Is it mandatory to mention overseas address in account opening form?
SBNRI Team
answered on 28/02/2023
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.
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.
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