NRO and NRE account: How to open it when you’re abroad

by Manshu on March 29, 2011

in NRI

NRE (Non Resident External) and NRO (Non Resident Ordinary) are two types of accounts that NRIs (Non Resident Indians) can open if they need a way to transfer money, open a fixed deposit, or buy mutual funds, and stocks in India.

What follows is a sequence of events that will take place, and some pointers that you might find useful while getting a NRE or NRO account.

How to open a NRE or NRO Account?

1. Contact the Bank

There are usually two ways of getting in touch with a bank: either have them call you, or you call their helpline.

Banks like HDFC and HSBC have this option where you can fill up a contact form and then their representative calls you. Whereas SBI lists out its call center numbers for various countries and you can call them to discuss opening an NRE / NRO account.

The first step is to talk to a bank representative because once you talk to the rep – he will inquire which account you need to open, whether it’s joint or single account, and accordingly tell you what documents you need to open the account, and email you the forms as well.

2. Book an appointment to fill the form

Don’t be daunted if you see a big 10 page attachment in your email. The paperwork is not as intimidating as it looks. It will take about 20 minutes to fill up, and can’t be done on your own, but it’s not all that bad.

Because you need help to fill up the form – the bank rep will book an appointment with you (usually telephonic) to go over the forms and walk you through them.

You will have to print them ahead of time and you can fill the easier sections yourself. Leave anything you’re not sure of because there are a lot of things there that aren’t very intuitive. For instance at one point you will encounter a question asking you if you’re politically exposed, and you’ll be tempted to say hell yeah – I’ve been  exposed so bad I’m radioactive. While that may be true, it’s not what they’re asking. So, don’t try to fill the entire form without their help.

Oh, and keep a black pen handy; filling up tons of information while on the phone is a pain in itself – you don’t want to make it worse by having to hunt for black pens!

There are a lot of parts that they will just ask you to skip over or leave empty, so it’s really not as bad as it looks.

3. Get the documents ready

They will ask for documents based on your country of residence and what type of account you’re opening but here are some common ones that you should be ready with.

  • Copy of first and last page of passport
  • Copy of the visa page on your passport
  • Two residence proofs – this can be things like your driver’s license, phone or utility bills, bank statements, pay – stubs etc.
  • The filled up account opening forms.
  • Passport photograph.

On their website – some banks have asked for these to be notarized, but in reality they don’t always need that. Self – attested documents also do, which is nothing more than signing on every document yourself.

4. Write  a check in USD or your currency

You will need to write a check in order to open the account, and this can be done in USD or a few other foreign currencies. They will tell you if you can give the check in the currency of your country, or the alternative if that’s not possible.

5. Mail it to the PO Box or India Address

In some cases the banks will have a PO Box in your country of residence where you can send the documents instead of sending it to India.

However, before you decide to mail the documents to the PO Box check with them to see if there is a difference in processing time if the documents are sent to a PO Box instead of the India address.

These documents are generally processed in India, and sending your documents to a PO box may add to a delay of as much as 15 – 20 days, so before you decide where to send the documents it’s better to check with them on what they advise, and what the difference in cost is.

The bank rep will follow up with you and its a good idea to email him letting him know that you’ve mailed the documents so they can keep a track of when they receive it, and help in processing.

The one thing that’s missing from this post is recommendation on where to open an account, and that’s because I have no answer to that and nor do I have a reasonable way to compare one bank with another. You can choose one with which you’ve had good experience in the past and I’m afraid I don’t have much more input on that.

I’m really keen to hear on your experience with opening an NRE or NRO account so please do share that in comments, and of course all questions and other observations are welcome.

 

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{ 81 comments… read them below or add one }

Ramesh March 30, 2011 at 12:09 am

I reside in india about 5-6 months every year and am abroad for 6-7 months. earlier I was abroad for 4 months only.

I donot earn Anything abroad and thus have no need to transfer any funds to india. I have a resident indian account, have FDs, mutual fund and shares investments and Also draw my pension and pay my income tax here.

I donot need any NRE or NRO account. is it OK? Or am I supposed to have some NRI account and close my resident Indian accounts?

Reply

Manshu March 30, 2011 at 8:40 am

I think the rule states that if you stay for less than 182 days in a year in India then you’re a NRI.
Your condition looks a little different since you don’t earn anything abroad and probably do file tax returns within India.

