NRIs living in Germany can open an NRI account to manage their income and savings, when they reside abroad. An NRE or NRO account is compulsory for NRI investment in India. The easiest process to open an NRI account from Germany is through an online application or by visiting an overseas branch or representative office of an Indian bank in Germany. Here is a step-by-step guide for NRI account opening from Germany.
SBNRI is a business partner of leading Indian banks. NRI from Germany can apply for an NRE/ NRO account by clicking the button below.
NRI Account Opening from Germany
Many Indian banks operate in Germany through their branches or representative offices to cater to the banking needs of NRIs, OCIs and locals. You can apply for an NRI account online from Germany or by visiting an overseas branch or representative office of an Indian bank in Germany.
There are primarily two types of NRI accounts – Non-Residential External (NRE) and Non-Residential Ordinary (NRO) accounts. NRIs living in Germany can use an NRE/ NRO account to invest in mutual funds, NRI fixed deposits, equity, etc. in India.
NRE/NRO Account Opening Online from Germany
NRE Savings Account: NRIs living in Germany can apply for an NRE account in an Indian bank to manage their overseas income in India.
NRO Savings Account: NRIs based out of Germany can open an NRO savings account to manage their earnings in India, such as rent, dividends, pension, salary, sale proceeds, etc.
There are two ways to open an NRO/NRE account online from Germany.
1. On the bank’s website
2. Through SBNRI.com
1. Open an NRI Account through Bank’s Website
If you choose to open an NRE or NRO account online through a bank’s website, the account opening process will slightly vary depending on the bank you apply with. Here are some common steps to apply for an NRE account.
Step 1: Choose a bank: First, select a bank that offers NRI account services. Major Indian banks like State Bank of India (SBI), ICICI Bank, HDFC Bank, and Axis Bank have dedicated NRI banking services.
Step 2: Account opening form: Download and fill out the NRI account opening form from the bank’s website. Ensure that all required fields are filled in correctly and attach the necessary documents.
Step 3: Attestation: Some banks may require that your documents be attested by the Indian Embassy or Consulate in Germany, a notary public, or an overseas branch of the bank.
Step 4: Courier the application: Courier the completed application form, along with the necessary documents, to the bank’s branch in India. Some banks may allow you to submit the application at their overseas branch or representative office in Germany.
Step 5: Account activation: Once your application is approved, the bank will activate your NRI account and provide you with the account details. You can then use online banking or other services to manage your account.
2. Apply for NRI Account through SBNRI.com
NRIs can apply for an NRI account online through sbnri.com or SBNRI App. Applying for an NRE account through SBNRI is a simple and short process. Here are the steps you need to follow.
- Click the ‘Apply for NRI Account’ button on this page.
- Fill in the form and submit it.
- One of the bank representatives will call you to help complete the application.
Or
- 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.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Documents Required
Similar to the account opening process, the documentation also varies from bank to bank. Here are basic documents you need to submit to apply for NRI account opening from Germany.
- A valid passport (with photocopies of relevant pages)
- Valid visa or residence permit in Germany
- Proof of address in Germany (utility bills, rental agreement, or bank statement)
- Proof of Indian address (if required)
- Passport-sized photographs
- PAN card (if available) or Form 16
- Foreign bank statement (usually for the last 6 months)
- Employment contract or salary slips as proof of employment in Germany
Best NRE Accounts for NRIs from Germany
While all leading banks offer an NRE/ NRO savings account for NRIs from Germany, here are 5 top banks for an NRI account in India.
