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Opening an NRO Account - Non-Resident Ordinary Account

When a resident Indian becomes an NRI, the simplest way to access and operate the money and investments already made in India, is to convert the savings account with the Indian bank into an NRO account. These accounts can receive foreign remittances, can have a joint holder who is a resident Indian, and RBI also permits repatriations abroad limited by a maximum annual amount.

NRI status

To open any non-resident account in banks in India, it is important to provide documentary proof that the account holder is now a non resident as defined in the Indian tax laws. Once a person becomes an NRI, he cannot continue to hold bank accounts with resident Indian status.

Documents

The conversion of a resident account into a non-resident account requires submitting of identity proof, NRI status proof, proof of foreign address and two photographs.

NRI status and residence proof

The applicant has to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of resident permit in the overseas destination. This proof has to be attested by the Indian embassy, notary or an Indian bank with an overseas branch.

Indian address proof, attestation

If the applicant wants to mention a local Indian address for ease of operation, in addition to an overseas address, proof of such address should also be provided with attestations.

Points to note

If the signature on the account opening form varies from the signatures in the passport, they have to be attested by the bank manager.

Identity and address proofs also have to be provided for the joint Indian holder of the NRO account.


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