A Bank Account is a prerequisite for banking. It lets you securely deposit your money and readily access it through ATM withdrawals and online banking at any given time. A Bank Account also enables you to carry out various banking activities in a secure and seamless manner, both offline and online. Hence, you should open an account if you have not done so. There are different Bank Accounts, each suitable for specific banking purposes.

Consider your banking requirements to open the right type of account. If you are a Non-Resident Indian, you will likely have very specific banking requirements. Given this, opening an NRI Account is viable as the account has several features and benefits.

More about NRI Accounts

An NRI Account is of two types: Non-Resident Ordinary and Non-Resident External Account. An NRO Account lets you secure and grow your Indian Rupee income. So, if you hold investments and assets in India that generate a regular income, open an NRO Account to park your money and keep it working. Note that the interest earned from an NRO Account is taxable. You can repatriate only up to USD 1 million from the account in a financial year. 

An NRE Savings Account allows you to deposit your foreign currency earnings. You should consider opening an NRE Account to benefit from the competitive interest rates offered in India. The interest earned from an NRE Account is 100% tax-free, giving you a chance to enjoy your earnings to the fullest. You also enjoy full repatriation with the account, ensuring unrestricted access to your money in the time of need. 

Opening an NRI Account

You can choose to open an NRO or NRE or both accounts with any leading bank of your choice. Ideally, you should open an account with a bank offering the most competitive NRI Account interest rates, and access to a range of banking products, credit and investment options. This lets you take care of all your banking and financial requirements systematically. 

You need to fill out the account opening form and submit the following documents to open an NRI Account: 

• You need to submit a copy of your PAN Card. Alternatively, you can submit Form 60. 

• You need to submit a copy of your passport. It serves as identity and address proof. The passport should be up to date, including all important pages from start to end. 

• To open NRI account, you need to submit proof of NRI Status. You can either submit a visa copy or a permit for employment/ residence. If you are a Person of Indian Origin or an Overseas Citizen of India, you need to submit a PIO / OCI card. 

• You need to submit address proof for both your Indian and overseas residence. Check the bank's Customer Identification Policy to find out what documents you can submit as address proof. 

• If you are a PIO, you must submit a duly filled out and signed PIO declaration form.