Bank Accounts For NRI/PIO/OCI
All about Non-Resident Accounts:
Before we explore the details of the above mentioned bank Accounts for NRIs
ONE FUNNY THING…..
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First of all, there is nothing called “NRI ACCOUNT”….bank accounts are called- NRE & NRO and those are for NRIs (PIOs/OCIs as well)
And ONE NOT SO FUNNY THING…
NRI/PIO/OCIs ARE NOT ALLOWED TO HOLD AND OPERATE standard normal RESIDENT ACCOUNTS SOLELY IN THEIR NAME
Wondering what to do ?
Simple, once you have become NRI…convert your RESIDENT account into NRO & open a NRE account.
Most of the bank will convert the existing resident accounts to NRO mandatorily when you apply for a NRE account with them.
If you are planning to open your NRE account with a different bank, make sure you inform your existing bank about the change in your residential status.
They may ask you for few documents for the account conversion. Therefore, keep this documents are ready with you :
| 1 | Valid passport copy ; 1st page, last page and all other relevant pages, |
| 2 | Valid residential status proof , Residence, Work, student Visa/ PR/ PIO-OCI Card/ IQAMA (For Saudi) etc. |
| 3 | Address proof in your country of residence, Utility Bill/ Local bank/ Credit card statement/ Employment letter/ Labour contract etc |
| 4 | PAN copy; Bank will ask you to sign Form 60 if you don’t have PAN. |
| 5 | Recent coloured photograph |
Now that you know what to do with your resident accounts after becoming NRI….Let us take a look at the features and benefits of the bank accounts for NRIs (NRE /NRO accounts) :
Features and benefits of the bank accounts for NRIs (NRE /NRO accounts) :
Want to open Non-Resident Account ?
Follow the process mentioned below
JARGON BUSTER
