How To Open And Operate An NRI Account Remotely?

Are you set to study at a world-recognised university or take up your dream job at a reputed MNC? Then, relocating overseas would be on the cards. While you are excited to relocate abroad and fulfil your dreams, you should handle some obligations before moving. Opening an NRI Account should be at the top of your to-do list. Upon gaining the NRI status, you cannot operate from an Indian Savings Account.

You need an NRI Account to manage your banking needs. Let us understand how to use it remotely:

Determine the account type

You can open three types of NRI Accounts: NRE, NRO, and FCNR Account. Each Account type has different requirements and features. Non-Resident External allows you to park your foreign currency earnings. A Non-Resident Ordinary allows you to deposit your Indian and foreign currency earnings. Both NRE and NRO Accounts are maintained in Indian Rupees.  With a Foreign Currency Non-Resident, your funds are held as deposits.

Here, you can choose to hold your FCNR Deposit in any foreign currencies prescribed by the Reserve Bank of India. The account is ideal to shield your deposits from foreign currency fluctuations.

Choose an appropriate bank

NRI Account is a standard financial product that most banks with a global presence offer. You should explore the market to find the match for your banking needs. Since an NRI Savings Account helps you keep your money working, you need to consider the bank’s interest rate. Higher the NRI Account interest rate, the better it is. The account requirement is another factor to consider.

Most banks require you to maintain a minimum relationship value to open NRI Account online. The lower the minimum relationship value, the better, as it allows you to easily open and maintain an account. The bank should offer Net Banking facilities too.

Fill out the application form

Once you have decided on the type and bank you wish to opt for, fill out an application form. You can open an NRI Account within minutes through the bank’s portal or by downloading their Banking app. On your screen, look for the ‘NRI Bank Account’ tab. Fill out the form with personal and financial details. You need to complete the KYC procedure and submit the necessary documents.

The entire account opening process does not take more than 30 minutes, given you have everything you need handy.

Activate account

Once your NRI Account is opened, the bank notifies you on your registered mobile number and email address. Once operational, you can make a deposit or transfer funds immediately. To start off, consider making a Wire Transfer to loved ones back home. This helps you check your account operationality and grasp how to make fund transfers.

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