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Manshu March 30, 2011 at 8:50 am

I think I wrote that response too soon. I searched a little bit and here is a link with much more comprehensive details :

http://www.vakilno1.com/nri/taxation/definitions.htm

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Miteysh H Shah March 31, 2011 at 9:04 am

for opening nre/nro a/c our aim is to send money to india, hence i think we should consider which bank offers ease of sendig money to india. for eg. i guess icici bank does not charge. Feature like citibank provide you the facility of your document collection & sending to india ( in selected countries) for opening a/c, Also chk for minimum balance to be maintained.

The feature like icici bank gives, making free DD & sending to whom you want to send in india (only postage charges applied)

Also very important ease of E-Banking & 24 hours call centre, becoz residing abroad means time difference with IST, so you should check which bank has 24 hours customer care number, best if they have special lines for NRIs. you may check if they have toll free number for your country.

You may also check if your interested bank has branch or representative off in your country.

Also see do they prefer banking with the countries in which you reside, it may confusing but its most imp. for eg, i stay in china & i was having bank NRE/NRO bank a/c with icici bank for few years maintaing good balance & nothing negative but when i applied for home loan they said they cannot give home loans for residents or earning from China & HongKong so i was shocked where i maintained good banking & at the time i need they cant help me.

Hope something of above might be useful to my frnds here.

Reply

Ramesh April 5, 2011 at 7:57 am

thanks Manshu.

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Ian April 12, 2011 at 6:39 pm

Hi Manshu,

I am an NRI living in Canada, the banks here have ridiculously low interest rates , around 1.25% so i busy exploring different investment options. One of which is starting an account in India, after doing some reading on the net I learned that I can start either an NRO or NRE account. I want to make use of the good interest rates indian banks enjoy due to the strong economy, What would you recommend for someone like me? I know that with the NRO account there is taxation – do you know how much of the interest is taxed? I dont want to be in a situation where i start an NRE account and then later realize after the taxation and other charge i’m effectively earning low interest. And lets assume i plan a fixed deposit for a timeline of say 3yrs.

Regards,
Ian.

Reply

Manshu April 13, 2011 at 3:31 pm

Hi Ian,

The interest used to be taxed at 30% plus surcharge, so that would still amount to more on a NRO account than a NRE account. Now I say used to because a commenter recently posted that the tax has been revised downwards to 10% but I couldn’t find that info anywhere, so it could be that the tax has been lowered and I don’t know about it.

In any case – the NRO deposit works better than the NRE one. In your case I’d start off with a NRO deposit.

Regards,
Manshu

Reply

Avik Pal May 16, 2013 at 1:20 pm

Hi Ian,

As per present interest rates NRE fixed deposits are almost giving the same interest rates as NRO. Moreover your NRO fixed deposit interest earned will be taxed at 30% plus 3% education cess, whereas NRE Interest is tax free. So, in my opinion a NRE account is a better option. But you can always reach into your conclusion by your own analysis of the leading Public & Private Banks in India offering this facility.

Regards,
Avik

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Deepali April 14, 2011 at 1:01 pm

@Miteysh Shah : Thanks for sharing your experience with those banks with us. This would surely help many of us to choose proper banks depending on our needs and future plans…

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RUPAK BH IOWMIK June 14, 2011 at 2:10 pm

Hi,
I have a NRE a/c in HDFC bank, India. I work on China, Chengdu, Sinchuan Province. Here my income comes in RMB (C hineese Currency). How I transfer money to my NRE (HDFC) a/c. Bcoz, here in Bank of China need a CHINEESE person who’s ID is must for transfer money to my A/C. Please can anyone suggest me that how I transfer money smoothly without any chineese person ID. & also they (BANK OF CHINA) first need to money exchange RMB to USD.

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Ujjawal Kumar August 27, 2011 at 12:43 pm

Dear Mr RUPAK BH IOWMIK,

This is the major problem in China…for everything they required Chinese ID, but there is one way to fix this problem…you can have account in CCB and from CCB you can tranfer Overseas ..but agin you have to trafer RMB to USD…one more way is to tranfer through Western Union..:)

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jagdish January 24, 2012 at 11:45 pm

hi i’m jagdish,working in kuwait.can you tell me how can i send money in S.B.I. a/c India

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vishal July 25, 2012 at 4:44 am

Dear jagdish,
if u want u can check the websites of the banks that u are aware of (any bank for that matter) and click on there NRI link. All your queries will be answered.
Hope this solves the problem

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Ujjawal Kumar January 25, 2012 at 9:16 am

Dear Jagdish,

You can open your own NRE account in Kotak Mahindra Bank….from there itself..if you want to open a account …call Name: Kevin D’costa Tel. No.: 91 22 66006099 Email ID: kevin.dcosta@kotak.com Work Timings: 9.30 am to 6.30 pm IST. He will help you…you can refer my name also. To make your work easier…

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Shyam February 24, 2012 at 2:03 am

Hi Mansu,

I am currently working in Hungary, Europe.

