As a NRI whose settled abroad, has the opportunity to invest in various options back home. However, before investing in any of these options, the NRI must first open a NRI account. In this case, either the NRE account or the NRO account must be opened. Here is how you can open either account even though you are settled abroad.
Step 1 – Contact the bank
The first step you need to take is to contact the bank. You can either contact them through mail or call their helpline. Several of the major banking institutes also have a digital enquiry form which you can fill up, wherein which, a representative from the respective bank will call you back. Ensure that you talk to a representative from the bank and get the required details about the NRI account you would want to open.
Step 2 –Book an appointment to fill the account opening form
Once the necessary contact has been made with the bank representative and the information required, you will need to fill up the account opening form then. Normally the bank will provide you with the required paperwork through attachments or emails. Normally, it would take 20 minutes or less to fill up. However, it is best to book an appointment with the bank to get the required assistance to fill up the paperwork required. If you are unaware or unsure of any details within the form, you can leave it blank, until you get the required clarification.
Step 3 – Get your documents assembled in order
As the part of the loan application process, you will need to submit a certain set of documents. However, when filling up the form, you would not want to distract yourself, running around to get the required documents pertaining to the application form. To assist you in this step, you need,
• a copy of the first and last page of your passport
• a copy of the visa page on your passport
• proof of residence through documents such as your driver’s license, phone or utility bills
• passport photographs
As per the bank you are applying at, you may need to notarize or self-attest these documents. Once these documents are verified, your bank will proceed to contact you with the next step.
Step 4: Write a check in your currency or the currency of your resident country
Once your documents are verified, you will need to provide the finance in order to open the NRI account. You can either make the payment in the local currency or in the currency of your residency. You can make it in the form of a check or demand draft.
Step 5 –Deliver it to the bank
Once the required documents are filed, application form is filled and the finance provided, you will need to send these requirements to the bank through a mail. You may need to send it to the PO box or to the Indian address.