The Indian community constitutes a large population of Qatar. NRIs (Non-Resident Indians) and people born in Qatar of Indian origin can open an NRI account to carry out financial transactions in India. For NRI account opening in Qatar, NRIs can either visit a bank branch in India or they can apply for an NRI account opening from the comfort of their homes in Qatar.
NRI Account Opening in Qatar
Based on their transactional needs, Non-resident Indians can open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts with various banks operating in Qatar through their branches, subsidiaries, representative offices or online. Likewise, PIOs ( Persons of Indian Origin) and OCIs (Overseas Citizens of India) are eligible to open this type of bank accounts.
Top Banks for NRI Accounts in Qatar
Doha Bank NRI Account Opening in Qatar
Doha Bank is one of the reputed foreign banks in India. It has a full banking license to operate in India. Doha Bank offers a variety of NRI services including Doha NRI accounts, term deposits, RFC accounts, loans, overdrafts and wealth management solutions, etc. through SWAGATH NRI Services.
NRIs can apply for an NRI account opening online on Doha Bank’s website. They can also download the NRI account opening application and submit the duly filled form and supporting documents at their local Doha Bank branch in Qatar or India.
HSBC Bank NRI Account Opening In Qatar
HSBC Bank offers a wide range of NRI products and services for Indians moving overseas or returning to India, including NRE accounts, NRO accounts, Mariner’s accounts, etc. Non-residents can open an NRI account with HSBC Bank online and offline.
They can deposit their foreign currency income in Qatar in the HSBC NRE account and use the NRO account to save their savings in India. HSBC mariner’s account can be used by the family members of mariners for financial transactions.
SBI Account Opening in Qatar
State Bank of India is the largest public sector bank of India and provides a wide range of banking products to its domestic and NRI customers through a network of branches, subsidiaries and representative offices.
NRIs/ PIOs/ OCIs in Qatar can apply for both NRE and NRO accounts to save their foreign earnings and Indian income respectively.
ICICI NRI Account Opening in Qatar
ICICI Bank is one of the leading Indian banks and uses the latest digital technologies to serve its customers in India and abroad. If you are in India, you can visit the nearest branch of the bank to open an NRI account and you can apply for an NRI account opening online from Qatar.
HDFC NRI Account Opening in Qatar
HDFC is the leading private sector Indian bank and has representative offices in several countries. The bank offers tailor-made banking services, including NRI account opening, to its NRI customers. NRIs can apply for HDFC NRE or NRO account opening services with HDFC Bank.
To open an NRI account, you can either visit the nearest branch of the bank in India or fill an online form on the bank’s website to get a callback if you are in Qatar.
NRI Account Benefits
NRI account holders can enjoy a wide range of benefits including the following key NRI account benefits:
- Free remittances of their foreign income to their NRI account at attractive exchange rates.
- NRIs can meet their banking needs in both India and Qatar, including digital banking services.
- Loan facility in India against their NRE/ FCNR fixed deposits.
- Interest earned on NRE savings accounts is tax-free in India.
- Income earned in India through rent, funds, etc. can be deposited in NRO accounts.
- Attractive interest on deposits in NRI accounts.
- Online access to their Indian accounts.
- Accounts can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives.
NRI Account Opening Process
If you are in India or you can visit a branch or representative office of the bank in Qatar, you can apply for an NRI account offline. While the process may vary from bank to bank, to apply for NRI account opening online take the following steps:
- Download the NRI account opening form from the bank’s website
- Fill up all sections of the form
- Get the form attested
- After the receipt of the documents by the bank, your account will be opened
While the documentation may vary from bank to bank, here is the checklist of common NRI account opening documents:
- Copy of valid passport that has important details such as your name, address, date of birth, date of issue, expiry date, photograph, address, signature and observation page
- One document containing either an overseas or Indian address
- The document must have the same address as 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
Can NRIs open a local bank account?
Many local banks in Qatar allow non-residents to open a local bank account once they arrive in the country and present their local Qatar ID to the bank. However, a hefty minimum balance is required to open these accounts.
Is an NRI account mandatory?
As per the Income Tax Act, NRIs (Non-Resident Indians) are required to open an NRI account for banking transactions in India.
Is an NRI account taxable?
Typically interest earned on NRE accounts is exempt from Indian Income Tax. However, interest earned on NRO accounts is subject to TDS.
Are NRIs and OCIs the same?
An NRI is a citizen of India who is living in a foreign country and holds an Indian passport. Whereas an OCI is a foreign citizen but was a citizen of India at any time in the past.