What are the document requirements for NRI account opening?

What are the document requirements for NRI account opening?

Documents required for NRI account opening:

Documents Required for NRI Account Opening
ParticularList of DocumentsNRENRO
Passport-size Photo-


Yes


Yes

ID Proof:


 


PAN Card (Mandatory)


Yes


Yes

Passport (valid) (with first & last page of passport) 


Yes


Yes

Latest Address Proof : (India) Any One

  • Driver's license or 
  • Foreign passport (check validity of passport) or
  • Utility bills not older than last 2 months (as per telephone bills, electronic bills, & gas bills) or 
  • A bank statement or
  • Rental agreement or lease or sale deed or Nationality holder card (green card).


Yes


Yes

self-attested copy of the overseas/foreign address proof

  • Driver's license or 
  • Foreign passport (check validity of passport) or
  • Utility bills not older than last 2 months (as per telephone bills, electronic bills, and gas bills) or 
  • A bank statement or
  • Rental agreement or lease or sale deed or Nationality holder card (green card).


Yes


Yes

P.O. Box declaration

Declaration of P.O. box of country of residence (PDF). 


Yes


Yes

Bank Account


 


Saving Account


Yes


Yes

PIS Account

Mandatory

Optional

PIS Letter from Bank

PIS Letter.

Mandatory

Optional

Authorization Letter

LOA

Mandatory

Optional

Bank Proof

  • Canceled Check
  • Copy of passport or
  • Copy of bank statement


Yes


Yes

DP Account

CMR Copy

Yes

Yes

Custodian Details

 -

No

Yes

 

RELATED FACTS:

  • A FEMA declaration (Foreign Exchange Management Act) is mandatory to provide.
  • A canceled cheque from the NRI's savings account is required. The account must be an NRE account."
  • If you have a foreign passport, provide a PIO/OCI card.
  • If you have an Indian passport, provide Photocopy of the passport with the VISA Arrival page.
  • FATCA Declaration Form: Foreign Account Tax Compliance Act. Declaration forms are required to ensure that individuals and entities comply with U.S. tax laws, specifically related to reporting foreign financial accounts and assets. Then it is mandatory to fill out the FATCA declaration. Tax Identification Number (TIN) must be filled in the FATCA declaration. The common TINs are as follows:
    1. USA: SSN, EIN or ITIN
    2. Canada: SIN
    3. UK: UTR or NINO
    4. Singapore: NRIC or FIN
    5. Australia: TFN
  • LOA (Letter of Authority), DP Client Master with KYC.
  • Client signature should match the PAN/passport; otherwise, the client has to give the bank a letter for signature verification.