How to open an NRI account?

 NRI account refers to a Non-Resident Indian’s bank account with an Indian Bank. This is mandatory for an NRI to carry out financial transactions in the country. Continuing financial transactions in India with your old resident bank account is considered illegal.

Today, the digitization of India’s banking system has made it extremely convenient for NRIs to open an NRI account sitting miles away in the country of their residence.

Procedure

  • To open an NRI account, an NRI has to first and foremost visit the nearest branch of the bank in India (if you are in India). If you are overseas, then all you have to do is provide your contact details and a time bracket when the bank officials can contact you to help you open an NRI account online. 

  • You can also opt for the online Paperless Account Opening procedure wherein you will have to download the account opening application form from the bank website, duly fill and sign the same. 

  • Keep all the required documents ready in the pre-set bank format. All documents required to open an NRI account should be signed and attested by the Indian Embassy in your country, or by a notary or banker authorized to do so in your country of residence. 


Following is the list of documents (though some documents may vary from bank to bank), required to open an NRI account:

  • Copy of the front and back pages of your passport which mentions your 

Name

Address

Date of Birth

Date and place of Issue/Expiry date etc

  • One document each confirming your current overseas address as well as your address in India

  • Proof of your NRI status – Valid employment proof

  • Copy of your work permit/ student visa/ residential visa or any other that is applicable

  • Copy of your Indian PAN card or Form 60

  • Recent passport size photograph

  • Upload the authorised documents along with the account opening application form on the bank’s website. 

  • Your NRI account will be opened immediately once all your documents are verified. (In case of any discrepancies or further clarification required, our bank officials will get in touch with you over the phone or email within your pre-set timings)

  • However, the account so opened will not be operational unless and until you transfer some funds in the newly created NRI account. An initial transfer from your existing account, equivalent to the minimum balance required to be deposited in the account, needs to be made. This amount can also be deposited through cheque or draft.

  • Once the funds transferred have been authenticated by the bank, you can now start using your NRI account for all your day to day financial transactions in India.

To make opening your NRI account quick and hassle-free, SBM Bank India provides you with an exclusive relationship manager. Your relationship manager is available 24x7 to assist all your queries regarding your NRI account, right from which type of NRI account would best suit you to which documents to attest and how can you apply for an NRI account card etc. 

SBM Bank India’s personalised banking is happy to support you in any case that you may require. To know more about our NRI saving accounts.

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