Opening NRI account in India is seems complicated but is a very smooth and fast process . By submitting proper documents and verification by mentioned authorities , one can easily open an NRI account in India from Canada.
An NRI account is an account operated by individuals residing outside the country where the account exists. An NRI account in India consists of two types: Non-Residential External (NRE) Account and Non- Resident Ordinary (NRO) Account.
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NRE accounts are used to keep your foreign earnings in India, in Indian denomination, whereas NRO Account helps you keep your earnings from India in Indian Denomination.
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Taxation on both of these accounts is governed by Indian laws. In the case of NRE accounts, the interest earned by the account holder is exempted from taxes, whereas the interests earned from NRO account deposits are subject to TDS.
How to Open an NRI Account in India From Canada and what documents are required?
The NRI account opening process for Indian Banks is fairly common among public and private banks:
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The individual demanding to open the account has two options of either visiting a branch of the bank in India itself or any branch of the bank or its partner banks in the current resident foreign country if any or through a fully online process.
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The applicant can also visit the branch for the KYC process. If in any case, the individual wants a visit-less process, a request for online KYC can be placed from the bank website’s “NRI SERVICES” section and the bank officials will contact the applicant.
For opening an NRI account in India from Canada, the following documents are required with a signed NRI ACCOUNT OPENING FORM of the particular bank :
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Latest passport-size photographs of the applicant.
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Copy of Indian PAN Card.
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Proof Of Identity: A valid Indian or foreign passport for identification.
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Proof Of being a Non-Resident Indian (NRI) or Person of Indian Origin (PIO) :
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For Indian Passport holders: which include documents like a valid employment letter, copy of the granted visa, etc.
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For Indians holding Foreign passports: an OCI(Overseas Citizens of India) card or POI declaration if the applicant does not hold an OCI card.
- Proof of Address: Any address proof either Indian or Foreign is required.
Which authorities are responsible to verify the documents?
All these documents are required to be attested by the following authorities:
a) Authorised officials of overseas branches of the bank.
b) Branches of overseas banks with whom ANY Indian banks have relationships.
c) Court Magistrate abroad.
d) Indian Embassy of the resident country.
e) Judge abroad.
Hence, after forwarding all these documents to the bank, an Indian can easily open an NRI account from Canada.