I am looking for some financial plan to keep my savings and deposits with Bank under NRI category.

I get fixed salary component from Employer. My requirement and sequence of planning is

1) i wanted to park this amount in Foreign Currency “Euro” saving account.(employer directly transfers to FC savings account)
2) later i move these funds to fixed depoist in same currency (say “euro fixed deposits”) under NRI category

Do you have any such NRI plans for customers. My objective and goals are

a) Link the savings and fixed accounts and to have total control of switching funds across savings and fixed deposits
b) Transfer money to Indian bank account flexibly from savings account
c) Transfer money to my Hungary bank account with flexibility from Savings account (NRI) to Hungary bank account
d) Withdraw money using international ATM card in Europe, USA, India accordingly
e) Do online internet banking with higher flexibility
f) Best yield on exchange rate and high interest rate of returns for fixed deposits managed in Foreign currency
g) Future benefit for Homeloan using NRI account etc
h) HOW TO OPEN THESE ACCOUNTS/DEPOSITS?? I AM CURRENTLY OUT OF INDIA. GUIDE ME STEP BY STEP

Please let me know if you have such plans and advise accorrdingly.

Best Regards
Shyam

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Harsh March 11, 2012 at 9:03 pm

I have my NRO and NRE accounts with a nationalized bank. Currently,i am living in India.
I need to receive money from abroad in USD. so i want to know if someone else can remit the money to my NRE account. I am asking this question because i’ve read that one can’t credit someone else’s NRE account. So someone please clear my doubt.

Thanks.

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anjaneyulu May 27, 2012 at 4:16 pm

Dear Sir,

Others can Remit Funds into your NRE Acc & But They have to Specify the proper Reason.

why they are Remiting USD to your Indian NRE Acc.

Pls Call me for any Assistance.

Regards

Anjaneyulu Tadivaka
anjaneyulu.tadivaka@kotak.com

Reply

Harsh May 29, 2012 at 2:23 pm

Thanks for the reply. I had already done so.When one fills up the SWIFT form,he needs to specify the purpose of remittance. Same was done by my friend. And money was in my account within 3 days.

Thanks.

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Harsh March 11, 2012 at 9:06 pm

@Shyam- I think you should go for a FCNR account. You can keep the account in Euro(which is not a safe currency in present economic environment).And the money would be 100% repatriable.So you will be able to have a sync with your Indian and Hungarian accounts.

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Vareen Ray March 27, 2012 at 7:01 pm

My husband had a lovely experience opening NRO/NRE account with Indian Bank before he moved to UAE, while I was still in India. The person in-charge at the bank breezily guided us through the process and also gave us some nice tips that I’m going to share. First of all unlike a lot of private banks in India, Indian Bank gives us the option of maintaining zero balance. Second the manager asked my husband to open both NRE & NRO account together. Now both these accounts share a common user ID. He further explained that if both accounts are opened separately then they will have separate user IDs. Third and most important was the fact that every individual is in a dilemma whether to send in NRO or NRE account. But since both our accounts shared a common user ID, hence money sent in NRE could be easily transferred to NRO using netbanking, though the reverse is not possible. So in this way my husband used to send money to NRE and only the amount that I needed for my monthly expenditure I used to transfer to NRO and withdraw, the rest used to remain in NRE. Here it is important to remember that NRO can be jointly operated with any person residing in India (can be more than two joint holders also), whereas NRE can only be operated singly. On his last trip to India my husband signed a number of Fixed Deposit forms and money left in NRE after transferring the amount needed for monthly expenses was used to open FDs which after deregulation is giving handsome returns as high as 9%. Hope this post will help readers to make a more informative choice

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Manshu April 2, 2012 at 4:28 am

Great tips Vareen – thank you – I think I’ll share them on the FB page on OneMint as well.

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anjaneyulu May 27, 2012 at 4:19 pm

Hi

In NRE NRO Acc you will get Comman Relationship No .

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Prashanth April 9, 2012 at 6:34 pm

Hi,

I am working in china for an official work, but i am going to stay here for more days may be 1-2 years.
Right now i am using a dollar card so i am loosing so much money in the transactions charges and etc.

Is there any way of opening a account in china and some body can transfer from india?

