Indians in Saudi Arabia are the largest community of expatriates in the country that includes Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Indians living in Saudi Arabia can open an NRI account to avail a host of banking facilities. Some prominent Indian banks operate in Saudi Arabia through their branches/ representative offices or online to offer banking facilities for NRIs. Indians living in Saudi Arabia can apply for NRI account opening in Saudi Arabia with Indian banks like SBI, ICICI Bank, HDFC Bank, Bank of Baroda, Union Bank, etc. They can apply for NRI account opening in Saudi Arabia online or visit a branch or representative office of the bank.
Also Read: NRI Account Opening in Qatar
NRI Account Opening in Saudi Arabia
Indians in Saudi Arabia can open NRI accounts like an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account, or both based on their transactional needs. An NRE account is opened to deposit foreign income of NRIs and an NRO is opened by NRIs to park and manage their income earned in India, such as rent, dividends, pension, etc.
Also Read: NRI Account Opening in Dubai
Top Banks for NRI Accounts in Saudi Arabia
SBI NRI Account Opening in Saudi Arabia
State Bank of India offers customized banking solutions to non-resident Indians across the world. Customers can apply for SBI NRI account opening in Saudi Arabia online or they can visit the nearest branch of the bank if they are in India. Based on their needs, NRIs can apply for an SBI NRE account, NRO account, FCNRB and RFC accounts.
To apply for an SBI NRI account opening online, you need to fill up an online application, download it, get all supporting documents and application attested by any of the SBI foreign office/ Notary Public/ Indian High Commission in Saudi Arabia. Then send it to any of the SBI branches in India.
ICICI NRI Account Opening in Saudi Arabia
ICICI Bank is a prominent private sector Indian bank with a widespread network in India and across the world. The bank deploys the latest technologies to serve its customers efficiently. You can apply for ICICI NRI account opening in Saudi Arabia online as well as offline. You can visit any of the bank’s branches to open an NRI account. Here are the steps to apply for ICICI NRI account opening in Saudi Arabia online:
- Visit the official website of ICICI Bank and fill in basic details to request a free call from the bank.
- Then you can fill the NRI application form online as directed by the bank.
HDFC Bank NRI Account Opening in Saudi Arabia
With a widespread presence and a variety of offerings for NRIs, HDFC can be the best bank for NRI accounts. The bank offers 24*7 NetBanking and MobileBanking facilities to its NRI customers. NRIs can appoint a resident Indian as a mandate holder for ease of operation of their HDFC NRI account in India. Based on their requirements, NRIs can open an NRE or NRO account, or both with HDFC Bank.
Bank of Baroda NRI Account Opening in Saudi Arabia
Bank of Baroda offers customized banking solutions to its NRI customers across the world. NRIs can apply for Bank of Baroda NRI account opening in Saudi Arabia to perform financial transactions. Steps to apply for Bank of Baroda NRI account opening in Saudi Arabia are as follows:
- Visit the official website of Bank of Baroda and fill in the account opening form online.
- Submit the duly filled account opening form along with supporting documents with an overseas branch or a domestic branch in India.
- NRIs need to verify the application and documents by Indian High Commission/ Consulate Embassy or Notary Public.
NRI Account Benefits
Here are key benefits you will get after opening an NRI account:
- Free remittances of your foreign income to your NRI account at attractive exchange rates.
- As an NRI, you can perform a host of banking needs in India and Saudi Arabia, such as banking services and loan facility, fixed deposits, etc.
- Deposits in NRE savings accounts are not taxable in India.
- Income earned in India through rent, funds, etc. can be deposited in NRO accounts.
- Online access to Indian accounts.
- You can open an NRI account individually or jointly with an eligible NRI/ PIO and close relative in India.
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
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.
The documentation may slightly vary from bank to bank. Here is the checklist of common documents required to open an NRI account:
– Address proof of overseas and India
– Copy of Indian PAN card or Form 60
– Recent passport size colored photograph
– Copy of valid passport
– Copy of visa/ work permit
– One document containing either an overseas or Indian address
While NRIs need to submit their PAN card to open an NRI account, alternatively they can submit Form 60.
Minimum balance required for an NRI account with SBI Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas.