Why do we need NRI Bank Account? How do I open it?

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As per FEMA, a Non-Resident Indian (NRI) cannot operate and maintain a resident savings account. Hence as soon as an individual becomes an NRI, the existing resident bank account should be either closed or converted to NRO Bank Account. Moreover, when a resident Indian person moves abroad and becomes an NRI, the easiest and efficient way to access and use the money and investments already made in India, is to convert the savings bank account with the Indian bank into an NRO bank account.

The NRO accounts can receive foreign remittances (money transfers from aboard to India), can have a joint holder who is a resident Indian, and RBI also permits repatriations abroad limited by a maximum annual amount.

An NRI Bank account can be either opened online or offline by approaching your bank requesting them for conversion for an existing resident bank account or to open a new NRI Bank account. To open any non-resident account in an Indian bank, it is important to provide proof that the account holder is now a non-resident as defined in the Indian tax laws.

The conversion of a resident account into a non-resident account requires submitting identity proof, NRI status proof, proof of foreign address, and two photographs. The applicant has to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of the resident permit in the overseas destination. This proof has to be attested by the Indian embassy, notary, or an Indian bank with an overseas branch. If the applicant wants to mention a local Indian address for ease of operation, in addition to an overseas address, proof of such an address should also be provided with attestations.



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Find more questions on this topic

  1. Which segments are available for trading to the NRIs in India?
  2. What all investment instruments are available for NRI or PIO Card Holders in India?
  3. Can NRI apply in IPO, FPO or other public issues?
  4. Can NRI trade in currency derivatives?
  5. Why intra-day trading is not available for NRI in India?
  6. How much brokerage does Zerodha charges to NRI account holders?
  7. What are ICICI NRI account brokerage charges?
  8. Why does a broker charge higher brokerage for NRI trading account?
  9. Can shares bought via PIS be transferred to another NRI Demat account?
  10. How does money transfer between NRI Trading and NRI Bank Account?
  11. Can PIO and OCI invest in the India Share Market?
  12. Does NRI required to change his resident Demat account to Non-resident?
  13. Does NRI need new trading account on becoming resident Indian or vice versa?
  14. What documents are required to open an NRI trading account?
  15. Is there an easy way to open and handle an NRI Trading account?
  16. I have trading account in india whom I don't like I moved to abroad and become NRI,I was thinking of converting my trading acc into NRI bcz of complexity of NRI trading ac, I decided to open a regular trading ac in India will there be any problem?
  17. I was using an ICICIDirect Trading and Demat account when I was resident Indian. My status is now changed to NRI and I wish to open it with discount broker. Can I transfer my existing holdings to the new broker?
  18. What are the negatives of operating resident accounts instead of NRI?
  19. Can NRI bank account be linked with resident trading and demat account?
  20. What is an NRO and NRE Bank Account?
  21. What all documents are required for Custody Account?
  22. Does an NRI require PIS permission to purchase shares in IPOs?
  23. Can NRI receive shares in inheritance?
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