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.
There are two ways to open an NRI account online:
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:
Alternatively, you can download the SBNRI app to open an NRI account 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:
To apply for HDFC NRI account opening online, you need to take the following steps:
Following are the steps to apply for ICICI NRI account online:
To apply for Axis Bank NRI account online, an NRI applicant needs to follow the instructions as under:
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:
– 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.
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:
| Common Documents |
|---|
| – Identity Proof (Passport) – Non-Resident Status Proof (Visa/Work Permit, etc.) – Overseas/Communication Address Proof (Passport, Utility Bills, Rent Receipt, etc.) – Photograph – PAN Card |
| 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 |
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.
There are many NRI Account benefits that you can avail. Some of the prominent ones are:
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.
| Geography wise NRI Account Opening |
|---|
| USA |
| UAE |
| Saudi Arabia |
| Qatar |
| Dubai |
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.
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.
SBNRI Services for NRIsOpen 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.
SBNRI: NRI Indian FriendFind 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.
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.
Is NRO account mandatory for NRI?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.
Can I open NRE account before going abroad?Yes. You can open an NRE Account before going abroad and it is preferable also.
