The Indian community constitutes a large population of Qatar. Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and people born in Qatar of Indian origin can open an NRI bank 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.
SBNRI is a business partner of leading Indian banks like HSBC Bank, Axis Bank, Yes Bank, etc. NRIs can apply for an NRE/ NRO account with top banks by clicking the below button.
Also Read: NRI Account Opening in UAE: Top NRI Accounts 2024
NRI Account Opening in Qatar
Based on their transactional needs, Non-resident Indians can open Non-Resident External accounts (NRE) and Non-Resident Ordinary accounts (NRO) with various banks operating in Qatar through their branches, subsidiaries, representative offices or online. Likewise, PIOs (Persons of Indian Origin) and OCIs are eligible to open this type of bank account.
List of Indian Banks in Qatar
Given below are some of the Indian banks in Qatar:
- Doha Bank
- HSBC Bank
- State Bank of India
- ICICI Bank
- HDFC Bank
Top Indian Banks 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.
Also Read: NRI Account Opening in Dubai: Best Banks for NRIs
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 NRI Bank Account, 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 NRI Account Opening in Qatar
State Bank of India is the largest public sector bank in 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.
SBI Qatar Branch Details
| Address | 13th Level Alfardan Towers, West Bay, Doha, Qatar, PO Box No 24883 |
| Name of the Banking Authority for Supervising and Inspection | Qatar Financial Centre Regulatory Authority (QFCRA) |
Also read: SBI NRI Account Opening in Dubai: Easy and Simple Way
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.
ICICI Bank Qatar Branch Details
Following is the address of ICICI BankSingapore branch in Singapore:
| Branch Name | ICICI Bank Limited QFC Branch |
| Address | Office 1101, 11th Floor, QFC Tower, West Bay, Doha, Qatar |
Also read: ICICI Bank NRI Account Opening: Open NRI Account Effortlessly
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.
HDFC Bank Qatar Branch
| Address | C/o. Qatar National Bank, Contact QNB select branches at Mesaieed, Ras Laffan or City Centre, Qatar |
| Contact Number | (+974) – 4407777 |
| Email ID | [email protected] |
Also read: HDFC Bank NRI Account Opening Online
Opening NRI Bank Account in Qatar Seamlessly
You can apply for an NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or:
- Simply download the SBNRI App.
- Log in using your Gmail or Apple ID.
- Next, choose a bank from the options available and click on “Apply”.
- From here, SBNRI takes care of the entire process, including bank communication, documentation, account opening, and activation.
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
Documents Required
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
How to Open NRE Account from Qatar
NRIs from Qatar have many options while choosing an Indian banks to open an NRI account. NRIs can open an NRE Account from Qatar either by visiting the bank’s nearest branch or by applying online on the bank’s website.
Given below are some of the features of NRE account for NRIs from Qatar:
- An NRE account allows NRIs to hold and manage their foreign income in Indian rupees. The funds in this account are freely repatriable.
- Income earned abroad by NRIs is generally not taxable in India.
- NRE accounts are maintained in Indian rupees, allowing NRIs to convert and hold their foreign currency in Indian rupees.
- Interest NRE accounts often offer attractive interest rates.
- Opening an NRE account provides NRIs with a convenient way to manage their financial transactions in India.
- NRIs can utilize the funds in their NRE accounts for various investment options in India, such as fixed deposits, mutual funds, stocks, real estate, and more. H
- NRE accounts often come with additional banking services such as ATM/debit cards, online banking, and access to a range of banking products.
How to Open NRO Account from Qatar
NRIs from Qatar have many options while choosing an Indian banks to open an NRI account with. NRIs can open an NRO Account from Qatar either by visiting the bank’s nearest branch or by applying online on the bank’s website.
NRIs (Non-Resident Indians) from Qatar may consider opening an NRO (Non-Residential Ordinary) account for the following reasons:
- An NRO account allows NRIs to manage income earned in India, such as rental income, dividends, pension, or any other income from Indian sources.
- NRO accounts are subject to Indian income tax regulations.
- While the principal amount in an NRO account is not freely repatriable, the current income (up to USD 1 million per financial year) can be repatriated after fulfilling the necessary documentation and compliance with the RBI guidelines.
- Joint Account with Resident Indian: NRIs can open an NRO account jointly with a resident Indian. This provides a convenient way to manage finances and share ownership of assets in India.
- Funds held in an NRO account can be used for various investment options in India, such as fixed deposits, mutual funds, stocks, and real estate.
- NRO accounts offer a range of banking services, including debit/ATM cards, online banking, and the ability to link the account to other financial products.
Contact SBNRI
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.
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
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.
Which bank is best for an NRI account?
- You can pick any of the above mentioned banks to open an NRI account. However, you can open an NRI account in a bank whose physical branch is most accessible to you.
Who is eligible for an NRI account?
- All NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin) and OCIs (Overseas Citizens of India) who have all required documents can open an NRI account.
Are there any restrictions on repatriation of funds from NRI accounts?
- While NRE and FCNR accounts are freely repatriable, allowing funds to be transferred back to the country of residence or any other country without restrictions, repatriation from NRO accounts is subject to specific guidelines set by the Reserve Bank of India (RBI).
Can NRIs open bank accounts in the Qatar?
- Yes, NRIs living in the Qatar can open Indian bank account provided they have necessary documents. They can apply for the NRI account opening in Qatar in online as well as offline mode.
What are the benefits of an NRI account?
- Benefits of opening an NRI account include:
– You can deposit your income earned outside India.
– Free funds transfer at competitive exchange rate (in case of NRE account)
– Interest earned is not taxable in India.
– No need to maintain high balances in your NRE and NRO accounts.
