An NRI bank account is a must to manage your finances in India conveniently. If you’re looking to open an NRI bank account, check out this post to know the detailed steps you should follow.

According to FEMA (Foreign Exchange Management Act), NRIs cannot open or operate a regular bank account in India. This means that you cannot continue using your regular savings bank account once your residency status changes to NRI. You’ll need an NRI bank account to access banking services in India.

If you’re looking to open an NRI account, here are the steps you should follow-

Opening an NRI Account Online

Thanks to digitalisation, you can now open an NRI bank account online. With online account opening, you can open an NRI bank account irrespective of whether you are in a foreign country or visiting India temporarily. However, not every bank offers online account opening facility. To open your NRI account digitally, you can visit the official website of your preferred bank.

Note that just like you need to submit a few documents for opening an NRI account offline, you’ll have to upload scanned copies of the required documents to open an account online. Also, your scanned documents need to be attested by a Notary, Banker, or Indian Embassy if you’re currently residing in a foreign country.

Opening an NRI Account Offline

If you’re in India for holidays, you can visit the nearest bank branch in which you’d like to open your NRI account. Fill the account opening form and submit physical copies of the required documents to open your NRI account offline.

Some of the top Indian banks also have international branches. If you have one close to your home abroad, you can visit the branch to open an NRI bank account in India.

Documents Required for Opening an NRI Account

Here is a list of documents you’ll need for opening an NRI account in India-

●        Copy of valid passport

●        A document confirming your overseas or Indian address

●        Proof of NRI status in the form of work/residence permit or employment/residence visa

●        Form 60 or Indian PAN card

●        Cheque or draft with the initial deposit amount

If the documents are to be uploaded online, do not forget to get them attested before uploading. Some banks also offer document pick-up service in a few foreign countries for enhanced convenience.

Duration for Opening an NRI Account

It can take anywhere between 5-10 working days to receive the welcome kit once you’ve submitted the required documents. Once you acknowledge the receipt of the welcome kit, the bank will instantly activate your account. You should also get an email for the same.

However, the account opening duration can vary between banks. Consult with your bank to know more.

Opening an NRI Bank Account in India

Opening an NRI bank account in India is hassle-free and quick. Make sure that you select a bank that has an excellent reputation among NRIs so that you can access the best banking products and services.

You can also visit your preferred bank’s official website or get in touch with their customer support to know more about the account opening process.