The booming economy of the United Arab Emirates has been attracting millions of Indians in the UAE. Indians in UAE (the United Arab Emirates) constitute approximately 33% of the country’s population. Over 3.5 million Indian expatriates are estimated to be living in the UAE, which is the largest population of the country. As per the RBI guidelines, when anyone gets NRI (Non-Resident Indian) status, he/she can’t operate a regular resident savings account. It is essential for a Non-Resident Indian to open an NRI account to do any banking transactions in India. NRIs can open an NRI account online or visit the bank branch. Here we will discuss the procedure of NRI account opening in the UAE.
NRI Account Opening in the UAE
As NRIs are mandatorily required to open a Non-Resident External (NRE) account or Non-Resident Ordinary (NRO) account to complete banking transactions in India, several Indian banks operate in the UAE to offer various banking and financial services for Indians in the UAE. Based on the transactional requirements of the NRIs/PIOs, they can decide to open either an NRE or NRO account, or even both. These banks assist Indians in the UAE with NRI account opening online as well as offline. Here are top banks that offer NRI account opening facilities to Indians in UAE.
Top Banks for NRI Account Opening in the UAE
SBI NRI Account Opening in UAE
Here are the ways for SBI NRI account opening in UAE:
Online: Indians living in the UAE can fill the SBI NRI account opening online application and send it to Global NRI Centre in India. Steps to open an NRO or NRE account online with SBI are as under:
Step 1: Fill online application
- Fill in your personal details on the first page and save the form, an NRI Customer Reference Number (NCRN) will be generated. You will need it later to edit the loan application and to link customer details in the account information section.
- After completing the personal details page, fill in the Additional Details page.
- You will receive an email with the NCRN and further process via the email address provided by you.
Step 2: Complete the Account Information section
- Complete the Type of Account page first and key in your NCRN(s) to link your Customer Information Section.
- Once you complete this page and save the form, an NARN (NRI Account Reference Number) will be generated, which you need to note down.
- Now fill the Verification page.
- You will receive an email with the NARN and further process via the email address provided by you.
Steps after Filling Online Application
To download your online submitted NRI account opening application, click on “Download Completed Application” on the home page and enter your NARN number and your date of Birth.
Attach passport size photographs of sole/first applicant and second applicant (if applicable) in the ‘Specimen Signature, Photograph & Third Party Attestation’ section on page 3 and 5 respectively. Enclose one additional photograph of each applicant in the envelope.
Write place and date and affix your signature at A1, A2, A3 & A4 for the first applicant and B1, B2, B3 & B4 for the second applicant.
If someone who wants to open an NRO or NRE account can’t visit the SBI branch, then the documents have to be attested by any of the following individuals.
In case you are not visiting our Branch, then all applicants’ signatures in the application and all Identification Documents have to be attested by any one of the following. Details of third party attester should also be mentioned in ‘Specimen Signature, Photograph & Third Party Attestation’ section on page 3 for a single applicant application and on page 5 for a joint applicant application:
- SBI foreign office
- Notary public
- Indian Embassy / high commission
Draw the initial remittance (cheque/ demand draft) in favor of “State Bank of India A/c [Applicant’s Name]”.
Write “ONLINE NRI ACCOUNT OPENING APPLICATION [NARN No issue to you]” on the cover of the envelope and post/ courier.
Documents required for NRI account opening online with State Bank of India
Proof of status: Any of the following for NRIs
- Valid visa/ work permit
- Any for the following for NRI with seafarer work profile
Valid job contact
- Continuous discharge certificate (CDC)
- Expired contact letter (if the disembarkation stamp on CDC is not more than 6 months old)
- Last payslip evidencing employment with a shipping company (not more than 6 months old)
Proof of status: Any of the following for PIO/ OCIs
- Valid PIO/ OCI card
- Relevant pages of the passport of parents or grandparents that established their Indian origin
- Marriage certificate establishing Indian origin
Identity proof for NRIs/ PIOs/ OCIs
- Relevant pages of passport
Current address proof for NRIs/ PIOs/ OCIs: Any of the following
- Pages of passbook mentioning the overseas address
- Government issued national identity card of the country of residence
- Driving license issued abroad
- Utility bill (telephone/ electricity/ gas)
- Original copy of overseas bank account
- Address proof of any of the blood relatives (spouse, father, mother, brother, sister and child)
- NRIs with seafarer work profile and on the ship can give either employer’s overseas address proof or Indian address proof
Permanent address proof for NRIs: Any of the following
- Driving license
- Relevant pages of passport
- Voter’s ID
- Aadhaar card
- NREGA job card
Permanent address proof for PIOs/ OCIs
- Relevant pages of passport
Additional proof for applicants who are not visiting SBI branch to open a bank account (any of the following)
- Canceled/ paid cheque of the overseas bank account
- Cheque drawn on the overseas bank account
- Proof of income/ pay slip/ tax return
- 2 passport size photos
Offline mode: You can visit the nearest SBI branch if you are in India. If you are in the UAE, then you can visit SBI’s Representative Offices in the UAE (Dubai, Ab Dhabi) and Global Money Exchange in Oman for instant NRI account opening. Indians in UAE can also visit the SBI Foreign Office or associated Exchange House to submit the NRI account opening application.
