The word NRI stands for non-resident Indians; the individuals who stay at abroad for carrying business or employment are entitles with NRI status. Individuals posted in UN Organizations and the official representatives of State and Central Governments residing at abroad for temporary assignments are also given the non-resident status; non-resident foreign citizens from Indian origin also enjoy NRI status. The bank accounts of NRIs are not like common domicile citizens of India, these accounts are incorporated with some facilities and are opened under certain terms and conditions.
The requisite documents for opening an NRI Account
An NRI account opening formality in India needs to be supported by some documents. These documents are initially,
• The passport copy
• One set of 2 number of photograph, standard passport size
• The visa or residence permit where the said NRI is residing for his purpose
• The signature of the form needs to be attested and verified by officers from Indian embassy or the consulate of his residential country or by the Notary public.
• In case the bank where the NRI account is proposed to be opened has an overseas branch, documents can be verified in that branch-office as well.
• The initial transfer of fund must be sent at the first instance along with the initial documents
• On personal discretion, an NRI can appoint a local citizen via a Power of Attorney permit. There are provisions for appointment of nominees, from resident Indians or other, to their exclusive account.
Every nationalized bank in India maintains their facility for opening an NRI Account, in their NRI service category. It is better to communicate via their web link for NRI service and then NRI opening account.'Different types of NRI Accounts'
There are provisions for different NRI Accounts; however the most popular types of NRI accounts are
• Non-resident (Non-repatriable) Rupee Deposit accounts (NRNR) accounts.
• NRE Savings account, which is known as Fixed deposit account; it comes with a debit card for easy overseas money transfer
• NRO Savings Account with Fixed deposit option
Advantage of NRI Account
In India NRE accounts are to be opened by an account holder and in any case, it cannot be opened by power of attorney holder residing at India. Indian resident of power of attorney holder can operate the account on his discretion; however, the limit of bank transaction is permitted within local payment territory by the power of attorney holder on behalf of the account holder.
Loans and overdraft facilities are available against an NRO/NRE accounts, and if necessary money can be transferred between two Non-residential external [NRE] accounts in a hassle-free manner.