| S. No. | NRE/ NRO Account | Interest Rate | NRI Account Minimum Balance |
|---|---|---|---|
| HDFC NRI Account | 3% – 3.50% | – Rs. 10,000 in metro and urban areas – Rs. 5,000 semi-urban and rural areas | |
| SBI NRI Account | 2.70% – 3.00% | – Rs. 10 lakh in metro/ urban areas – Rs. 50,000 in semi-urban/ rural areas | |
| ICICI NRI Account | 3% – 3.50% | Rs. 10,000 | |
| Axis Bank | 3% – 3.50% | – Rs. 10,000 (easy savings account) – Rs. 25,000 (prime savings account) | |
| Yes Bank NRI Account | – 4% (up to 1 lakh) – 4.25% (Rs. 1 lakh to 5 lakh) – 5% (Rs. 5 lakh to 10 lakh) – 6% (Rs. 10 lakh to Rs. 1Cr) – 6.25% (Rs. 1 cr to 10 cr) – 6.00% (Rs. 10 cr to Rs. 25 Cr) | Rs. 10,000 |
Features and Benefits of NRE Savings Account
1. Repatriability: NRE accounts provide full repatriability of both the principal amount and the interest earned. This means that funds can be freely transferred from the NRE account back to the account holder’s country of residence without any restrictions.
2. Tax Exemptions: The interest earned on the balance in an NRE savings account is exempt from Indian Income Tax, Wealth Tax, and Gift Tax, making it a tax-efficient way for NRIs to manage their income.
3. Joint Account: NRIs can open a joint NRE savings account with another NRI.
4. Currency: NRE accounts are maintained in Indian Rupees (INR), which means that foreign currency deposits are converted into INR at the prevailing exchange rate.
5. Deposit Options: NRE account holders can deposit foreign currency earnings through various channels, such as wire transfers, foreign currency cheques, or travelers’ cheques.
6. Easy Accessibility: Account holders can access their NRE accounts through online banking, mobile banking, and phone banking services, providing a convenient way to manage their finances from abroad.
7. ATM/Debit Card: NRE account holders are typically issued an ATM/debit card, allowing them to withdraw cash in INR or make purchases in India.
8. Nomination Facility: NRE account holders can nominate a resident Indian or another NRI as a nominee for their account. In case of the account holder’s death, the nominee can claim the account balance.
9. Interest Rates: The interest rates on NRE savings accounts can vary depending on the bank and the prevailing market conditions. The interest is usually calculated on a daily or quarterly basis and is credited to the account periodically.
Features and Benefits of NRO Savings Account
1. Manage Indian Income: An NRO account allows NRIs to deposit and manage their income earned in India, such as rent, dividends, and other local sources of income.
2. Joint Account: NRIs can open a joint NRO savings account with another NRI or a resident Indian, providing flexibility in account management.
3. Currency: NRO accounts are maintained in Indian Rupees (INR). Foreign currency deposits are converted into INR at the prevailing exchange rate.
4. Deposit Options: NRO account holders can deposit income from various sources, including local income, foreign currency, or transfers from other NRO accounts.
5. Limited Repatriability: Unlike NRE accounts, the repatriability of funds in an NRO account is subject to certain limits and conditions. Up to USD 1 million per financial year can be repatriated from NRO accounts, subject to tax compliance.
6. Tax Implications: The interest earned on the balance in an NRO savings account is subject to Indian Income Tax, which is usually deducted at source as Tax Deducted at Source (TDS). It is essential for account holders to be aware of the applicable tax regulations and seek professional advice if needed.
7. Easy Accessibility: Account holders can access their NRO accounts through online banking, mobile banking, and phone banking services, providing a convenient way to manage their finances from abroad.
8. ATM/Debit Card: NRO account holders are typically issued an ATM/debit card, allowing them to withdraw cash in INR or make purchases in India.
9. Nomination Facility: NRO account holders can nominate a resident Indian or another NRI as a nominee for their account. In case of the account holder’s death, the nominee can claim the account balance.
10. Interest Rates: The interest rates on NRO savings accounts can vary depending on the bank and the prevailing market conditions. The interest is usually calculated on a daily or quarterly basis and is credited to the account periodically.
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 easily in just 10 minutes.
SBNRI is a one-stop destination for NRI Bank Account Opening. You also click on the button below to open NRI account and find more information.
