In the past two decades, many Indians have gained non-resident Indian status. If you lived overseas for at least 182 days in a year or have resided in India for less than 365 days in the last four years, you are an NRI. If you are moving overseas to pursue education or employment, you immediately gain the NRI status.
Several changes follow as you gain the NRI status. You can no longer operate your resident Bank Account. You need to open an NRI Account to carry out banking. There are three NRI Accounts: Non-Resident Ordinary, Non-Resident External, and Foreign-Currency Non-Resident Accounts.
What is the NRI Account eligibility criteria?
You need to meet simple eligibility criteria to open any NRI Account. Every bank has different account opening eligibility criteria. The following are the generic eligibility criteria:
- You should be employed, own a business, or engage in other forms of trade overseas.
- You can be an Indian student pursuing education overseas and open NRI Account online.
- You can be a government employee holding a diplomat passport.
- You could be working with the Indian Navy, Oil rig, or an overseas shipping company that requires you to spend 182 days or more working overseas.
- A Person of Indian Origin and an Overseas Citizen of India can also open the account.
Who should open an NRI Account?
Opening an NRI Account is necessary and advantageous for every NRI. However, if you are an NRI with the following financial requirements, you should consider opening an NRI Account:
- Income management
You may have moved overseas but would continue holding investments and real-estate property in India, earning you a regular income. An NRO Account helps manage your Indian income. Furthermore, you earn a competitive interest rate on your NRO Account deposits, keeping your money working.
You need to remit money to financially support your family living in India. An NRI Account lets you make secure and seamless Remittances. You can initiate a Remittance request online. You enjoy preferential exchange rates and zero Remittance fees. Your request is fulfilled as soon as possible.
If you want to invest in Indian instruments and the stock market, consider opening an NRI Account. Your NRI Account lets you invest in a range of investment options. You can also explore FCNR Deposit to hedge against currency fluctuations.
What are the documents required?
You should have the following documents handy for account opening:
- Recent passport-sized photographs
- A copy of a valid passport
- Proof of NRI status, work/employment permit, visa copy or PIO/OCI card or any other PIO status proof
- Indian and overseas address proofs
- A copy of the Indian PAN Card or Form 60
- As a PIO account applicant, you should also fill out and submit a signed PIO declaration