Can any body give me the best option

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Ali April 11, 2012 at 1:55 pm

Hi Sir,
This is ali from hyderabad india. i am working in saudi arabia( jeddah). I want to open a icici bank NRI account. any icici bank baranch in saudi arabia( jeddah) or what what is procedure to open an nri account. please help me out. Thank you

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Manshu April 12, 2012 at 5:22 am

You have to call their toll free number either there or in India and ask them for directions, they will send you the list of documents and help you.

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Natasha April 11, 2012 at 11:18 pm

Hi,
I have recently completed my MBA from Singapore. I would be searching for employment opportunities soon. I would like to know of the taxation procedures like:
Will I face a double taxation rate in India as well as Singapore according to the recent budget for this year?
If yes, what is the applicable rate?

Thanks in advance.

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Manshu April 12, 2012 at 3:47 am

The current GAAR changes won’t affect your situation. As long as you are employed in Singapore and earning there, you won’t have to pay income tax on that income in India.

If you invest that money in India, and those investments earn then those will be taxed based on what you invest in.

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Pinesh shah April 17, 2012 at 5:53 pm

Could you please advise me for the bank account in Soudi Arabia – Al jubail ?
Which indian bank is preferred for NRE / NRO account to be made operative for tax free money transfer ?

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Avik Pal May 16, 2013 at 1:46 pm

Dear Pinesh,

for opening nre/nro a/c our aim is to send money to india, hence i think we should consider which bank offers ease of sendig money to india. for eg. i guess icici bank does not charge. Feature like citibank provide you the facility of your document collection & sending to india ( in selected countries) for opening a/c, Also chk for minimum balance to be maintained.

The feature like icici bank gives, making free DD & sending to whom you want to send in india (only postage charges applied)

Also very important ease of E-Banking & 24 hours call centre, becoz residing abroad means time difference with IST, so you should check which bank has 24 hours customer care number, best if they have special lines for NRIs. you may check if they have toll free number for your country.

You may also check if your interested bank has branch or representative off in your country.

Also see do they prefer banking with the countries in which you reside, it may confusing but its most imp. for eg, i stay in china & i was having bank NRE/NRO bank a/c with icici bank for few years maintaing good balance & nothing negative but when i applied for home loan they said they cannot give home loans for residents or earning from China & HongKong so i was shocked where i maintained good banking & at the time i need they cant help me.

By Miteysh H Shah

So accordingly you have to do your own research by going to the leading public & private bank websites offering NRI services. Call in their toll free numbers for all your queries. But reputed Indian private banks are preferred due to their high service standards.

Regards,
Avik Pal
(Investment Consultant – Equities, Debt, Gold)
avik6004@yahoo.in

Reply

balaji April 19, 2012 at 10:40 pm

I currently live in U.S my visa has expired i have applied for visa extension. My visa is not yet approved .. Can i open NRE/NRI account

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Manshu April 22, 2012 at 9:09 pm

You may try but my guess is that they will need a valid visa.

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balaji April 22, 2012 at 10:54 pm

Thanks, I tried with hdfc bank but they told they need a valid visa.. I am very much disappointed…

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Dee Bank April 22, 2012 at 12:50 pm

Dear mansu:
We have an NRO account in ICICI Bank in Delhi. One of our shops is illegally taken over by a shopkeeper from nearby area. We have been asking him to vacate it for past 6 years. Last year he managed to get our NRO account information. (I suspect the bank deputy manager gave the info to this fraudster who also banks at the same branch.) He deposited some money in our account claiming as a rent for last three years. We asked the bank to reverse this unauthorized transaction but Bank keeps on favoring the frauster. We went right to the top executive of the bank but every time the bank forwards the email back to Deputy branch Manager and he flat out refusing our request. Bank Manager says the shopkeeper(fraudster) refuses the reversal transaction to his account claiming that we gave him the account number. Bank Manager never asked our permission before allowing the fraudster depositing money in our account. Please guide us as to what we can do. We have asked court to evict him but the lawyer says we need to get the deposit reversed. Your guidance is appreciated.
Thank you
Dee B.

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Manshu April 22, 2012 at 7:46 pm

I feel your pain but I’m afraid I don’t know of a way to deal with such situations. This is the first time I’ve heard of such a thing and I can’t think of what the best way to act here will be. Best of luck and sorry couldn’t be any more help.

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Harsh April 22, 2012 at 8:03 pm

Do contact Police and catch that Moron. And do also contact some other good lawyer. I wonder how ur lawyer could say that. Your lawyer should have sued not only that guy but also that bank. When bank would be sued,to protect themselves,they will confess that its the mistake of deputy manager,not the ‘bank’.

Good luck.

