All non-resident Indians are allowed to open non-resident accounts external accounts and non-residential ordinary accounts so that they are able to open savings bank account or fixed deposits with different banks in India. However, it is quite evident that many NRI’s find it very difficult to visit banks in India in order to complete their banking formalities which are why their bank account information is impeded. In order to combat this issue, they can now open their bank accounts from the comfort of their homes overseas by just following these simple steps.
Download the form – The form for no n fact to face account opening is now made available on websites of almost all the banks. Whichever NRI wishes to open a bank account has to first download the form and fill it up so that the account can be opened. Some banks also provide the user with the facility to fill up the form online so that one doesn’t have to download it.
Attestation – some of the documents have to be attested by the Indian consulate as is the prerequisite for most banks for the opening of an NRI account. An NRI can get the documents attested from the consulate or an overseas bank or make it notarized from a foreign notary. If you wish to submit additional approved proof with self-attestation that is allowed as well.
Additional Know your customer – Some banks might want the applicant for the NRI account to fill up the document that pertains to the KYC or the “Know your customer” in order to disclose the tax residency status and related details under the Foreign Accounts Tax Compliance Act (FATCA) and Common Reporting Standard(CRS) requirements. For this some additional proof needs to be submitted to the bank which would have to be submitted along with the documents that are mandatory for the opening of the bank account and the account opening form.
Dispatch – now once all the aforementioned steps have been done, all the documents duly stamped and signed 9one has to cross check several times so that nothing that is required is missing. Because if anything is missing, the banks will reject the documents and they will be asked to send them once again after rectifying their mistakes which might end up in being an unwieldy and lengthy procedure) once the cross checking has been done and all the documents are in place, they have to be sent or dispatched to the bank branch. Alternatively some of the banks provide PO box services in certain countries where the NRI can drop the application in a PO Box with a PO Box number.