If you are a non-resident Indian citizen looking to save money in your home currency then an NRI account offers attractive benefits.
Choose from a range of account options including:
Foreign Currency Non-Resident Deposits
A Term Deposit can be opened with as little as 2,000 GBP, 3,000 USD or 4,000 EUR
Interest income is not taxed in India
Non-Resident External Term Deposits
Term Deposits are held for a minimum period of 1 year and for as long as 3 years
Interest income is not taxed in India
Non-Resident Ordinary Term Deposits
Term Deposits Earn higher interest rates on your Rupee savings
Non-Resident External Savings Account
Get a rate of 4% p.a. on your savings
Free ATM / International Debit Card
Non-Resident Ordinary Savings Account
Savings account free ATM withdrawals at over 7,000 Cashnet ATMs in India
- Free money transfer facility
Call - +971 (0) 4 428 6000
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Who is a Non-Resident Indian (NRI)?
An NRI is an Indian citizen who resides outside India
- For purposes of carrying out employment, business or vocation
- With an intention to stay outside India for an uncertain duration
- Posted in U.N. Organizations or officials deputed abroad by the Government or Public Sector Undertakings on temporary assignments
A Non-Resident Indian is termed as a 'person resident outside India'. Clause 2(W) of FEMA 1999 indicates that 'A person resident outside India' means a person who is not resident in India.
Clause 2(V) of FEMA 1999 defines a 'Resident' as follows:
A. person residing in India for more than 182 days during the preceding financial year but does not include:
- a person who has gone out of India for taking up employment outside India, or
- for carrying out a business outside India, or
- for any other purpose, which would indicate his intention to stay outside India for an uncertain period;
B. a person who has come to or stays in India in either case, otherwise than
- for taking up employment in India or
- for carrying on a business in India, or
- for any other purpose, which would indicate his intention to stay in India for an uncertain period
Any person or body corporate registered or incorporated in India.
An office, branch or agency in India owned or controlled by a person resident outside India.
An office, branch or agency outside India owned or controlled by a person resident in India.
Who is a person of Indian Origin (PIO)?
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan or Bangladesh who:
- At any time held an Indian Passport
- He/She or any of his/her parents or grand parents was a citizen of India
- Is a spouse of an Indian Citizen or a person referred to above
What are the documents required for opening accounts?
The documents required include:
- Photocopy of the relevant pages of passport
- Photocopy of valid work permit / employment visa
Additionally, any one of the following to prove your address
- Copy of latest utility bill (not older than 3 months)
- Copy of latest Bank Statement (not older than 3 months)
- Copy of Driving license
If I am visiting India, can I use travellers cheques or currency to open an account or credit my existing Non Resident External (NRE) Account?
Travellers cheques can be used to credit/open the account. If you are bringing foreign currency notes & travellers cheques, you will have to submit a Currency Declaration Form (CDF) to the Customs authorities on arrival in India if the foreign currency notes exceed USD 5,000 or travellers cheques and notes exceed USD 10,000. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account.
Can any person in India be authorised to operate the NRI's account?
Yes. The mandate facility is available for NRI customers. The mandate form duly completed (with Form 60 or PAN card, proof of identity, proof of address, and photo) may be handed over to the branch when the account is opened to authorise a person in India to operate the account. This is possible only in the case of NRE savings accounts.
Can a Foreign Currency Non-Resident deposit in one currency be converted to a deposit in another currency?
Yes. However, you may consider doing so only on maturity of the deposit so that there is no loss of interest.
What is the limit on the international ATM Debit card for NRI customers?
The International ATM Debit card offers Rs 50,000 of cash withdrawal per day and transactions worth Rs 50,000 at merchant establishments.
How much money can an NRI remit abroad annually from his Non-Resident Ordinary accounts?
A NRI can remit up to USD 1 million (or equivalent) per calendar year for any bonafide purpose subject to payment of tax and furnishing the required documents.