Every large bank in the country now provides online NRI accounts for Indian customers living overseas. With features such as internet and mobile banking, these accounts can be accessible 24 hours a day, seven days a week from anywhere in the world. There are three different types of NRI accounts: NRE, NRO, and FCNR to choose from.
How to Open an NRI Account Online?
The procedure for opening an NRI account online depends on the bank. The standard procedure, regardless of the financial institution, is as follows:
- Go to the preferred bank's website.
- Click the 'NRI Banking' tab and select 'Open NRI account.'
- Choose from the listed account types based on your financial requirements.
- Fill out the form with the relevant information. These include personal information as well as information about your employment and other international matters.
- After that, upload the supporting documentation.
- Once verified, the bank will request an initial payment to activate the account.
Who is Eligible to Open an NRI Account?
The following are the eligibility criteria for opening an NRI account:
- The person must be working or running a business in a foreign country.
- The person must be a student studying overseas.
- The person must be a government employee with a diplomatic passport.
- The individual must be working in a position that requires him or her to spend at least 182 days outside of the Indian Territory. Airlines registered in a foreign country, oil rigs, and so on are examples.
Required documents
To open an online NRI account, you must submit the following documentation.
- Copy of the passport
- Proof of residence at a foreign address
- Foreign bank or credit card statements
- Student visa, work permit, or residence permits to verify the NRI status.
- PAN card photocopy
- Aadhaar Card, passport-size photos, and other supporting documentation
- Proof of identification, address, and NRI status can be verified by an embassy, notary, or banker
For the NRI who is trying to manage his or her funds back home, online NRI accounts are the ideal banking option. The NRI has the option of choosing between different types of accounts based on unique financial demands and the services provided.
