NRI Joint Accounts: A Complete Guide for Non-Resident Indians

As an NRI, opening a joint account with a resident Indian offers a convenient way to manage your finances and support your family in India.  Under the Foreign Exchange Management Act (FEMA) regulations, your residential status changes to NRI once you move abroad. As a result, you must either close or convert your existing resident savings account into a Non-Resident Ordinary (NRO) account.

Additionally, you can open Non-Resident External (NRE), or Foreign Currency Non-Resident Bank (FCNR) accounts, depending on your financial preferences and requirements. Read on to know the significance, benefits, and essential documentation required for maintaining an NRI joint account.

NRI joint account holding simplified
 

At IDFC FIRST Bank, NRIs can open joint accounts with other NRIs or a resident. In case, a resident must be made a joint account holder, the Mode of Operation has to be ‘Former or Survivor’ and only one resident can be added as a joint account holder. Joint accounts can also be opened with other NRIs (maximum 4 are permitted) with Mode of Operation as ‘Either or Survivor’, Jointly, or Minor Under Guardian.

Decoding Mode of Operation Terms
 

Documentation for NRI joint accounts
 

To open an NRI joint account with IDFC FIRST Bank, the following documents are to be submitted:

For the Joint holder:
 

1. Personal Details in the account opening form

2. Identity Proof (E.g: Passport, Aadhaar)

3. Address proof
 

If the joint holder is an NRI, the following documents can be shared:

• Passport,
• Resident Permit Cards,
• Voter registration ID issued by overseas govt

In case joint holder is a resident Indian, following proofs can be shared:

Passport,

• Driver’s License,
• Voter ID,
• letter issued by National Population Register

In case joint holder is a minor, both the Guardian and minor have to be NRIs and the Guardian should mandatorily be an account holder with the bank. While passport and visa for the minor is required for opening NRI account, address proof in the name of guardian can be accepted.

4. Occupation Details

5. Photograph of the customer
 

For the NRI primary holder:

In addition to the personal and occupation details, following proofs are also required for the primary holder: 

 - Proof of Identity - Valid passport

- Proof of NRI status (visa, work permit)

- Address proof abroad

IDFC FIRST Bank ensures a smooth documentation process, offering guidance at every step for its NRI customers.

Tips for seamless NRI joint account opening
 

1. Choose the right account type:

Determine whether you need an NRO or NRE account based on your income sources and financial goals. With IDFC FIRST Bank, you can apply for any NRI account depending on your specific needs and enjoy higher interest rates, monthly interest payouts, and an innovative app to manage your funds on the go.

2. Communicate with the joint holder:

Clearly discuss the responsibilities and operations of the account with your joint holder.

3. Leverage bank support:

Opt for banks like IDFC FIRST Bank that provide dedicated NRI banking services, ensuring a seamless account opening experience.

Conclusion
 

Holding an NRI joint account ensures financial flexibility, enabling you to manage your funds while supporting your family in India. IDFC FIRST Bank offers comprehensive NRI banking solutions tailored to your needs, including seamless account operations, tax benefits, and repatriation options. To secure your financial future, consider opening an NRI joint account today and experience hassle-free banking with a trusted partner.