Indian citizens who are not residents can now open Non-Resident Indian Accounts online with more ease and without any hassle. Non-Resident Ordinary Accounts are the simplest for NRIs since any existing resident account is automatically transformed into NRO Account upon changing their residential status. These accounts offer higher flexibility for receiving money from all sources, including those inside and outside of India.

Nevertheless, these accounts do not allow the repatriation of account balances. FEMA or Foreign Exchange Management Act regulations only permit transfers of funds up to a certain amount. NRE Account or Non-Resident External Account does not accept any rupee credits and is exclusively for receiving foreign currency sent outside of India.

Such accounts are not ideal if NRIs need to get rupee credits in the account because they cannot receive credits in Indian currency. NRE Accounts offer advantages in tax exemption on interest income and easy repatriation of funds outside of India. You can also open Foreign Currency Non-Resident Deposits to hold foreign currency investments. Such deposits are completely transferrable outside of India, or repatriable, with no restrictions.

How to open NRI Accounts online?

The quickest procedure to open NRI Account online are:

  • Visit your preferred bank’s website and sign in.
  • You can choose the desired account you want to open. Remember that some necessary documents may be needed during the online application process. You should upload these papers.
  • You can also call the bank representative after the documents have been uploaded to get assistance or solve a query.
  • Once the paperwork is uploaded and approved, you should fund the NRI Bank Account.
  • You can also add a nominee to the account.

Now your NRI Bank Account is fully accessible. Lastly, remember that the money can be moved from another NRO Account or any other ordinary Bank Account to NRO Account. An NRE Account, on the other hand, may only be funded through Remittances sent from outside of India or through transfers from other NRE/FCNR accounts.

The maturity proceeds are converted to the Indian currency at the current exchange rates and transferred to the NRE Account for money transfers from the FCNR Account. Like how one can fund an NRE Account, one can finance an FCNR (B) Deposit with an Inward Remittance.

Conclusion

With the introduction of Online Banking, opening an account is convenient, easy, and simple. Hence, opening an NRI Account online in India while away from home has become simpler and more convenient for NRIs. Even though the process gets done online, one can also open the account by visiting their preferred bank’s specific branch with the necessary documentation.