Dubai is one of the most preferred foreign destinations by Indians for job opportunities and travel. When an Indian moves to Dubai and becomes an NRI as per the Income Tax Act, it is essential for them to open an NRI bank account for banking transactions in India. Many Indian banks operate in Dubai through their branches, subsidiaries or representative offices. NRI account opening in Dubai is a seamless and effortless process.
Also Read: NRI Account Opening in UAE: Best Banks for NRI Accounts
NRI Account Opening in Dubai
Banks provide both NRI account opening online and offline facilities. However, the process may slightly vary from bank to bank and account to account. Here are the common steps to open NRI accounts.
NRI account opening online
- Visit the official website of the bank and go to the NRI account opening online page.
- Choose between NRO and NRE account as per your suitability.
- Open the NRI account opening form. For SBI NRI account opening in Dubai, you need to fill NRI account opening form on the bank’s website.
- Fill in your personal details like your name, address in India and the current country of residence.
- After finishing the personal details, fill the additional details.
- If you want to add a joint holder, provide the details of the joint applicant.
- Upload the required documents and photographs in the given format.
- Download your submitted NRI account opening form.
- If you are not able to visit the branch of the bank in Dubai, the application and documents have to be attested by one of the following:
- Bank’s foreign office
- Notary public
- Indian Embassy/ High Commission
- Write a check/ demand draft in favor of the bank.
- Courier the documents to the bank for the account opening.
NRI Account Opening offline
If you are in India, you can visit the nearest branch of the bank to open an NRI account. If you are in Dubai, you can contact the branch of the bank in Dubai.
Checklist of NRI Account Opening Documents
While the documentation may vary from bank to bank, here is the checklist of common NRI account opening documents:
- Copy of valid passport that includes important details including your name, address, date of birth, date of issue, expiry date, photograph, address, signature and observation page
- One document that has either an overseas or Indian address. Address on the document must match that in the account opening form
- NRI status proof through a valid residence/ employment visa copy or work permit
- Address proof of overseas and India
- Copy of Indian PAN card or Form 60
- Recent passport size colored photograph
- An initial payment cheque/ demand draft from your own account
- In case of demand draft, DD slip is mandatory
Bank Account Opening in Dubai
Having a NRI Account in Dubai is an asset. Bank Account opening in Dubai can be a pain if you don’t have access to the right process and providers. At SBNRI, you can apply for an NRI Bank Account in under 10 minutes.
SBI NRI Account Opening in UAE
Interestingly, many NRIs have been asking about the NRI account opening process at SBI. Therefore, we have added the bank on our list of seamless processing for NRI Account Opening. SBI NRI Account opening in UAE is now simple and at your fingertips with the SBNRI App.
Best Bank in Dubai
Finding the best bank in Dubai that suits your needs and requirements is essential. Connect with our banking expert and utilize the ASK Platform to eliminate all your doubts and get end to end assistance throughout the execution of the processes.
Opening a Bank Account in Dubai
Opening a bank account in Dubai is easier than it may seem. Here’s how you can do it using the SBNRI App:
- Download SBNRI App
- Sign up and click on Open Bank Account
- Select the bank of your choice (Compare interest rates etc. in-app)
- Scan and Upload documents as prompted
- That’s it! Account Applied!
Top Banks for NRI Account Opening in Dubai
Based on their transactional requirements, NRIs can apply for either an NRE (Non-Resident External) account or NRO (Non-Resident Ordinary) account, or even both. Some of the Indian banks that offer NRI account opening online and offline services are State Bank of India, HDFC Bank, ICICI Bank, Federal Bank and DBS.
Top Banks for NRI Account Opening in Dubai
| Bank | Process | Attestation (Any of the following with self-attestation) | Interest Rates (P.A.) |
|---|---|---|---|
| SBI | – Download the NRI account opening form from the bank’s website – Fill up the all sections of the form – Get the form attested – After the receipt of the documents by the bank, your account will be opened | – Notary – Embassy/ High Commission – Overseas branch of the bank | – 2.70% for balance < Rs. 10 cr. – 3.00% for balance Rs. 10 cr & above |
| ICICI Bank | – Register for NRI account on website – You will receive a call within 30 minutes from the bank – Download the NRI account opening form – After the receipt of the documents by the bank, your account will be opened | – Notary – Embassy/ High Commission – Overseas branch of the bank | 3% (below Rs. 50 lakh) & 3.5% p.a. (above Rs. 50 lakh) |
| HDFC Bank | – Fill your details online on the bank’s website – You will receive a call for further guidance regarding HDFC NRI account opening process – Once you complete the account opening process, your account will be opened | – Notary – Embassy/ High Commission – Overseas branch/ representative office of the bank | -3% (below Rs. 50 lakh) & 3.5% p.a. (above Rs. 50 lakh) |
| Axis Bank | – Fill the Axis Bank NRI account opening form on the official website of the bank. – Print of the application form and sign in the relevant spaces. – Upload the application form and listed attested KYC documents. – The bank will verify the documents and arrange for document pick-up after the verification. | – Notary – Embassy/ High Commission – Overseas branch/ representative office of the bank | – Balance less than Rs. 50 lakh: 3% p.a. – Balance Rs. 50 lakh and above: 3.50% |
| Federal Bank | – Fill in the basic details to receive an OTP – Upload the supported documents – The account will be opened – You will need to visit the bank personally in 12 months | – Notary – Embassy/ High Commission – Overseas branch/ representative office of the bank | 3% p.a. |
| DBS Bank | – Fill personal details to request a callback – You will receive a call from the bank – Complete all steps – After the bank approves your application, the account will be opened | – Notary – Embassy/ High Commission – Overseas branch/ representative office of the bank | – Balance up to Rs. 1 lakh: 3.25% – Balance Rs. 1 lakh to Rs. 5 lakh: 3.5% on incremental amount – Above Rs. 5 lakh: 3% on incremental amount |
Which bank should you choose?
As per your convenience and requirements, you can choose from any of the above described banks. As State Bank of India has the largest network, SBI NRI account opening in Dubai can be an ideal choice. However, for an instant NRI account opening online in Dubai, one of ICICI Bank, HDFC Bank and DBS Bank can be a smart option.
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 minimal documentation in just 10 minutes.
SBNRI is a one-stop destination for NRI Bank Account Opening. You can also click on the button below to apply for NRI account opening and more information.
FAQs
Yes, Indians can open a bank account in Dubai with Indian banks and most of the banks in Dubai allow eligible non-residents to open savings accounts.
The minimum balance required in an NRI bank account varies from bank to bank. For example, to open an ICICI NRE account, the minimum balance required is Rs. 10,000, for SBI NRI account, Rs. 1 lakh for Metro & Urban areas and Rs 50,000 for Semi-urban & Rural areas.
Eligible non-residents can choose any one of ADIB, CBD, ADCB, etc. banks to open a bank account in UAE.
The documentation may slightly vary from one bank to another. Here are the common documents required to open an NRI account:
– Copy of valid passport that includes important details including your name, address, date of birth, date of issue, expiry date, photograph, address, signature and observation page
– One document that has either an overseas or Indian address. Address on the document must match that in the account opening form
– NRI status proof through a valid residence/ employment visa copy or work permit
– Address proof of overseas and India
– Copy of Indian PAN card or Form 60
– Recent passport size colored photograph
– An initial payment cheque/ demand draft from your own account
– In case of demand draft, DD slip is mandatory
