I am an NRI and want to invest in India. How can I open an NRI Account?
SBNRI Team
answered on 03/04/2020
Account Opening Grid: Open an NRI Account
Documentation Requirements |
| NRE/NRO/FCNR Account opening process for each bank is different. The structure to open an NRI Account is –
1. Get the required documents ready, 2. Attestation and KYC 3. Bank gets the courier pick up done from NRI’s residence or NRI couriers it to the bank branch 4. Done! All set
The documents required to open an NRE (for money earned outside India), NRO (for money earned in India) and FCNR (For term deposits in Dollar) account in one bank are the same which means if you want to open all these accounts in one bank altogether, you can do it using the similar set of documents:
But different banks may require different documents and proofs for KYC:
Let’s first understand the common set of documents required to open an NRE/NRO/FCNR account in all the banks:
A. Required Common Documents: (1 to 5)
1. [Identity Proof] Passport: (Photo page and Address Page) Photocopy of the relevant pages of the passport where customer’s name, date of birth, date and place of issue, expiry date, photograph and signature of the applicant.
2. [Non-Resident Status Proof] VISA: Valid Visa / Work Permit / Residence Permit (card)
3. Overseas Address Proof/Communication Address Proof: Any one of the listed documents below :
If you want your communication address in India to be the same as it is in your passport then it’s alright. If not, then you can provide any one of the above-listed documents as Communication Address Proof in India.
4. Photograph
5. PAN Card (You can also submit Form 60 in the absence of a PAN Card for opening the bank account. If you want to invest in opportunities such as Mutual Funds or Shares, a PAN Card is mandatory. However, You can opt for a NRE/NRO FD and FCNR Deposits without a PAN Card.) In case of an OCI, The OCI Card is also required in addition to the above mentioned documents.
B. Attestation and KYC
All the above documents need to self-attested. Once you are ready with the common set of documents, understand the KYC process followed by the bank – Generally it requires attestation from one of the mentioned sources below other than self-attestation of the document:
If the Notary/Embassy/Overseas branch of the bank is far off and it’s a pain for you, don’t worry – you can still open your account in few banks by: SELF attesting the common documents and submitting the extra documents required by those few banks. |
Best Bank for NRI Account
The process of account opening, documents required, and Attestation, KYC requirements for different banks are mentioned below. Find the best bank to Open an NRI Account as per your needs :
| Bank | Process (Based on actual user experience) | KYC Documents Required | Interest Rates | ||
| Common Documents | Attestation (Any one along with self-attestation) | ||||
| NRE FD | Savings Account | ||||
| ICICI |
| Yes |
| 5.50%* | 3% (below 50 Lakhs) 3.5% (above 50 Lakhs) |
| SBI |
| Yes |
| 5.40%* | 2.70% |
| Kotak |
| Yes |
OR
+ Additional Overseas Address Proof in Original + Funding from his own account in India / overseas | 4.50%* | 3.50% |
| RBL |
| Yes |
OR
+ Additional Overseas Address Proof in Original + Funding from his own account in India / overseas | 6.95%* | 6.75% |
| HDFC |
| Yes |
| 5.50%* | 3% (below 50 Lakhs) 3.5% (above 50 Lakhs) |
| IndusInd |
| Yes |
OR
+ Funding from his own account in India / overseas | 7%* | 6% |
| BOB |
| Yes |
| 5.35%* | 2.75% |
| Axis |
| Yes |
| 5.50%* | 3% (below 50 Lakhs) 3.5% (above 50 Lakhs) |
| SBM |
| Yes |
| 7.50%* | 5% (up to 5 Lakhs) 6% (above 5 Lakhs) |
| Federal |
| Yes |
OR
+ Funding from his own account in India / overseas | 5.50%* | 2.50% |
| Citibank |
| Yes |
| 3.75%* | 2.75% |
Choosing the Best Bank
Hence, if you want to open account with higher interest rates and smooth processes – you can opt for Kotak, IndusInd or Federal, If you are looking to open in a larger bank – ICICI has the best process, and if you are looking to get highest rate of returns, State Bank of Mauritius (SBM) would also be a good option.
NRI Account Benefits
The benefits of opening an NRI Account are as follows:
- Deposit money in INR or any Foreign Currency and earn tax-free interest upto 7.50%* for NRE and upto 3.22%* on FCNR (Foreign Currency Non-Resident) Accounts
- The interest earned on the deposit is not taxable in India
- Earn a higher rate of interest as compared to the local banks abroad
- Both the principal amount and the interest are fully and freely repatriable for NRE and FCNR Accounts
SBNRI is your one stop solution for NRI Bank Account Opening. To open an NRI Bank Account instantly and seamlessly, just click on the button below.
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