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 01/03/2023
Yes. NRIs can open a joint account with other NRIs for an NRE/NRO or FCNR Account. Joint Account Holding: Can Indian Residents open a joint account with an NRI? Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI). The term […]
SBNRI Team
answered on 25/02/2023
Demat Account is a part of the trading account which NRI opens to trade in the Indian stock market online. Demat Accounts are used to hold the shares in electronic form. As of now no bank offers to open a Demat account online. But you can access the bank websites and third party […]
SBNRI Team
answered on 26/04/2023
Yes. Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI) guidelines. The term “either or survivor” refers to the condition where both of the account holders can operate the account independently in the absence of the other account holder. […]
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 […]
