If you are a Non-Residential Indian (NRI) or a Person of Indian Origin (PIO), individuals may have different banking and investment needs. While you are residing outside India, most income and savings will be foreign denominations. Many banks and financial institutions in India provide the facility of opening an NRI account. Such accounts provide several facilities with to currency denomination, tax, transferability of the amount, etc. Therefore, you must know everything about NRI accounts?
NRI Account: Meaning
However, NRI stands for Non-Resident Indian. Also, it is known as the Person of Indian Origin (PIO) with a financial institution that is authorized by the Reserve Bank of India (RBI). It generally provides multiple services. Some types of NRI Accounts are:
- Non-Resident External (NRE) Accounts
- Non- Resident Ordinary (NRO) Accounts
- Foreign Currency Non-Resident (FCNR) Accounts
- Non-Resident External (NRE) Accounts
Also Read: How Do I Withdraw Money From ATMs By Using UPI ID?
Follow These Steps To Open NRI Account Online
Step 1: Visit the official website of ICIC Bank NRI website.
Step 2: Then, apply for a suitable account/deposit through the portal. In case, if you choose to apply through the website, you may be required to submit KYC documents which include attested copies of the passport, proof of present residential address abroad, proof for NRI status, FATCA declaration as applicable, VISA copy, PAN (Permanent Account Number), etc.
Step 3: Once you are done with this process, you can choose a callback from the bank official for document-related verification.
Step 4: Now, submit the KYC documents; you are required to fund the NRI account. For NRO accounts, the funds must transfer from another NRO account or any other regular bank account.
Step 5: Once the account opening procedure has been completed, one can also add a nominee to the account.
