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What we offer

  • Advise you to open a suitable bank account in India
  • Tax implications on interest earned on these accounts
  • Taxability of incomes earned in NRO account
  • Various ways to use the funds in these accounts
  • Help repatriate money

Bank Accounts

Mr.Rahul is in a dilemma whether to open a NRO(Non Resident Ordinary)/NRE(Non Resident External)/FCNR(Foreign Currency Non-Repatriable) account with a bank in India while he was moving out to Australia. Here is a comparison which will guide Mr.Rahul-

Analysis:
Particulars Foreign Currency(Non-Resident)Account(Banks)Scheme(FCNR(B) Account) Non -Resident(External)Rupee Account Scheme(NRE Account) Non Resident Ordinary Rupee Accont Scheme(NRO Account)
Who can open an account NRIs(Individuals/entities of Bangladesh/Pakistan Nationality/Ownership require prior approval of RBI(Reserve Bank of India)) NRIs(Individuals/entities of Bangladesh/Pakistan Nationality/Ownership require orior approval of RBI) Any person resident outside India(other than a person resident in Nepal and Bhutan).(Individuals/entities of Bangladesh/Pakistan Nationality/Ownership as well as erstwhile OCBs require prior approval of RBI)
Joint account In the names of two or more non-resident individuals.With a resident close relative on 'former or survivor basis' In the names of two or more non-resident individuals.With a resident close relative on 'former or survivor basis' May be held jointly with residents
Nomination Permitted Permitted Permitted
Curency in which account is denominated Pound Sterling,Us Dollar,Jap.Yen,Euro,Canandian Dollar and Australian Dollar Indian Rupees Indian Rupees
Repatriability Repatriable Repatriable Non Repatriable excet the following in the account -)Current income 2)Upto USD 1 million per financial year(April-March),for bonafide purpose out of the balances in NRO account/sale proceeds of assets in India acquires by way of inheritance/legacy inclusive of assts acquired out of settlement subject to certain conditions
Particulars Foreign Currency(Non-Resident)Account(Banks) Scheme(FCNR(B) Account) Non -Resident(External)Rupee Account Scheme(NRE Account) N
Type of account Term Deposit only Savings,Current,Recurring,Fixed Deposit Savings,Current,Recurring,Fixed Deposit
Period for fixed deposits for terms not less than 1 year and not more than 5 years Not applicable to resident accounts As applicable to resident accounts

Procedure to Open a Bank Account in India for a NRI

Step 1

Download the Bank Form from the desired Bank’s website and duly fill the form.

Step 2

Submit the following documents along with the desired photographs as asked by the bank-

Proof of Identity
  • Copy of required pages of the Passport
  • Copy of Visa/Work Permit
Address Proof containing your Overseas Address (Any 1 of the following)
  • Copy of required pages of the Passport
  • Original Bank Statements held Overseas
  • Copy of Employee ID Card
  • Copy of Social Security Card
  • Copy of Labour Card
  • Telephone Bill
  • Electricity bill
Additional Documents
  • Copy of your Tax Return/Income Proof/Pay Slip
  • Cancelled or paid Cheque of your Overseas Bank Account
  • Cheque drawn on your Overseas Bank Account

The document copies need to be mandatorily attested either by the Indian Embassy/High Commission/Notary Public and the originals to be submitted along with the account opening form

Step 3

On verification of the documents, the Banking Authorities shall proceed with the Account Opening.