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Asif April 27, 2012 at 12:04 pm

threaten the bank saying that you are going to reach out to the Banking Ombudsman as the bank are not supposed to be disclosing your personal deatils to anyone and it is the bank’s duty to prevent any unauthosired transaction. And considering that there had been one, it is their repsonsibility to reverse it if the account holder has clearly written to the bank that the transaction is unauthorised. If they do not listen to you, please go ahead and lodge a compalinat with RBI Banking Ombudsman.
Lodging a complaint is very easy, as you can do it online using this link
https://secweb.rbi.org.in/BO/compltindex.htm

I am very sure you will get justice here.. All the best..

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Dee Bank April 25, 2012 at 8:58 pm

Thank you Manshu & Harsh. I have complained to RBI Ombudsman. I had written to them earlier but no response. This time I filled the online complaint form and I got a complaint number. At least that will be proof enough for the courts to consider when we go further with our case. I just can’t understand bank will allow anyone to deposit money into our NRO account. I checked with State Bank of India. They said no one can deposit in NRO or NRE account except the account holder. I will have to confirm this in writing before I move away from ICICI. Shame on you Chadda Kocher & team for providing such a lousy service!
Think twice before going with private banks!

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Harsh April 25, 2012 at 9:14 pm

Good to hear you are on the track.
But i don’t agree with what SBI guys told you. If only the account holder can deposit in his NRO account,then it means that he wouldn’t be able to receive any payment from India when he is abroad.

I’ve received money from 3rd parties to both of my accounts. In NRO-from India and in NRE- from abroad. There is no such restriction that only account holder can fund his accounts. Infact its practically not possible at all,especially in case of NRO.

Cheers.

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Harsh April 25, 2012 at 9:28 pm

One more thing. I would advice you to send emails to the senior most officials of ICICI. Tell them your whole story. Its not like everybody is a crook like the deputy Manager of your base branch. You will find the email IDs on their website including Chanda Kochchar’s. I expect some positive response from them,so i would highly recommend this step before you go to the court.

Here are the links-
http://www.icicibank.com/aboutus/pdf/business-heads-details.pdf

http://www.icicibank.com/aboutus/pdf/Zonal_Head_details.pdf

When you talk to them,do tell that you are gonna tell this entire story to all of your NRI friends and would also post on several complaint boards. But say this not in a threatening manner.Just say that this is the only option which would be left if the senior management guys don’t help.

Best of luck.

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Dee Bank April 29, 2012 at 9:32 pm

Thank you Harsh and all of you who wrote. I got all senior executives email address and wrote to them but received same response from Senior Executive Desk: The Bank Manager followed the Bank Protocol!. So much for the services. We even argued that what if an honest public servant’s account gets compromised by some fraudster who puts money in this public servant’s account and then starts blackmailing him with media exposure? Their policy should not allow deposit without account holder’s permission. Hopefully Courts or RBI will provide such directives. (I am told by some other bank that they ask this question when a person is opening a bank account and put note on the account accordingly.) Some banks allow you to freeze your NRO/NRE account when you expect no activity. My friends says treat this money as gift not rent since you have not issued the rent receipts to him. Other regular tenants pay by check and gets rent receipts from us. The rent is so minimal I rather not have rent from them. One another residential tenant is also a Fraudster. He has a DDA apartment for last twenty years and he rents this DDA Apartment out at 100 times more rent than mere 100 rupees he gives us for his posh two bedroom apartment. I hope the courts will serve the justice. These tenants think we roll in money. But they do not realize we work very hard for our money and we pay all the TAXES!

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Harsh April 29, 2012 at 10:16 pm

Its very sad that you are trapped by not one but more crooks. I think,you should once visit India and contact some good lawyer. This way,you will get your other flat(DDA) also back in your possession. Afterall,its your right to get proper rent of that flat,that tenant has no right to earn higher rates by giving the flat to a third party.

You are working hard to earn your money,so don’t let anyone else to cheat you by thinking that you are getting some ‘easy or free money. Infact even if you are making ‘easy’ money,it doesn’t give anyone a right to steal that money from you.

One more advice. I think,you should find out the numbers of the DCP or ACP of your local area in Delhi though DP’s website. Then talk to them on phone. There are many good officers who would understand your concern and help you. Atleast you should try.But don’t tell them the story that bank is not helping you.

Good luck.

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Digvijay May 7, 2012 at 9:16 am

Hi, I have recently shifted to Singapore. I have a homeloan from HDFC bank.
I want to fully pay out my homeloan & principal remaining is INR 11,00000.
Could you pls suggest me a way where I can take cash advance & fully payout my homeloan at once. I would like to incur minimum charges while completing this transaction, I can repay the whole amount in monthly installments within six months.