HDFC NRI Account Opening in UAE
HDFC Bank is one of the leading private sector Indian Banks. The bank has representative offices in UAE. HDFC bank offers NRI banking services including NRI account opening and fixed deposits. Depending on your financial requirements, you can open either an NRE or NRO account. Steps to open an NRI account in HDFC are as under:
- If you are in India you can visit your nearest branch to open an NRI account. If you are in the UAE, provide your contact details to the bank online.
Documents required to open an NRE account online/ offline
- 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
If you are not able to visit the bank for account opening, your documents and photocopies can be attested by the Indian Embassy in UAE or Notary or a banker overseas. Then forward these documents to HDFC Bank for the account opening.
Bank of Baroda NRI Account Opening in UAE
NRIs/ PIOs can open an NRI account in Bank of Baroda by taking the following steps:
- Fill the account opening form available on the bank’s website or you can contact the overseas/ domestic branch of BOB
- Submit the duly completed account opening form along with relevant documents to the branch with which you want to open an account or any overseas branch/ office in the UAE
- Signature of the applicant(s) on the application and documents to be verified by BOB UAE branch or Indian High Commission/ Consulate/ Embassy or Notary Public
Checklist of documents for BOB NRE/ NRO account opening
All documents should be self-attested:
- 2 photographs signed by applicant(s)
- Copy of passport with valid visa pages and relevant address pages
- One address proof of UAE such as DEWA Bill, Telephone Bill, E-Vision Bill, and Tenancy Contract
- Letter from the employer on the company’s letterhead
- Labour card copy
- PAN card (in case of NRO account)
ICICI NRI Account Opening in UAE
ICICI Bank is one of the 4 largest banks in India. The bank has representative offices in the United Arab Emirates (UAE) to serve Indians in UAE. You can open an NRI account online or by visiting any of the bank branches. Here the steps you need to follow for ICICI NRI account opening in UAE:
ICICI Bank NRI account opening online:
- Fill in basic details on the bank official website to request for a free call from ICICI Bank.
- Fill the online NRI application form.
Documents required for ICICI NRI account opening
- First and last four pages of the passport that includes address proof applicant(s), date of birth, place and date of issue, expiry date, photograph and specimen signature
- Copy of valid work permit, employment visa, or residence visa or residence permit
- PAN card or Form 60
- FATCA/ CRS declaration form
- CKYC annexure form
All documents should be attested by the applicant(s).
Federal Bank NRI Account Opening in UAE
Steps for Federal Bank NRI account opening online are as under:
- Visit the official website of Federal Bank and click on the Apply Online link.
- Click on the ‘OPEN AN ACCOUNT’ button and click AGREE to accept terms and conditions.
- Complete the OTP verification in the next stage.
- Key in applicant and nominee details in the account opening form.
- Upload the required documents in the jpeg(980 x 735 px) or PDF format.
- Upload a jpg/jpeg file of your signature(s) with the specified pixels and size.
- Capture your photo through the webcam.
- Your application will be submitted successfully.
- Take the print of NRI account opening form sent by the Bank to your email address.
- Sign it and send it to the mentioned email.
Please note: You must also send your signed Account Opening Form (hard copy) to open your 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.
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.
To open an NRI account, you will have to maintain the minimum balance in Indian banks. Local banks in UAE like ADIB, CBD, ADCB, etc. provide zero balance accounts. However, you must confirm whether you are eligible for this service or not.
You can open an NRO account in UAE both online and offline. Either through banks’ official website or you can apply for the same through SBNRI.
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.