How to open an NRO account
Proof of residence abroad can be in the form of employment detail, student status, or a copy of the resident permit in the overseas destination. This proof needs to be attested by the Indian embassy, branch of an Indian bank with an overseas branch.
The non-resident Indian can convert his/her existing resident account in India to NRO account or open a new NRO account. Documentary proof that the account holder is a non-resident as defi ned in Indian tax laws is a prerequisite for NRI accounts.
In case of conversion of resident account, a form needs to be filled and signed by all account holders. Documents such as proof of identity, NRI status proof, proof of foreign address and two photographs need to be submitted. In case of a new account, the NRI will have to fill up a new account opening form with similar KYC documents.
Proof of residence abroad can be in the form of employment detail, student status, dependent visa status, or a copy of resident permit in the overseas destination. This proof needs to be attested by the Indian embassy, notary or branch of an Indian bank with an overseas branch
Banks also seek proof of financial transactions abroad, be it in the form of cheque drawn on an overseas account or credit card statement that is not over six months old.
NRO account opening
In case of conversion, once documents are received and verifi ed, existing savings account will be redesignated as NRO account. For new accounts, once all the documents are received along with initial amount, the account is opened.
Points to note
- NRO account can be opened jointly with a resident or non-resident.
- If the signature on the form varies from the one in the passport, it has to be attested by the manager.
- Some charges may be levied by the bank for conversion of existing account to NRO.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta)