Although ventures abroad are financially promising, plenty of Indians settled abroad still retain their investments back home. It is most convenient for individuals to make money transfers to family members back home if they use the NRI banking services. Furthermore, a certain number of investments must be invested in rupee, to make the transfer back home.
But in order to take advantage of these NRI banking services, you first need to open an NRI bank account. However, if you have settled abroad, opening an NRI bank account with an Indian based bank will seem like a tedious job. To help you in investment, here are a few steps you can follow to open your own NRI bank account in order to avail the NRI services:
Step 1: Downloading the form
For those who cannot approach the bank, you can easily avail the opening of a NRI banking account online. Most of the banks provide this service on their respective websites itself. Or you can also contact the bank representative and ask for an online for. In the next step, you will need to fill up the form with you respective details. You will either need to fill up the form online or take a physical print out and fill out your respective details.
Step 2: Submission of documents
In the next step of opening your NRI banking account, you will need to submit documents supporting your identity proof, address proof and even your status proof. This can include your driver’s license, your passport details, your visa details, or even your OCI card. In addition to this, you will also need to provide the payment instrument for the initial contribution. This needs to be enclosed with the application.
Step 3: Attestation
Once you have got the respective documents, you will need to get them attested by the appropriate Indian government body. You can get it attested by the Indian Consulate or an overseas bank. It can also be notarized by a foreign notary. Alternatively, you may also furnish the additional approved proof, along with self – attestation.
Step 4: Provision of KYC
If you are applying for the first time for the NRI services, the bank may require you to fill up the ‘know your customer’ format. Under the FATCA and CRS requirements, you need to disclose your tax residency status and related details. This would entail you to submit additional documents of proof and identity.
Step 5: Dispatch your application
Once you have completed all your forms and provided all the relevant documents, you need to dispatch it to the bank branch. Selected banks offer PO Box service in selected countries. In this case, you can drop off your application in a post box with the respective PO box number.