Money Matters: 6 Documents NRIs Need To Open An NRE Account

Non-resident Indians (NRIs) often face issues while depositing their foreign earnings in Indian banks. However, it is possible to make transitions seamlessly using a Non-Resident External (NRE) account.

The account comes with multiple benefits for Indians earning abroad. The interest earned on it is tax-free, and a person can deposit foreign currency while withdrawing the deposited amount in Indian currency. It can also be a joint account in which both the nominees can be NRIs.

As mentioned byHDFC Bank, here is a list of mandatory documents required by an applicant to open an NRE account.

Documents Needed To Open An NRE Account

Address Proof

The person applying for the NRE account will have to submit self-attested address proof of either India or abroad. This can include:

• Driving license
• Valid passport
• Voter’s Id (proof of address in India)
• Aadhar card (proof of address in India)
• Documents issued by the Government departments of foreign jurisdiction [acceptable if the applicant holds a PIO (Person of Indian Origin) / OCI (Overseas Citizenship of India) card]
• Job card issued by NREGA (proof of address in India)
• Letter issued by the Foreign Embassy or Mission in India (acceptable if the applicant holds PIO/ OCI card)

You can also submit self-attested copies of deemed Official Valid Documents (OVDs) like municipal tax receipts, utility bills, pensions issued to retired employees, and letters of allotment of accommodation.

Latest Passport Size Picture

If you are applying for the NRE account, you will have to submit the latest passport-size photographs. If two people are applying for the joint account, they will have to submit photographs of both nominees. The banks use them to make sure that people do not impersonate using applicants’ documents.

Proof Of NRI Status

To prove you are an NRI, you should submit the required documents. If you hold a valid Indian passport, you can submit a student, residence, dependent, or valid employment's visa copy. You can also submit a residence and work permit copy.

If you have a foreign passport, you will have to submit OCI or PIO cards.

PAN Card

You will have to submit a copy of your PAN card. In case you do not have a PAN card, you should submit Form 60.

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Proof Of Identity

Your proof of identity includes a copy of your passport. You can submit an Indian or foreign passport.

NRI Account Opening Form

Depending on the bank in which you are opening your NRE account, you will have to submit all the documents along with a form that you can get from the bank. The form must be signed, and your signatures must match with the signatures on your passport.

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Benefits Of Opening An NRE Account

Apart from tax benefits (Tax-Saving Options) and easy mobility of currencies, there are many other benefits to opening an NRE account. This includes,

• Accessibility to your account and money with an international ATM-cum-Debit card
• You can transfer money at a low cost and without hassle
• Most Indian banks offer online money transfer services that ensure safe transactions
• Freely repatriate funds without haggling with any restrictions

The best aspect of opening an NRE account is you can invest in India in options like mutual and equity funds.

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