Bank Account

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2000+

Accounts Opened

$50 mn+

Remittance

10+

Banks

34+

Year of trust

Our Process

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Submit your documents with IFNRI

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Online verification call with the banker

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Account will be opened in 48 hours

Documents Required

Passport copy

PAN card copy

Visa copy

Document for overseas address proof

Photograph

Submit Your Query

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Frequently Asked Questions

  • Yes, If you are the Primary Applicant in the account and your residential status is:-
  • Non Resident Indian (NRI)
  • Person of Indian Origin (PIO)
  • Overseas Citizen of India (OCI)
  • No, if:-
  • You are the secondary applicant in the account
  • You reside in Nepal/ Bhutan/ Pakistan
  • You are a citizen of Bangladesh
  • You have a Business/ Tourist Visa
  • Your account is under freeze/ lien or in debit balance

  • Following types of bank accounts can be opened:-
  • Non-resident External (NRE)
  • Non-resident Ordinary (NRO)
  • Foreign currency Non-resident (FCNR)

When you attain non-resident status, you must re-designate your resident account to an NRO (Non-Resident Ordinary) account.

  • The principal amount is not repatriable and can be used only for local payments. However, the interest earned is fully repatriable. Other current incomes such as pensions, dividends, rent, etc are also repatriable, subject to producing the appropriate certificate from a chartered accountant.
  • Funds up to USD 1 million (or equivalent) per financial year can be repatriated out of the balance held in NRO accounts for any bonafide purpose subject to satisfying documentation requirements

Yes, interest earned is taxable.

Yes. You can hold your NRO Savings Account jointly with other Non-Resident Indian(s) and Resident Indians*. You can also register nomination for this account.

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account.

Banks are recommended to NRIs based on specific preferences like minimum balance, ease of remittance, and ease of opening an account, ensuring that the bank aligns with individual needs. This personalized approach helps clients make informed decisions.
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