- Accounts can be in the form of Savings or Term Deposit.
- Joint accounts are permitted.
- Account can be opened by direct remittance from abroad, transfer from existing NRE, FCNR(B) accounts or with foreign currency note, travellers cheque tendered personally by NRIs during their visit to India.
- Repatriation of credit balance permitted.
- No Income tax deduction at source on interest
- Balance is exempt from wealth tax and interest earned is exempt from Income Tax.
- Nomination facility is available
Documents Required for Opening an NRI account
- Application form duly filled and signed
- Copy of latest valid passport
- Proof of address and residence like copy of statement of bank account maintained abroad or a certificate from your employer abroad
- Two passport size photographs
- Initial remittance by way of DD issued by a foreign bank or an exchange company abroad or cheque drawn on a foreign bank in your country of residence