What are the benefits of Nominees in an NRI bank account?
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are:
- Ease of transfer of account ownership to nominee after the death of current owner
- Settlement of other claims after death of the account owner can be done by nominee
- No Dues certificates for loans can be handed over to the nominee
Refer to the following table to understand the process to update a nominee in the top banks in India if you haven’t added one yet:
All Major Banks | Process | |
| ONLINE | OFFLINE | |
|
| |
Who can be a nominee in an NRI Bank Account?
After understanding about the benefits of Nominees in an NRI bank account. We must also discuss who can be a nominee in an NRI Bank Account.
The following people can be a nominee in an NRI Bank Account:
- Any Resident of India
- Any Non-Resident Indian
- A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf
Also Watch: Latest Definition of NRI (2020)
Minimum Balance to open an NRI Account
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts. The average AQB/AMB of most of the top banks for opening a NRE/NRO Account is Rs.10,000/-:
Bank | NRE/NRO |
IndusInd (AQB) | Rs.10,000/- |
Federal (AMB) | Rs.5,000/- |
Kotak (AQB) | Rs.10,000/- |
| RBL (AMB) | Rs.10,000/- |
| ICICI (AMB) | Rs.10,000/- |
| HDFC (AMB) | Rs.10,000/- (Metro/ Urban branches) Rs.5,000/-(Semi-Urban/Rural Branches) |
SBI (AMB) | Rs.3,000/- (Metro/ Urban branches) Rs.2,000/-(Semi-Urban) Rs.1,000/- (Rural Branches) |
| DCB (AMB) | Rs.10,000/- |
AXIS (AMB) | Rs.10,000/- |
| SBM | 0 Balance |
IDFC (AMB) | Rs.25,000/- |
Related Questions
SBNRI Team
answered on 23/03/2020
No! A Pan Card is not a mandatory document for opening an NRI account. The basic use of a PAN Card can be associated with taxes. A PAN Card is a mandatory document to file taxes and carry on investments from these NRI Accounts. In the absence of the Pan Card, NRIs can sign Form […]
SBNRI Team
answered on 25/02/2023
Yes. Nomination is allowed in NRE/NRO Accounts. The following people can be a nominee in an NRE/NRO Bank Account: Any Resident of India Any Non-Resident Indian A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf Refer to the following table to understand […]
SBNRI Team
answered on 26/04/2023
Yes. Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI) guidelines. The term “either or survivor” refers to the condition where both of the account holders can operate the account independently in the absence of the other account holder. […]
SBNRI Team
answered on 23/03/2020
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts. The average AQB/AMB of most of the top banks for opening an NRE/NRO Account is Rs.10,000/- which can be understood as the minimum balance for NRE/NRO Account in India: Minimum […]