I have already checked with my HR here & theres no company policy for cash advance.
pls suggest possible routes !!

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YUSUF ALI May 15, 2012 at 4:20 pm

Hi, Digvijay. Hope you are doing fine in Singapore. I am working in Riyadh as an Export Manager and i wanna apply for home loan of 15 lakh to HDFC bank, where i have a NRO account. Could you suggest me what percentage the bank charged you or do you have nay other suggestion to get from.
will really appreciate to have your swift response.

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Digvijay May 24, 2012 at 8:34 pm

Hi Yusuf, I had taken my home ,oan in August 2008 & Interst rate that time was 10.5%, For past 6 months its been 12%. I have heard from friends that IDBI offers a good deal w.r.t interst rates, You might wanna have a check there.

Regards
Digvijay

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abdul razak kp May 7, 2012 at 12:25 pm

hi sir
i am working in raiydh. i want opening new nri account state bank of india.
any facility in riyadh?

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Rabi June 5, 2012 at 9:16 pm

Hi,
I live in UK and very much interested in NRO / NRE accounts.
Please suggest me which one is the best. I am looking for FDs
What about the taxation issues with FDs in NRO /NRE accounts
Do I have to pay tax in India and UK both or in one country only?
Please suggest which bank is good for NRO /NRE accounts in India.

Best Wishes
Rabi

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Manshu June 6, 2012 at 4:31 am

FDs in NRE account is tax free in India. You will have to declare them as income in UK so better check how they treat foreign income. This link shows you some of the best NRE rates http://www.onemint.com/2012/01/06/best-bank-nre-interest-rates/

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Rabi June 6, 2012 at 5:01 pm

Many Thanks Manshu,

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Mustaali Bhiwandiwal June 13, 2012 at 10:01 am

Hi

Our purpose is to accumalate money in and account where we in India as well as our relative in UAE and deposit money from time to time and then use the same of pay of our LOAN in India.
Does opening an NRO account entail the same or what is the best way of doing this. Also what are the tax implications if any for the same.

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Ravi August 25, 2012 at 12:59 am

pls precise your request. your first sentence is absolutely not clear

R

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Parvez Ahmed July 16, 2012 at 6:35 pm

Dears,

Very recently i shifted to Riyadh Saudi Arabia and wrkng in a private company i need to transfer money to my indian(HDFC,ICICI,BOI) account,am aware that i need to open NRI account first to transfer..,can anybody exactly share with me wat i need to do?????

Am having a doubt after opening an NRI account will i be able to fund tranfers through net banking to my indian banks?????

Regards,
Parvez

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Manshu July 17, 2012 at 4:33 am

If you just want to transfer money and your status has not changed to a NRI then you don’t need to open a NRI account just for that. You can use a money transfer service like Money2India to do that.

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Sachin August 14, 2012 at 2:58 pm

Hi,

I will be opening an NRE & NRO account shortly. I have a doubt about excahnge rate during transfer. When I transfer funds from my France bank(Credit Mutuel) to Indian bank (ICICI, HDFC, Kotak, etc). Will the exchange rate I get vary from bank to bank in India or it will be dictated by Credit Mutuel.

If it varies – which bank gives better rate in India?

With Regards,
Sachin

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Ravi August 25, 2012 at 12:56 am

When you transfer from Francais Bank (Euro) to Indian Bank (INR), the first bank which is French will not do exchange rate calcualtion as you can only transfer in euro. The receiving bank will calcualate the exchange rate as on that day. Pls check with bank phone officer for further info. I donot know why you are opening NRE/NRO account. Just to transfer money to india alone, you can use money2india and several options to transfer money to india without having NRE/NRO bank accounts.

EU banks has online facility to transfer directly to india using foreign transfer switch option. The only details you need are your bank account number,benefeciary details, swift code of receiving bank in india,

R

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Mike Raj August 17, 2012 at 2:17 am

Hello Sir,

I recently became an US Citizen. I bought a land in India few years back. Now I need to sell that land and transfer that money to US for my son’s tuition fees. Please advise, how can I transfer those Indian rupees to dollar amount ?? Do I have to open an NRE/NRO account to get the money in US ?? Your advise is highly appreciated. Thanks in advance!
Kind Regards
Raj

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Ravi August 25, 2012 at 12:49 am

What is the value of money?
If this is less than 200.000 USD in a financial year of India, you can do wire transfer of such amount from your indian account to overseas account
Also if you donot like wire transfer ask your buyer to transfer to your overseas account using Thomas cook.
If you donot have indian account, then as you are non resident account holder, open a NRE savings account using foreign denominated cheque of 300 USD. Once you open the account, sell the land and deposit such money in account. Use online facility to withdraw the funds.

