If you are worried about opening a Non-Resident External (NRE) Account/ or a Non-Resident Ordinary (NRO) Account, fret not! Opening an NRI (Non-Resident Indian) Bank Account is an extremely easy and hassle-free process. All you need to do is follow the below-mentioned steps and procedures and voila! Your NRI Account is opened.
How to open NRI account online?
Here is the brief process to open NRI account online:
1. Visit the NRI website of the ICICI bank to open NRI account online or login to the ICICI Bank NRI Netbanking portal.
2. Apply for a suitable account/deposit through the portal. If applying through the website, one may also be required to submit the KYC documents, including attested copies of the passport, proof for NRI status, proof of present residential address abroad, VISA copy, FATCA declaration as applicable, PAN (Permanent Account Number) etc. Such documents may be required to be uploaded on the portal.
3. Once the documents are uploaded, one can opt for a callback by the bank official to assist with pending requirements, if any.
4. Post the submission of KYC documents; one needs to fund the NRI account. For NRO accounts, the funds may be transferred from another NRO account or any other regular bank account. In contrast, an NRE account may be funded only through inward remittances from outside India or transfer from another NRE/ FCNR account. For transfers from the FCNR account, the maturity proceeds are converted to the Indian currency at the prevailing exchange rates and credited to the NRE account. Similarly, for funding an FCNR (B) deposit, one can transfer funds from an NRE account or through an inward remittance.
5. Once the account opening procedure has been completed, one can also add a nominee to the account.
Account opening is convenient and easier with the emergence of digital banking. Thus, it has become easier for the Non-Resident Indians (NRI) to open NRI account online in India even while staying away from the homeland. Even if the process can be completed online, one can also visit any of the designated bank branches with all the requisite documents to open an NRI account.
