Nowadays, opening an NRE or NRO account from overseas has become quite easy with an online application form and free pickup services offered by many Indian public sectors and private sector banks. Almost all major banks including public sector banks likes SBI, Bank of Baroda, Union bank of India, Federal Bank and private sector banks like ICICI, HDFC, Axis Bank, Kotak Mahindra Bank, and foreign banks operating in India like DBS, Standard Chartered, and Deutsche bank all allows you to fill the account opening form online and many of them have free pickup service or local PO box services to collect the completed application form and necessary documents.
Some banks even provide complete paperless process for NRI and PIO of certain countries e.g. you can open ICICI NRE bank account completely online if you are living in the USA. Similarly, HDFC bank also has collection boxes in many countries e.g. Singapore, USA, UK, Canada, UAE where you can submit the filled application form along with necessary documentation.
You can even open NRE or NRO account in local branches of SBI in respective country e.g. In Singapore you can visit SBI Little India branch to open NRE account right from Singapore. In this article, I'll explain you to general process of opening an NRE saving account or fixed deposit (if you are a new customer) from outside of India.
1. Fill up the online application form. You can get this form for from respective bank's site.
2. Note the tracking id to complete the partial filled application form and track status of your application.
3. Note the list of documents to be attached with the form.
4. Save the form and print it. Sign at all relevant places and affix photographs where ever required.
5. Despite the completed application form on to collection box or couriers it to bank in India.
As I said, some banks like HDFC provides collection boxes at respective countries like the USA, UK and Singapore but many others doesn't, in that case you need to courier the completed application form along with required documents.
Some banks even provide complete paperless process for NRI and PIO of certain countries e.g. you can open ICICI NRE bank account completely online if you are living in the USA. Similarly, HDFC bank also has collection boxes in many countries e.g. Singapore, USA, UK, Canada, UAE where you can submit the filled application form along with necessary documentation.
You can even open NRE or NRO account in local branches of SBI in respective country e.g. In Singapore you can visit SBI Little India branch to open NRE account right from Singapore. In this article, I'll explain you to general process of opening an NRE saving account or fixed deposit (if you are a new customer) from outside of India.
Process to open an Online NRI Saving Account
Barring some changes, depending upon which bank you are opening NRI account, below is the general process you can follow to open an NRI account online.1. Fill up the online application form. You can get this form for from respective bank's site.
2. Note the tracking id to complete the partial filled application form and track status of your application.
3. Note the list of documents to be attached with the form.
4. Save the form and print it. Sign at all relevant places and affix photographs where ever required.
5. Despite the completed application form on to collection box or couriers it to bank in India.
As I said, some banks like HDFC provides collection boxes at respective countries like the USA, UK and Singapore but many others doesn't, in that case you need to courier the completed application form along with required documents.
If your bank is providing free pick up service like Kotak and Deutsche bank does, then just handover the form and documents in a envelope to their representative.
For ICICI bank you can even start simply by providing your contact detail and their executive will call you for rest.
1) Passport
2) Valid Visa e.g. green card, PR card, employment visa or dependent visa
3) Indian address proof if your address is different then address mentioned in Passport.
4) Overseas address proof like a telephone or internet bill, utility bill, rent agreement etc
4) Recent Photos
It may be required you to self attest all document like ICICI, HDFC and Kotak accepts self attested document for KYC purpose but some other banks like YESBANK require you to attest the document from embassy. So don't forget checking your bank's requirement.
Documents requires to open an NRI account from Overseas
You will need following document to open any NRI account like NRE or NRO saving account or fixed deposit:1) Passport
2) Valid Visa e.g. green card, PR card, employment visa or dependent visa
3) Indian address proof if your address is different then address mentioned in Passport.
4) Overseas address proof like a telephone or internet bill, utility bill, rent agreement etc
4) Recent Photos
It may be required you to self attest all document like ICICI, HDFC and Kotak accepts self attested document for KYC purpose but some other banks like YESBANK require you to attest the document from embassy. So don't forget checking your bank's requirement.
Some banks like ICICI, Kotak Mahindra and YESBANK also offer click to call facility where their representative will call you and assist you on filling online application form, requirement documents and dispatching those to India.
In short, opening an NRI account has become lot easier in recent times due to increased competition between many private sector Indian banks. It's still a lot tougher with public sector banks e.g. SBI where you get very poor customer service. BTW, you must read and know which kind of NRI account you need e.g. NRE, NRO or FCNR before contacting bank and opening account.
Related NRI banking articles you may like:
In short, opening an NRI account has become lot easier in recent times due to increased competition between many private sector Indian banks. It's still a lot tougher with public sector banks e.g. SBI where you get very poor customer service. BTW, you must read and know which kind of NRI account you need e.g. NRE, NRO or FCNR before contacting bank and opening account.
Related NRI banking articles you may like:
- How to reduce tax on NRO fixed deposit using DTAA?
- How to send money to Overseas from NRE bank account?
- Can you deposit INR on NRE bank account?
- 10 ways to fund your NRI banking account?
- What is difference between NRE and NRI bank account?
- 10 benefits of NRE bank account and fixed deposits
Some great guidance there, Javin...
ReplyDeleteWhen anyone travels overseas and stays outside India for more than 180 days, it is very important (and not legal if I may add!) to change your resident savings account to NRO/NRE account. This is a great piece of information for people to take action...
Cheers!
Dear Sir
ReplyDeleteI have become NRI and so I am planning for conversion of my resident bank accounts to non-resident bank accounts.
I understand that all my FDs will be liquidated and credited to my Savings Account which will then be converted to NRO Savings Account. But I have some Tax Saving FDs also which can be credited to my Savings Account only on completion of 5-year tenures.
Please give me some information about what will happen to my Tax Saving FDs at the time of conversion.
Kind Regards
Dear Javin, idfc bank offers simple NRI online account opening to customers in 70 countries. There are two options - completely online immediate account opening or by filling an editable PDF form which can scanned and sent on email .
ReplyDeleteAnyone planning to open an account in India dhouks try it .it is a smooth and simple process