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Ravi August 25, 2012 at 12:57 am

Pls see sale of land subjected to tax and please seek financial advisor help

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AMRITA August 23, 2012 at 3:30 pm

Hi
Been living in Dubai for many years, put my money into mutual fund investment & it did not benefit me or grow at all despite the fin. consultant making big promises. I want to open an account in India & save the money there. But I understand that saving money in India as NRE, I cannot bring it to Dubai when I need. Is this right, could you please guide me as the money being saved is for the kids’ university need & I will need the money in Dubai when required.
Thanks

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Ravi August 25, 2012 at 12:37 am

Amrita,

You can open ICICI NRE account. It will fecilitate transfer from NRE Accont to Any overseas bank account with ease. Moreover no outward remittance forms need to be filled like HDFC.

Its simple and service is excellent

Hope this helps

Ravi

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Ravi August 25, 2012 at 12:43 am

Amrita,

For ICICI NRE Account: You have to park some money in NRE deposits and some in NRE savings account. The logic is open NRE savings account, pump savings money in it. Then you can create your own deposit online and transfer to deposit account. The demerit is that these deposits are period of one year minimum and if you withdraw before one year, you are not paid any interest.

The transfer from NRE account to overseas account is free. Pls check with icici bank advisor. I also came to know recently that HSBS offering good service. Pls check with it too.

However i am against HDFC due to stupid paper work to withdraw funds from NRE to overseas account

R

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Savingfunda August 30, 2012 at 12:15 pm

Some of the banks provides pickup service, where there agent can pick your filled forms instead you are sending them to courier.

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Vijay September 13, 2012 at 6:24 pm

Hi Manshu,

Thank you for sharing this information online. My brother will be leaving to stay abroad for a while. He currently has an account with HDFC bank in India. Once abroad, what is the easiest way to transfer money to this HDFC bank account in India?
Can the transfer be done in INR or does it have to be done in local currency only?

cheers
Vijay

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Raj October 1, 2012 at 8:10 pm

Hi Manshu,
Came across your website while trying to do some research and I was wondering if I could trouble you for some advice
I currently live in the UK and the father lives in India and looks after some familial property in India.
He has now come to an age that he will need to be looked after and he’s planning to come and live with me.

I was looking to open a bank account which me and my brother (who lives in the US) can manage it online from abroad and primarily deal with funds coming from tenants and also if necessary transfer some money from the UK or from the US if any property maintenance is needed.

It’s all Kosher and needs to be quite straightforward for both of us to use.

Is there such facilities available in India and if so would you be kind enough to point me in the right direction.
Most banks seems to be intrested in opening savings accounts but have been unable to find this information

Many thanks in advance

Raj

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Manshu October 7, 2012 at 7:16 am

Hi Raj,

If you open a NRE or NRO account, then both you and your brother can deposit money into it. However, I’m not so sure that tenants will be able to deposit money into it. Perhaps not. I’m not aware of an option to do this. Sorry.

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sahil October 22, 2012 at 12:52 am

Hi Friend,

I am working in Dubai and need to open a NRE or NRO account in India, may be some where in Bihar and Govt Bank (PNB,SBI or BOI etc)
please guide me or provide me some contact details if you are aware for my ease.
thanks

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Kauser Raza January 12, 2013 at 2:07 am

Hi ,
Sir ,Madam
I want to inform u that I need open an account for saving purpose m from India and I want to know how to open an A/ c. For sending money.
Thanks

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jignesh vasani.. February 16, 2013 at 3:24 pm

According to NRE & NRO account….why NRI person can’t withdrawn the money in their on currency?????,
Tell me answer as soon as possible.
Thank u…….

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Manshu February 17, 2013 at 5:38 pm

They can withdraw INR in India, that’s not a problem, but there are rules on how much you can withdraw in the foreign currency.

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Sid March 6, 2013 at 6:27 pm

DO WE NEED PAN CARD TO OPEN NRE ACCOUNT?
WE HAVE PIO CARD. ANY ADVANTAGES in having or not having pan card?

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Sid March 6, 2013 at 6:28 pm

Please let me know your recommendations on pan card.

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Sid March 6, 2013 at 6:28 pm

How to apply for pan card? Any agencies serving app. Process?

