NRI Deposits

NRI, PIO, OCI (NRE & NRO)

Foreign Students studying in India & Foreign Tourists on short visit to India (NRO Account)

Documents required to open NRI account
Like all Savings Accounts, few documents are required for opening NRI Account. Here’s a list:

• ID Proof - Photocopy of Valid Passport
• ID Proof - Copy of Permanent Account Number (PAN)/ Form 60 (in absence of PAN)
• Proof of NRI Status - Copy of valid visa/ work permit / Overseas Resident Card
• Address Proof - The address on the document must be the same as the address mentioned in the application form
• Along with the documents required for opening an NRI account, you also need to provide a photograph and an initial payment cheque/ draft from your own account.
  
  

All photocopies of the above proofs must be attested by any of the following:

• Authorized officials of overseas branches of Scheduled Commercial Banks registered in India,
• Branches of overseas banks with whom Indian banks have relationships,
• Notary Public abroad,
• Court Magistrate,
• Judge,
• Indian Embassy/Consulate General in the country where the non-resident customer resides

As applicable to domestic deposit accounts

Benefits of NRO Account of Non-Resident Ordinary Rupee Account

NRO (savings/current) account can be opened for the purpose of putting through bona fide transactions denominated in INR.

When you inform your bank about your NRI status, your bank can convert your existing Savings or Current account to an NRO account (Non-resident Ordinary Rupee Account) on submission of required documents Following are some information regarding the features, benefits, and advantages of an NRO account:

1. You can deposit any savings that you had before moving to another country into this account. Similarly, you can deposit your earnings from other sources in India such as rents, dividends, etc., and also transfer funds from your NRE account or transfer funds from overseas to this account. Thus, this account is best suited for Indians who had earnings and assets in India before moving to another country.
2. You can also open a joint NRO account with a resident Indian on former or survivor basis. Additionally, with banks such as Standard Chartered, you can mandate a resident Indian (give the power of attorney to a person resident in India) to help you carry out all the banking and account-related activities for your NRO Account.
3. Balances in NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million

Benefits of NRE Account or Non-Resident External Rupee Account

An NRE account is used to deposit funds generated from foreign countries back to India.  Following are some information regarding the features, benefits, and advantages of an NRE account:

1. Funds in your NRE Savings account are fully repatriable. You can freely move funds (both, principal and interest amount) from India whenever you want.
2. The interest earned on the funds in your NRE account will not be taxable in India, giving you more economic control over your financial wealth. However, you may or may not be taxed for this interest in your country of residence based on the prevailing taxation rules in that country.
3. Similar to an NRO account, an NRE account is maintained in Indian Rupees. This account can be primarily used for crediting funds transferred from your overseas account.
4. Similar to NRO accounts, you can mandate a resident Indian for your NRE account with banks such as Standard Chartered. However, you can open a joint NRE account only with an NRI or a resident Indian relative. *
5. If you link your NRE account with an investment & trading account, you can easily invest money in Indian investment instruments.
6. The ability to withdraw your funds from the NRE account any time using the international debit card is an added advantage.