Open NRI Account Online - Types, Process, Timeline & More

With innovation and digitization on the rise, opening NRI bank accounts online is now easier than ever. As an NRI, managing our finances while living abroad is a challenge in itself, and that's when a Non-Resident Indian account comes in.

Any individual citizen who lives and works abroad for more than 182 days in a year is considered an NRI and can open NRI accounts to manage their money in India from abroad.

In this blog post, we will discuss opening an NRI account online, including which types of NRI accounts can be opened online, the process, the best banks for opening NRI accounts online, and more.

What Types Of NRI Accounts Can Be Opened Online

There are three types of NRI accounts that an NRI can open in India.

Non-Resident Ordinary Account ( NRO )

A non-resident ordinary account is for parking the income earned from or within India while you are residing abroad. This includes income such as rent from an NRI-owned property in India, pension funds, dividends, and so on.

Such income is deposited into an NRO account and can be transferred abroad. Since this account is rupee-denominated, the funds held in it are INR-denominated, meaning NRIs do not need to undergo a currency conversion before making a deposit. The principal and the interest earned on the NRO account are taxable in India. Additionally, the repatriation in the online NRO account is subject to certain restrictions and limitations.

Non-Resident External Account ( NRE )

A non-resident external account is use to park earnings generated in the NRI's resident country. In simpler terms, the online NRE account is for depositing your foreign earnings in India. The principal amount and the interest generated on this account are tax-free in India.

Similar to an NRO account, this account holds funds in INR, eliminating the hassle of currency conversion for NRIs. You can easily repatriate funds to your country of residence without any restrictions or limitations.

Foreign Currency Non-Residential Account ( FCNR )

An FCNR account is a fixed deposit account. This account is ideal for NRIs who want to deposit their income in Indian in the same currency of their residence country. Just ensure that the currency is allowed by the RBI.

Popular currencies such as US Dollars (USD), Australian Dollars (AUD), Euros (EUR), Canadian Dollars (CAD), and others are permitted. For instance, if an NRI earns in a currency not permitted by the RBI, the deposits shall be converted into any one of the permissible currencies on the list. Interest earned on the principal amount in an FCNR account is non-taxable in India.

How Does The Online NRI Account Opening Process Works

Following is the step-by-step process for NRIs to open an NRI Account Online

Step 1: Choose The Correct Account Type And Bank

The first step is to choose a reputable Indian bank offering NRI services and the type of NRI account you would like to open.

Step 2: Fill Out The Online Application Form.

After choosing the desired bank, visit the bank's official website and locate its NRI banking section. Fill out the online application form with your personal details.

• Name
• Contact details
• Country of resident
• Type of NRI Account you would like to open: NRE, NRO, and FCNR.

Step 3: Upload All The Required Documents

The list of documents may vary by bank, but the following is the standard set most banks request.

• The copy of the first and last page of your passport.
• Visa or residence permit, which also serves as proof of NRI status.
• Indian PAN Card
• Address of both the Indian address and the overseas address.
• Passport-sized photographs.
• Initial Deposit Proof: Some banks require a minimum deposit to activate the account.

Step 4: Complete KYC Verification

Many banks offer video KYC, or Know Your Customer service, to speed up processing. You just have to schedule a video call with the bank's representative to get your documents verified.

Step 5: Fund Your Account & Use It

Once your KYC is done, your account will be activated, and you will receive your net banking credentials. You can now easily start transferring funds and managing your finances online.

How Long Does the Online NRI Account Opening Process Take

The time required to open an NRI bank account depends on how quickly the KYC process and the documents are verified. However, the initial steps of the process are fast; the final activation may take some time due to regulatory compliance checks.

Online Application (30-45 minutes): Filing the application form and uploading all required documents usually takes less than an hour if the applicant enters all details correctly.

KYC and Verification: If video KYC is available, this step went faster; if physical attestation is required, verification takes longer.

Full Account Activation ( 7 -15 working days): Once your KYC is approved, the bank activates the NRI bank account, issues the net banking access, and dispatches the debit card and the checkbook to the account holder.

Why do the Delays Happen

The following factors cause most delays in activating an NRI bank account.

• Unclear or incomplete documents: This includes uploading blurred scans of the documents.
• Address proof mismatch: This includes your address proof being mismatched between the passport, visa, and application form.
• Attestation or notarization issues: Issues with attestation and notarization of your overseas documents can take a long time to resolve.

Best Banks For Opening An NRI Account Online?

The following are some of the most reputable banks in India that offer expert online NRI account-opening services.

• The State Bank of India (SBI): The SBI offers competitive exchange rates and a reputable global presence.
• HDFC Bank: This bank is known for offering high-quality digital banking services.
• ICICI Bank: This bank offers instant account opening and dedicated NRI services.
• Axis Bank: This banks offer good investment options and ease of transactions.

The Bottom Line

One of the best banking opportunities for NRIs here in India is the ease of opening NRI bank accounts online. This way you can effortlessly manage your fund in India from the comfort of your residence country. However, understanding the repatriation and tax implications of different NRI accounts is important for clarity on which account suits you best.

As an NRI, if you are looking for expert NRI account opening services, Savetaxs is the name to trust. With fast processing, zero filing errors, and worldwide services, we have been the trusted partner for securing and providing clear NRI banking services.

Connect with us as we serve our clients 24/7 across all time zones.