Jammu and Kashmir Bank Limited, popularly known as J&K Bank, is a government-owned scheduled banking and financial services company. The bank offers a host of financial and banking services to domestic and NRI customers, such as NRI accounts, NRI fixed deposits and remittances from abroad. Indians living abroad can open a J&K Bank NRI savings account to deposit and manage their foreign income.
Also Read: NRI Account Opening Online: 5 Simple Steps
J&K Bank NRI savings account
J&K Bank NRE savings account
J&K Bank NRE (Non-Resident External) savings account is a type of NRI bank account that provides standard banking facilities including internet banking, cheque book, remittance facilities and allows repatriation of funds. Here are the features and benefits of J&K Bank NRE savings account:
- NRI customers can open NRE savings accounts through financial instruments such as Wire transfer, Demand Draft, etc. in a convertible currency.
- You can also open the account by submitting Foreign Currency Notes, Travelers Cheques, etc. during your visit to India.
- The principal and interest earned are not taxable in India.
- J&K Bank NRE account minimum balance requirement is Rs. 2500 quarterly and a minimum deposit of Rs. 1000.
- Entire funds including principal and interest are fully repatriable.
- The account can be opened jointly with other eligible NRIs.
- Nomination facility is available.
- J&K NRE account interest is applied on a half-yearly basis.
The account holder will also get other add-on benefits as under:
- Internet banking facility for viewing account statements and funds transfer.
- Free Global Access debit card to the account holder or his/ her nominee.
- Safe deposit locker facility available.
- A Power of Attorney (POA) holder can also operate the account in India on your behalf.
- Free account statement over registered email.
J&K Bank NRO savings account
J&K Bank NRO (Non-Resident Ordinary) savings bank account can be opened to save and manage remittance from abroad or Indian income of NRIs. Indian citizens are required to convert their domestic account into an NRO account once their residential status changes to NRI. Here are the key features and benefits of J&K Bank NRO account:
- J&K Bank minimum balance requirement for a quarter is Rs. 2500 and accepts a minimum deposit of Rs. 1000 only.
- An NRO account can be opened jointly with other NRIs as well as residents.
- Funds can be transferred through RTGS and NEFT within India and via SWIFT to outside India.
- The principal in an NRO account can’t be repatriated and the interest is repatriable after payment of TDS (Tax Deducted at Source).
- Interest earned is subject to deduction of tax at source at the prevailing tax rates.
- J&K Bank NRO account interest is applied on a half yearly basis.
- Funds repatriability is as under:
- Current income
- Up to $1 million per financial year can be repatriated for any bonafide purpose from the balance in the NRO account/ sale proceeds of assets in India
The account holder will also get other add-on benefits as under:
- Nomination facility.
- Internet banking facility for accessing account statements and funds transfer.
- Free Global Access Debit Card to the account holder.
- A POA (Power of Attorney) holder can operate the account on behalf of the NRI customer in India.
- Safe deposit locker facility is available.
- Free monthly statement of account via email.
J&K Bank NRI account opening
You can apply for an NRI account with J&K Bank online as well as at the bank’s branch. Here are two methods for J&K Bank NRI account opening:
- Visit a branch of J&K Bank in India
If you are in India, you can visit the nearest branch of J&K Bank to open an account.
- Apply for NRI account opening online on the bank’s website
- Open NRI account online through SBNRI app
J&K Bank NRI account opening on bank’s website
Here are the steps to apply for a J&K Bank NRI account opening on the bank’s website:
- Visit the official website of J&K Bank and open the NRI banking page.
- Click on the ‘Apply Online’ button.
- J&K Bank NRI account opening form will open on the redirected page.
- Submit personal information like your name, email address, phone number, country of residence, account type i.e. NRE or NRO account.
- The bank representative will contact you within 3 to 7 working days.
Open NRI account online through SBNRI App
You can apply for an NRI account opening online in a hassle-free way, using the SBNRI app. You can open NRI accounts online without visiting Indian Embassy for document attestation. Here are simple steps to apply for an NRI account with minimal documentation and in a few steps via the SBNRI App:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and that’s it.
Documents required for J&K Bank NRI account
Here is the checklist of documents required to open an NRI account with J&K Bank:
- One passport size photographs
- Copy of passport containing personal details and photograph
- Copy of valid visa/ work permit or permanent resident card
Photocopies of any of the following documents:
- Valid driving license with address
- Valid passport with address
For your Indian address proof: any of the following
- Aadhaar card
- Voter’s ID card
- Letter issued by the NPR (National Population Register)
Note: You may have to submit any other documents as required by the bank.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
As per the Foreign Exchange Management Act (FEMA), generally, an Indian citizen becomes an NRI if he/she lives in India for less than 182 days during the course of the preceding year. NRIs reside outside India for the following purpose:
– Business or vocation
– Any other purposes indicating the intention to stay abroad for an uncertain period
The following investment opportunities are open for NRIs in India:
– NRI fixed deposits and savings accounts
– Investment in securities/ shares
– Investment in mutual funds in India
– Investment in immovable properties (Real Estate) in India
As an NRI you can open the following key accounts:
– Non-Resident External (NRE) account: This account is maintained in INR (Indian Rupee). You can open savings, current, fixed and recurring deposit accounts.
– Non-Resident Ordinary (NRO) account: NRO account is maintained in INR. You can open savings, current, fixed and recurring deposit accounts.
– Foreign Currency Non-Resident (FCNR) account: You can open Fixed Deposit accounts in USD, GBP, EURO, AUD, JPY and CAD.
Yes, you can open an NRO account using funds from NRE/ FCNR accounts.
The definition of the best NRE savings account for NRIs depends on the requirements of an individual. Some banks accept low minimum balance for example, you are allowed to maintain a minimum quarterly balance of Rs. 2500 with J&K Bank while other banks may offer higher NRE account interest.
NRE/ FCNR accounts are tax-free in India. However, similar concessions are not available on NRO accounts.
Yes, you can.
Yes, they can.
NRIs can freely purchase and sell residential and commercial properties in India.