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.
Sirs/ madam
Presently I am NRE account holder in your ICICI Bank , I have called up your bank and they tell me any local money gained in India I have to open NRO A/c which can be done on line . But I have trying for past 1 week and I am not able to open NRO A/c on line format. Please guide me how I could do it. I have court settlement and wish to deposit in your ICICI Bank .
regards
sir,
I want to open NRO A/c. I am in UAE, Can you give uae contact no.
how to open A/c.
Thondaiman
Dear Sir,
You can contact me on 7838101899 for opening your NRI account
in Kotak Mahindra Bank
* Easy and online documentation
Thanks
Firoz alam
Kotak mahindra bank ( India)
Sirs/ Madam:
I am still waiting for reply from ICICI Bank . The Bank advises me it can be open on line , the answer I got from NRI Customer Services internet banking Team that NRO account cannot be opened on line .
Please give me a solution how can deposit settlements received locally ( in India ) while I am already having NRE account but this local fund deposits cannot be made ?
appreciate a quick reply .
regards
Sir / Madam, My self Devendra C Haspatil. My account in ICICI Bank sahar road, koldongri Andheri east mumbai. 400069 .I am working. In Saudi Arabia my company pay Dollars salary. So i want to open an NRE. account in India ,plz guide me for opening. in account.
Dear Sir,
I am Ravi from IndusInd Bank.
I can help you to open NRE/NRO account
I need only very few document to open the account.
contact no +91 8928901001
Email Id:- rahangdale.ravi@indusind.com
or ravi.rahangdale87@gmail.com
if you can confirm me over call or mail so i can provide you the list of documents which i need.
Service is my Priority.
Regards
Ravi Rahangdale
8928901001
INDIA.
Sir,my self psinnasammy,I want to open an NRE account in indian overseas bank branch veppanttattai district perambalur tamilnadu , I am working in riyadh at ksa.pl. guide me for oppening an account.
sir/ madam.
am in kuwait. I want to open NRI account .so I have no idea how to open a account. so can u please suggested to me as soon as possible. I want to immediately opening account..
Dear Sir,
You can contact me on 7838101899 for opening your NRI account
in Kotak Mahindra Bank
* Easy and online documentation
Thanks
Firoz alam
Kotak mahindra bank
Sir. I am work at house driver in Saudi arabiya. Riyadh. I want open
NRI accont pls gaid me.I am from nagapattinm district.sirkali my k.s.a. Mob no.00966554731904
Myself and my are living in USA wanted to open NRE joint account with ICICI bank,kindly sent me the connected forms.
thanks,
gs sathiamoorthy
I live in Malaysia. My Visa is expiring in July 2014. Can I still apply for NRI account. If yes, if which bank should I apply for faster processing
Hello Sir
I am Ravi from IndusInd bank India.
if you really want to open your NRE/NRO/FCNR/PIS
So please call me. +918928901001
rahangdale.ravi@indusind.com
Service is my priority…. believe me
Regards
Ravi Rahangdale
+91 8928901001
I need nri nro account open
You need to follow these steps and talk to a bank that does it.
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…
Dear sir I am arshad ali khan i want to open nro account how can I open nro account can u please tell me…
To open the NRE account from HDFC required representative of bank from hyderabad
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.
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
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
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…!!
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
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?
Gift tax is not applicable but I don’t know if you can transfer money to your father’s NRE account or not.
How to apply for pan card? Any agencies serving app. Process?
Please let me know your recommendations on pan card.
DO WE NEED PAN CARD TO OPEN NRE ACCOUNT?
WE HAVE PIO CARD. ANY ADVANTAGES in having or not having pan card?