IndusInd Bank is one of the leading private sector banks in India that offers a range of banking services to its customers. The bank has a dedicated NRI department that caters to the needs of Non-Resident Indians (NRIs) looking to open an NRI account in India. In this blog post, we will take a look at the process of opening an IndusInd Bank NRI account opening.
How to open an IndusInd Bank NRI Account?
NRIs can open an NRI accounts in two ways:
- You can visit the nearest branch of the bank in India or the bank’s website.
- Open an NRI account online through SBNRI.
IndusInd Bank NRI Account Opening
You can open your NRI account online from your country of residence or offline when you visit India.
Online-
- You can visit the IndusInd bank’s official website.
- Fill in some generic details like name, email id to generate an OTP.
- Then, login using that OTP and fill a basic account opening form.
- You need to fill in your personal details and choose the account type (NRE/NRO).
- Upload the required documents. Make sure that the documents are self-attested.
- Submit the form.
Offline-
- When in India, visit the nearest branch of IndusInd bank and ask for an NRI account opening form at the help desk.
- The IndusInd bank staff will guide you through all the required information on NRI accounts.
- Once the form is filled, submit it along with all the necessary documents.
NRI Account Opening through SBNRI
SBNRI has partnered with many leading banks in India to help NRIs open an NRI account online. The process of opening an NRI account is simple and effortless with SBNRI app. Here is the process:
- Download the SBNRI App and sign-in using your credentials.
- Go to the section of Open NRI Account and select one of the banks on the app.
- Using the in-app scanning feature, scan and upload your KYC documents.
- Click on Apply and that’s it.
- Once your application form and documents are verified, your NRI account will be opened within 7 days.
Eligibility Criteria for IndusInd Bank NRI Account Opening
If you meet the eligibility criteria given below, you can open an NRI savings account at Indusind bank:
- NRIs/PIOs/OCIs.
- Seafarers of Indian nationality / origin employed by overseas shipping companies.
- Students pursuing studies in foreign countries.
Documents Required for IndusInd Bank NRI Account Opening
Given below is a list of the documents required to apply for an NRI savings account at IndusInd Bank:
- Recent passport size photograph.
- Pages of the passport containing passport and personal and details (photocopy).
- PAN (copy) or Form 60 in absence of PAN.
- Resident permit / Work permit/ Employment Visa.
- Document confirming either overseas or Indian address. For PIOs, Overseas address proof is mandatory.
- Copy of CDC and Employment contract is mandatory in case of Seafarers.
IndusInd Bank NRI Savings Account for NRIs: Types
IndusInd NRI accounts allow NRIs to deposit income earned abroad as well as in India while they work overseas. You can open one or both types of NRI savings account with IndusInd bank:
1. NRE Savings Account
2. NRO Savings Account
IndusInd Bank NRE Savings Account
IndusInd bank NRE savings account is a Rupee Savings account to park your overseas earnings in India. Given below are the key features and benefits of IndusInd bank NRE savings account:
- Low average quarterly balance of Rs. 10,000 for A & B category branches and Rs. 5000 for C & rural category.
- IndusInd Bank offers attractive interest rates of up to 6% on your NRE savings account.
- Interest earned in an NRE account is exempt from Indian income tax.
- Full and free repatriability of funds.
- IndusInd NRE account can also be jointly opened with a NRI/PIO or a resident Indian close relative on a former/survivor basis.
- Free payable cheque book for use in India.
IndusInd Bank NRO Savings Account
IndusInd bank NRO savings account is a Rupee Savings account to manage your income earned in India like rent, dividend, etc. Given below are the key features and benefits of IndusInd bank NRO savings account:
- Low average quarterly balance of Rs. 10,000 for A & B category branches and Rs. 5000 for C & rural category.
- Attractive interest rates of up to 6% on your NRO savings account.
- Interest earned is fully repatriable after payment of applicable taxes. As per the RBI guidelines, NRIs can repatriate up to $1 million in a financial year from your NRO account.
- Interest earned on an IndusInd Bank savings account is taxed in India. TDS is deducted at 30% plus applicable surcharge and cess.
- IndusInd NRO account can also be jointly opened with a NRI/PIO or a resident Indian close relative on a former/survivor basis.
- You also get a Domestic use Debit Card for access in India.
IndusInd Bank NRI Account Interest Rates
Given below are the NRO-SB/NRE-SB Interest Rates of the IndusInd Bank. These rates are effective from 18.10.2022.
| Balance | Rate (p.a.) |
| Daily balance up to Rs. 1 lakh | 4.00% |
| Daily balance above Rs. 1 Lakh up to Rs. 10 lakhs | 5.00% |
| Daily balance above Rs. 10 lakhs up to Rs. 1 cr. | 6.00% |
| Daily balance above Rs. 1 cr up to Rs. 100 crs | 6.00% |
IndusInd Bank NRI Account Minimum Balance
The average quarterly balance requirement for NRE and NRO savings accounts at IndusInd bank is as follows:
- Rs. 10,000 – A & B category branches
- Rs. 5000 – C & rural category.
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, the account opening process is lengthy and cumbersome. You can download SBNRI App for a simple, fast and hassle-free NRI account opening process.
You can also click on the button below to start the IndusInd Bank Account opening process online. Also visit out blog and YouTube Channel for more details.
FAQs
A- Given below is the list of documents that can be submitted as address proof for NRI account opening at IndusInd Bank:
1. Passport
2. Driving License
3. Election card or Voter ID
4. Aadhaar Card or Letter Issued by Unique Identification
5. Authority of India (UIDAI)
6. PIO/OCI Card
No, it is not necessary to have a PAN card for NRI account opening. In the absence of PAN, NRIs can fill Form 60 (Form 60 is a declaration to be filed by an individual who does not have a PAN) to apply for an NRI account.
According to FEMA, NRIs must close their existing savings account or have it converted to an NRO account. If an NRI fails to do so, a penalty up to 3 times the amount involved in it or Rs. 2 lakh (if the sum is not quantifiable) is charged.
