NRIs can apply for an NRI account opening online from the country of their residence. Some of the top banks that allow non-resident Indians and overseas citizens of India (OCIs) to open an NRI account online are Axis Bank, HDFC Bank, ICICI Bank, SBI, Yes Bank, etc.
NRI Account Opening Online: The Process
There are two ways to open an NRI account online:
- Download SBNRI app to apply for an NRI account instantly
- Visit the official website the bank you want to open an NRI account with
Apply for NRI Account Opening Online via SBNRI
SBNRI is a business partner of Yes Bank. NRIs can apply for an NRI account online via sbnri.com or download SBNRI app to apply for an NRE/ NRO account online with Yes Bank. Here are the steps:
- Visit the official website of SBNRI
- Click ‘Open NRI account’ button
- You will be redirected to a new page
- Click on ‘Apply Now’ button
- Fill up the account opening form
- You will receive a call from the Yes Bank for further process
Alternatively, you can download the SBNRI app to open an NRI account online.
Top Indian Banks for NRI Account Opening Online
The NRI account opening process may slightly vary from one bank to another. The process for NRI account opening online with top Indian banks is as follows:
SBI NRI Account Opening Online
Below are the steps for SBI NRI account opening online:
- Fill SBI NRI account opening application on the bank’s website.
- Download the completed application and affix passport size photographs.
- Mention date, place and affix your signature where required.
- Self-attest the form and also get it further attested by any of these entities: SBI Foreign Office, Notary Public or Indian Embassy.
- To send an initial remittance, draw (cheque/ DD) in favor of “State Bank of India A/c [Applicant’s Name]”.
- Post all the forms to the address mentioned in the form.
- NRI Account will be opened after the receipt of the original set of forms and documents at the bank.
HDFC NRI Account Opening Online
To apply for HDFC NRI account opening online, you need to take the following steps:
- Select the NRI account type – NRE or NRO – on the NRI banking page of HDFC Bank.
- Click on ‘Apply Online’ button and fill the HDFC NRI account application form.
- A bank representative will call you and help with your application for an account opening.
- If all the information in the NRI application form is found to be correct and you submit the required documents, your NRI account will be opened within 5 to 7 working days of receiving the form and documents.
- You will receive the account opening application status via the registered email ID.
ICICI Bank NRI Account Opening Online
Following are the steps to apply for ICICI NRI account online:
- Fill up and submit the lead form on the NRI page of ICICI Bank’s official website.
- The customer service representative of ICICI Bank will get in touch with you to assist you with your application for an NRI account opening.
- The representative will assist you in completing the ICICI Bank NRI account opening process.
- If all the information is correct and all the supporting documents are in order, your ICICI Bank NRE or NRO account will be opened within 5 to 7 working days of receiving the form.
- You will be informed via the registered email ID once your account is opened.
Axis Bank NRI Account Opening Online
To apply for Axis Bank NRI account online, an NRI applicant needs to follow the instructions as under:
- On the NRI account page of the Axis Bank’s website, click on the Open NRI Account link in the page.
- New user Registration form will open.
- Fill up the Axis Bank NRI account opening form.
- Take a print of the application form and sign in the given spaces.
- Upload the NRI account opening application form and necessary attested KYC documents.
- The bank will verify the documents and arrange for document pick-up after the verification.
Common Steps to Open an NRI Account in India
Now different banks in India may have different requirements. You will need to attest the documents required for NRI Account opening from any of the entities that the bank accepts. On the other hand some banks also allow only self-attestation followed by some additional proof. These banks ask for attestation for either of these entities:
For opening an NRI Bank Account, you will need to self-attest the common set of documents and then visit any of the following entities for further attestation:
– Embassy/High Commission
– Overseas Branch of Indian Bank
– Foreign Bank with Indian Presence
Some banks may have additional KYC requirements with respect to the Tax Residency Status of the applicant under FATCA and CRS. For this you might need to submit additional documents and proof.
The complete form and set of documents (attested) needs to be sent to the address mentioned in the form or the NRI can drop it at a nearby post office with the PO Box Number. Some banks also arrange for an on-door pickup.
NRI Account Opening Documents Required
You only need a common set of documents for opening an NRI Account. These documents can be submitted to any bank in India for opening an NRI Bank Account. The documents required are:
|– Identity Proof (Passport)|
– Non-Resident Status Proof (Visa/Work Permit, etc.)
– Overseas/Communication Address Proof (Passport, Utility Bills, Rent Receipt, etc.)
– PAN Card
NRI Account Types
|NRI Bank Accounts||Non Resident External (NRE) Account||Non Resident Ordinary (NRO) Account||Foreign Currency Non Resident (FCNR) Account|
|Purpose||For income earned outside India||For income earned from India (pension, rent etc.)||Foreign Currency Investment in India|
|Currency||INR||INR||USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF|
|Tenure of Deposits||1 year to 10 years||7 days to 10 years||1 year to 5 years|
|Interest on Fixed Deposits||Up to 7%*||Up to 7%*||Up to 3.50%*|
|Repatriation (transfer of money from Indian bank account to foreign bank account)||Both Principal (money invested initially) and Interest completely repatriable||Up to a maximum of 1 million USD per financial year||Both Principal and Interest completely repatriable|
|Tax Deductions||No tax||Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India||No tax|
What is NRI Account?
NRI Accounts are special types of bank accounts (Savings, Current, Fixed and Recurring Deposits) that can only be operated by NRIs, PIOs & OCIs. NRIs can’t have a resident savings account in India. Refer to the video below in case someone asks you what is NRI Account.
NRI Account Benefits
There are many NRI Account benefits that you can avail. Some of the prominent ones are:
- Maintain funds generated in India and abroad in NRO and NRE Accounts respectively
- Invest foreign currency in India through FCNR Account
- Book Deposits in INR and Foreign Currency and earn tax-free interest up to 7%* on NRE (in INR) and up to 3.50%* on FCNR (in dollars or currency chosen)
- Completely and Freely Repatriable (NRE and FCNR) and much more
Coming back to the process of opening an NRI Account in India. Here are 5 easy steps and at the end experience the alternative to these steps which would be a one-stop platform for NRIs.
Step 4: Additional KYC
Some banks may have additional KYC requirements with respect to Tax Residency Status of the applicant under FATCA and CRS. For this you might need to submit additional documents and proof.
Step 5: Dispatch
The complete form and set of documents (attested) needs to be sent to the address mentioned in the form or the NRI can drop it at a near post office with the PO Box Number. Some banks also arrange for an on-door pickup.
Open NRI Account online effortlessly
Open NRI Account online effortlessly with the SBNRI App at the bank of your choice. Apply for NRI Bank Account in just 10 minutes with in-app document scanning and auto-filled forms. Download the SBNRI App today to experience the one-stop platform for NRIs.
Best NRI Account in India: The SB “NRI” Choice
Find the best NRI Account in India catered to your needs and requirements with expert assistance at SBNRI. Our experts will be there to assist you with the execution of the end to end processes. Apply for an NRI Bank Account instantly using the button below and get in touch with your Indian Friend directly on WhatsApp today! Also visit our blog and Youtube Channel for more details.
NRI Account Opening Online: FAQs
The best bank for NRI Account will depend on your needs and requirements. Kotak, SBM, IndusInd, RBL are some of the banks that provide a seamless NRI Banking experience.
No. The NRO Account is not mandatory for NRIs. They only need to open an NRO Account if they have a source of income in India.
Yes. You can open an NRE Account before going abroad and it is preferable also.