How to Open an NRE Account in India| North Loop Official Blog
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13 Jul 2020

How to Open an NRE Account in India

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If you are a Non-Resident Indian (NRI), creating an NRE account in India can be extremely beneficial to you. However, it is natural to be confused about the entire procedure for application and the list of necessary documents required for creating the NRE account successfully. That is why we have created a complete guideline to help you through the process.

Firstly, let us understand what an NRE account is and the eligibility criteria to open an NRE account in India –

An NRE account is a savings account that allows you to repatriate funds that are generated overseas to India. Your foreign earnings are converted into INR and parked in your NRE account. That means you can deposit money in your NRE account in any foreign currency denomination, say US dollars and withdraw it in Indian Rupees.

People eligible to open a Non-Resident External (NRE) Account in India –

  • NRIs or PIOs (Person of Indian Origin) as per FEMA’s (Foreign Exchange Management Act) definition. (However, a joint account with Resident Indian (RI) who is a close relative can also be opened. You will be the primary/first account holder of such a joint NRE account, and the Resident Indian will be the second applicant).
  • Seafarers of Indian nationality/origin
  • Indian government employees with Diplomat passports, or
  • Students pursuing studies in foreign countries
Profile image2: People eligible to open a Non-Resident External (NRE) Account in India –
Credit: North Loop

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

Following are the documents that are broadly required if you wish to open an NRE account in India -

  • Application form duly filled and signed by you
  • Proof of your NRI status, by way of valid Employment/ Residence Visa copy or Work/Residence Permit
  • Proof of Address of Foreign Residence like a copy of the statement of the bank account maintained abroad, a certificate from your employer abroad, utility bills, photocopy of passport with your foreign address, photocopy of your driving license or any other relevant document as a proof of address to your foreign residence. The address on the document submitted has to match the address mentioned in the application form
  • Copy of your latest valid passport
  • Copy of Indian PAN card or Form 60
  • Recent passport size coloured photographs
  • Photocopy of Visa
  • Copies of all of the above attested by the Embassy of India or any other overseas banker
  • Initial remittance by way of a DD issued or cheque drawn on a foreign bank in your resident country equivalent to the amount required to maintain the Average Monthly Balance in your account (in case of a Draft, a DD slip is mandatory)

Procedure to be followed to submit the above documents –

  • Download the form: Forms for non-face-to-face account opening are available on bank websites. This form needs to be downloaded and filled up by you to open the NRE account.
  • Additional KYC (Know Your Customer): Other than the documents mentioned above, some banks may require you to fill up an additional KYC format to disclose tax residency status and related details under the FATCA and CRS requirements. That may require the submission of extra proof and documents by you along with the account opening form.
  • Dispatch: The completed set of forms and documents need to be dispatched by you to the bank branch. Alternatively, banks provide PO box service in certain countries, whereby you can drop the application in a post box with the PO box number.

However, if you wish to open an NRE account in India without the hassle of arranging so many documents, getting them attested and submitting them, you can merely sign up with North Loop. North Loop NRE accounts get created within 5 minutes with just a few clicks, and get issued within 24 hours. You do not have to submit any proof or documents to create an NRE account with North Loop as it is a 100% digital platform and the process is totally effortless, safe and highly secure.

To create your NRE account with North Loop, sign up here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.