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
The following people can be a nominee in an NRI Bank Account: Any Resident of India Any Non-Resident Indian A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf Refer to the following table to understand the process to update a nominee […]
SBNRI Team
answered on 10/03/2023
Can OCI have an NRI account? Yes, OCI can open NRE/NRO/FCNR accounts in India as they are entitled to similar benefits as NRIs. Here is an overview of the accounts for you to choose the best account as per your needs: Factors to consider Non Resident External (NRE) Account Non Resident Ordinary […]
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 […]
SBNRI Team
answered on 23/03/2020
There are certain restrictions on NRE Accounts. NRIs cannot deposit the following funds in the NRE account because NRE accounts are used to maintain the income earned outside India: Cash in Indian Rupees Gifts received in India Any income generated in India for which the taxes are not deducted at source Along with restrictions […]
