How to Open an NRO Account?

Benefits of NRO Account

• Attractive interest rates, interest earned in current financial year is fully repatriable after making TDS
• Low cost investment and instant fund transfer
• 24X7 access of bank account
• Funds in NRO account can be repatriated upto USD one million per financial year for all bonafide purposes

In order to open an NRO account, you need to follow following steps:

• Download NRO account opening form from bank's website or obtain it from the bank.
• Fill up the form well and make sure that all columns like your personal details, contact numbers, special instructions etc. are complete.
• Fill up the nomination form.
• Attach a self certified copy of your passport, as a Proof of Identity, containing your personal information including visa page.
• Attach Address(abroad) proof.
• Attach VISA or PR or Employement proof.
• Paste current passport size colour photograph of all the holders on account opening form duly signed across.
• Get the introduction column signed from an existing account holder of our bank, who is well known to you, giving his/her account number and name of the branch.
• You may also get the account introduced from your existing bank.
• Post / courier or submit in a person to your home branch or preferred branch this fully completed account opening application form along with all the required enclosures.
• Make initial remittance.
• You can open it with local rupee earnings.
• Note that the existing domestic account of the residents gets converted to NRO account on their taking up employment/ business/immigration abroad.

Documents Required to Open NRO Account

Just as all domestic accounts, there is a requirement of submission of multiple documents to open an NRO account. Outlined below are the documents required,

• Latest Passport size photograph of the applicant/s
• Identity Proof: Valid Indian/ Foreign Passport
• Copy of Permanent Account Number (PAN)/ Form 60 (in absence of PAN)
• Address Proof: Required for the address mentioned in the application form
• Proof of NRI Status: Copy of valid visa, work permit, Overseas Resident Card, Valid Employment, Residence visa, Student visa, Dependent visa copy or work / Residence Permit copy

Along with the above documents, you also need to deposit an initial payment cheque/ remittance from your own account for opening an NRE account.