Documents required to open NRI account

In an increasingly globalised world, Non-Resident Indians (NRIs) often find it beneficial to maintain a bank account in India for easy financial management back home. These accounts, known as NRI accounts, offer various financial advantages and facilitate seamless transactions across borders. If you're an NRI considering opening an NRI account, it's crucial to be well-versed in the documentation requirements. In this guide, we will walk you through the list of essential documents needed to open an NRI account.

Checklist of documents required for opening an NRI account in India 
 

While applying for an NRI account, you need to produce some specific documents like identity proof, overseas address proof, NRI status proof and other tax-related details under a mandatory KYC process. These documents may vary from bank to bank based on the applicant, so ensure you are aware of all the documents needed during your application.

Here is the checklist of documents you require to open an NRI account. 

• Passport and visa documents

To initiate the process of opening an NRI account, your passport is your primary identification document. Ensure that your passport is valid and up to date. Alongside your passport, you'll need to provide a copy of your visa as well. This visa copy validates your NRI status and is a key requirement for opening an NRI account.

• Proof of NRI status

To establish your NRI status further, you will need to provide documents that confirm your non-resident status. This can include a Certificate of Residence, which is typically issued by the country's tax authorities. Additionally, you might need to furnish an Overseas Employment Certificate or a work permit, depending on your country of residence.

• Address proof

As part of the account opening process, banks require valid address proof. This could be in the form of a recent utility bill, rental agreement, or driving license. Make sure the address proof reflects your current residential address.

• Passport-sized photographs

A few passport-sized photographs are usually necessary for account opening. These photographs are used for various official purposes and should adhere to the specified guidelines regarding size and format.

• PAN card

Your Permanent Account Number (PAN) card is essential for financial transactions and taxation purposes in India. Make sure to provide a copy of your PAN card as part of the documentation.

• Overseas address proof

In addition to your Indian address proof, some banks may also require proof of your overseas address. This could be a utility bill or a rental agreement in your foreign country of residence.

• Proof of Indian origin

For individuals of Indian origin, providing a document that proves your Indian origin can be necessary. This could include a copy of your Person of Indian Origin (PIO) card or an Overseas Citizen of India (OCI) card.

Documents required to open an NRI account with IDFC FIRST Bank
 

Opening an NRI account with IDFC FIRST Bank has never been so easy since you get a digital application and a completely paperless verification process for a hassle-free account opening. Whether you are abroad or on a visit to India, you can open an NRO account or an NRE account at your ease through the online or offline application.  Following are the documents you must submit while opening an NRI account with us.

• Identity proof:

Passport

• Non-Resident status proof (any one of the following):

Visa, PIO card, Foreign Passport with PIO declaration, Continuous Discharge Certificate with Valid contract letter for seafarers, Resident Permit, Resident Card.

• Overseas address proof (any one of the following documents having your overseas address):

Passport, driving license, National Id /Government issued Ids, Latest utility bill (mobile/gas/electricity/telephone), Latest savings bank statement from a transactional account, Council tax bill, Resident Permit, Voter id/Electoral card, rent agreement, credit card statement.

• Tax related:

PAN / Form 60, FATCA-related fields on the application form

• Other documents:

Recent colour photograph, an image of your signature (only for online applications)

• Document certification:

When not being met by an IDFC FIRST Bank employee, please ensure your passport, visa and address proof copies are certified by any one of the following entities from your overseas country of residence: Overseas bank branches with whom Indian banks have a tie up with,  Notary Public abroad,  Court Magistrate, Judge, Indian Embassy,

By preparing the necessary documents outlined above, you will be well on your way to successfully opening and managing your NRI account with ease. Remember that specific requirements can vary from bank to bank, so it's advisable to check with your chosen financial institution for their exact documentation criteria.

Opening an NRI account is a significant step for you as a non-resident Indian seeking to manage your finances effectively in India. The documentation process might seem elaborate, but you don’t need to worry as IDFC FIRST Bank has an easy and interactive application process for quick onboarding. Apply now!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.