in India
Foreign currency traveler cheques
Foreign currency and foreign currency traveler cheque can be handed over in person by NRI himself to the bank branches at the time of opening the account. Third parties are not allowed to deposit foreign currency in the accounts of NRI.
The copies of passport are to be submitted along with account opening form. Bankers are expected to verify the entries as available in the passport in regard to period of stay in foreign country.
NRIs can send the application along with self attested copies of passport by post or scanned copies online
Some bank requires the supporting documents namely; copies of passport, Visa etc., to be attested by any overseas bank or Indian Consulate and it can also be notarized by any notary available in foreign country
This apart some banks require an additional KYC form to be filled up by the applicant for the purpose of disclosing the tax residency status as per FATCA and CRS guidelines.
Submission of application
The application form along with the initial remittance in the form of foreign demand draft and copies of document evidencing proof of address and identity can also be deposited in centres notified in overseas countries by the banks.
Alternatively, they can also be submitted to the overseas branch of the respective banks or their authorized dealers. Since NRIs are non face to face customers commercial banks are more vigilant when accounts are opened by Non Resident Indians.
Some banks accept the application forms from NRIs before they leave the country; however, the customer is expected to send the copies of passport with relevant entries in regard to proof of stay in foreign country and initial remittance once they settle in the foreign country.
Online procedure to open NRI account in overseas
NRI needs to download and fill the account application from the respective bank website, even some bank provides the facility to filling up online.
Once you are ready with the form and required documents, Some bank even send their representative for a Free Documents Courier Pick Up, as per the time convenient to you.
Even some bank provides PO box service, whereby you can drop your application and supporting documents in a post box with the PO box number.