How To Open A Nri Account

By Author: Kirthy Shetty
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In today's globalized environment, a number of Indian's are moving overseas in order to earn and save money. If you're a Non-Resident Indian (NRI) who wants to open an account in an Indian bank, you can go in for a NRI bank account. Through an NRI bank account you can easily send money to your loved ones back home. While opening a NRI bank account provides and easy access to your funds, it save both time and money as you don't have to run to a Union bank or ask someone for a favour of providing the money to your near one. With a simple mouse-click you can transfer money online.

If you're planning to move abroad for work or study you can avail NRI bank account facility available with a number of Indian banks; government as well as private.  You can choose from a number of schemes that all commercial banks offer to Non Resident Indians. As a part of these schemes, you may choose from different types of NRI accounts. These accounts can broadly categorized into; Non-Resident Ordinary Account (NRO), Non-Resident External Rupee Account (NRE), and Non-Resident Foreign Currency Account (FCNR). While NRO and NRE accounts which ...
... can be maintained as current/savings/ fixed deposit, NRNR accounts can be only in fixed term deposits.

Since NRI accounts are meant for Non Resident Indians, these accounts are usually opened at Indian branch/es of a particular bank. For opening these account, an individual needs to submit documents, including photocopy of the pages of the passport with personal details, mailing address proof, copy of valid visa / work permit, and passport size photograph along with an application. Also, all these documents must be attested by Indian Embassy or by Notary or by Banker overseas.

For opening an account you can go either visit the nearest bank branch or can take advantage of the online NRI account open facility. Many Indian banks have the facility to download the NRI account opening form. You can fill in the form at your own convenience. The specified documents can be sent later. A savings or a current NRI account can easily be accessed anytime from anywhere with your login details. Once you provide basic details such as name, e-mail address and location on the website of your preferred bank, a bank representative will guide you on opening the right account.

There are many public banks in India that offer an NRI account open facility. You can download the form from the bank's website and submit in any of the bank's branch with documents specified on the website. Moreover, if you're opting for a private bank, some even offer you a documents pick-up facility, and a PO Box service in the US to save on courier charges.

If you're considering of opening an NRI account make a comparison for facilities by different banks to NRI's. Read reviews on bank's reputation, customer service, and take advice from friends and peers for their opinion before you go about opening your NRI account.

Kirthy Shetty,
Get more information on Open NRI Account, Tax on NRI Income