Does an NRI need PAN Card to open NRO Current account?
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.
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