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Amey Rane April 4, 2013 at 6:10 am

Hello,

I need to transfer money from my bank account in USA to my father’s NRE account. Is this possible? Does my father need to pay gift tax on this money. If Indian Income Tax Department does not monitor NRE accounts then should he even be declaring this as gift income? If so, will he be charged on the income generated by this gift money?

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Manshu April 9, 2013 at 6:04 am

Gift tax is not applicable but I don’t know if you can transfer money to your father’s NRE account or not.

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Ali- Ahmad May 10, 2013 at 5:40 am

I want to open NRO account in, StateBank of India .Jamui Branch,Bihar .india
I am in New York. How and from where I get Form and howto apply.
can you let me know please.
Thanks
A.Ahmad

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Vishal Wani May 10, 2013 at 7:56 pm

Hi there can anybody help me, how can I open a NRE account in SBI, India as I am currently working in Saudi Arabia. I have enquired at one of the SBI Branch in India where I am already having Savings Account for more than last 4 years, they said u need to close the savings account & u have to visit the branch, which is not possible for me till the next 9/10 months. I want to transfer money from Saudi Arabian Riyals to Indian Rupees…Any guidance please…!!

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Aijaz Khan August 23, 2013 at 9:43 am

Dear Manshu and other Experts Thanks for your all Helps for many Other Peoples, you guys are doing nice job to help the peoples ,please help me too, i am a Journalist in a Southern American Country, i just filled an application form by internet to open my NRE and NRO Account and i filled my Details over there, then i called to the Malad Head office Mumbai, So My RM called me back and Convinced me to open both Account(NRE & NRO), and he sent me Application form and that detail what i filled on internet, but the details he sent me there was something wrong with that, because in my details i filled Single, but when he sent me back my Details there was written i am married, so i cudnt understand it, i told him look i dont want any problem in future, if i will deposit my money and because of any irresponsibility of bank or you,,if my Money will stuck thn what will happen,,then he said no its not a problem he can change that,,after that he sent me Application form again and that filled Detail,,but again he make mistake in My Visa validity,,then i asked him again,,then he told me when you will fill your Application form you can fill by your hand and just correct the mistake nd do ur Sign there, so i did that,even he is calling me everyday , i have sent already my all Documents through courier to him,,but Still i am in Doubt ,,like if something will be wrong because i am not submitting my Application Form by my Hands, so i am just thinking if any mistake or any wrong thing they will fill in my Application form there,, and i will send the money in my Account from here,,and when i will go to india and i want to Withdraw my money, but if i cant then in that situation what i will do,,and if the guy can change my Details there so he can change my details again also or not,,because i just read the Reviews about Kotak Mahindra bank, Peoples are Writing the bank is Cheater and very Irresponsible staff ,,this n that,,so please can you tell me and guide me can i keep my Trust in that Account,,what i am opening from Abroad, Because Physically i am Not Involved in that, because when he send the details that i am married ,but i filled single ,then i just thought may be they can make to some 1 as a my share holder without my knowledge and they can misuse my account or my money???is’nt it?? because i dont want to make any share holder in my accounts right now. or is it also possible before transfer the money can i ask from the customer care what details they have in their own record about my account ,,if they will tell me the details what i kept in appl. form then i will transfer money otherwise not??please guide me i m waiting for your precious reply..Aijaz Khan

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Ashok Dutta August 25, 2013 at 2:58 pm

Last time I was in India I tried to open a NRO A/c in the State Bank of India. Unfortunately though armed with all the required papers , photographs and Rs. 10 lacs in hand I could not do so as the officer concerned kept insisting on a Pan card which I did not have. I hope the authorities look into this problem when they want depositers from abroad.

Ashok Dutta,

Manchester UK

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jasbir November 1, 2013 at 9:48 am

This site is very informative,and you guys are doing a great service to all,inspite all this i am
a bit confused.I am in america last 20 yrs,and now in the process of selling my ancestral land
in punjab .I have 2 nro accounts in india ,one with Punjab national bank and the other
with axis bank(mistake).Every thing is legal.How do i bring my money back to the usa?
please a step by step process would really be helpfull and appreciated. thanks.

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Narendra kumar vempati December 16, 2013 at 5:16 pm

To open the NRE account from HDFC required representative of bank from hyderabad

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arshad ali khan December 31, 2013 at 7:49 pm

Dear sir I am arshad ali khan i want to open nro account how can I open nro account can u please tell me…

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arshad ali khan December 31, 2013 at 7:50 pm

Dear sir I am arshad ali khan i want to open nro account how can I open nro account can u please tell me or reply my email address…

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