Does an NRI need PAN Card to open NRO Current account?
SBNRI Team
answered on 21/03/2023
Yes, Non-Resident Indians (NRIs) are required to have a PAN (Permanent Account Number) card to open an NRO (Non-Resident Ordinary) current account in India.
The PAN card is a unique ten-digit alphanumeric identification number that is issued by the Income Tax Department of India to track the tax-related transactions of individuals and entities. The PAN card is mandatory for any financial transaction in India, including opening a bank account, buying or selling property, and filing income tax returns.
As an NRI, you can apply for a PAN card either online or offline by submitting the required documents, including proof of identity, proof of address, and proof of date of birth. Once you have received your PAN card, you can use it to open an NRO current account with any bank in India.
It’s important to note that NRIs can only open NRO accounts and not NRE (Non-Resident External) accounts with the proceeds of their foreign income. NRO accounts are meant for managing the income earned in India, while NRE accounts are for managing the income earned outside India.
A PAN Card is not a mandatory document to open an NRO Current Account. However, a PAN Card will be required when you repatriate the money outside India. A PAN card for NRIs is compulsory for various financial transactions and economic inclusion.
Click on the button below to connect with our expert for more such queries.
Related Questions
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are: Ease of transfer of account ownership to nominee after the death of current owner Settlement of other claims after death of the account owner can be done by nominee No Dues certificates […]
SBNRI Team
answered on 23/03/2020
No! A Pan Card is not a mandatory document for opening an NRI account. The basic use of a PAN Card can be associated with taxes. A PAN Card is a mandatory document to file taxes and carry on investments from these NRI Accounts. In the absence of the Pan Card, NRIs can sign Form […]
SBNRI Team
answered on 06/04/2020
The selection of the best bank to open an NRI account is entirely dependent on your needs. To explore the account opening processes for the top banks in India, let us go through the following Account Opening Grid. Based on your needs you can select the best bank to open an NRI account. Account […]
SBNRI Team
answered on 16/11/2020
FATCA Details enables you to share your tax details with respect to your country of residence which includes your Tax Identification Number. The motive of FATCA is to prevent individuals from parking their wealth outside their resident country and avoid taxation from such wealth. Click on the button below to connect with our expert […]
