Aditya Garg asked on 23/03/2020

Is it mandatory to mention overseas address in account opening form?

428 views
Avatar
SBNRI Team
answered on 23/03/2020

Overseas address in NRI account opening form: Is it mandatory?

Yes. It is mandatory to mention overseas address in NRI account opening form because the verification of an overseas address makes it easy for the banks to verify your NRI Status and update an overseas communication address to smoothen the account opening process.

 

Overseas address in NRI account opening form

 

Open NRI Bank Account


Can OCIs open an NRI Account?

Yes, OCIs can open NRE/NRO/FCNR accounts in India as they are entitled to similar benefits as NRIs. It is also mandatory to mention overseas address in case of an OCI. 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 (NRO) Account

Foreign Currency Non Resident (FCNR) Account

Purpose

For income earned outside India

For income earned from India (pension, rent etc.) 

Foreign Currency Investment in India

Currency

INR

INR

USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF

Tenure of Deposits

1 year to 10 years

7 days to 10 years

1 year to 5 years

Interest

Up to 7.95%*

Up to 7.30%*

Up to 3.05%*

Repatriation

(transfer of money from Indian bank account to foreign bank account) 

Both Principal (money invested initially) and Interest completely repatriable

Up to a maximum of 1 million USD per financial year

Both Principal and Interest completely repatriable

Tax Deductions

No tax

Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India

No tax

If you have more queries like “Overseas address in NRI account opening form”, You can get in touch with experts at SBNRI to get specialized advisory on NRI Account Opening in India. Click on the button below to contact us. NRI Bank Accounts provide an opportunity to park your funds both generated abroad and in India and save taxes wherever applicable. You can also get in touch with us to sort your taxation in India.

 

Open NRI Bank Account Now

 

Copy link