About Opening up of NRO and NRE accounts
NRIs looking up to invest in India must open any of the below two accounts in order to transfer money and purchase stocks & mutual funds:
– NRE (Non Resident External)
– NRO (Non Resident Ordinary)
About the Process Involved:
Those, who are in the foreign lands, for the last many years, must be remembering that it took them great pains in opening up of NRE or NRO account, at least a decade back. However, not anymore!
Today, banks provide facility of calling them on their number at their call centers. There are different call centers listed by them on their website. All you require is calling up a bank representative who will guide you all about the further procedure. There are some documents and conditions which are required to be fulfilled before you begin making transactions.
There Are Certain Steps In The Process:
Step 1. Filling up of Application Form
The form that you are needed to fill up is a bit lengthy at the first look, but doesn’t cost you more than 15 minutes in completing it. The form gets mailed to you on your e-mail id and you are assisted at every step by the bank representative. In case, you are unable to move forward, there is a facility of booking an appointment with the bank representative and filling out the form telephonically.
The best way to go about filling your form is printing a hard copy and penning down your details on telephone call. Even if you end up with some follies, you can rectify them in the final copy. The form carries various portions which are best left blank – you will learn about them while filling down your form.
Step 2. Mandatory Documents
After you are done with completing the form, you are required to attach some mandatory documents along with the main form. It includes your country of residence and various other documents such as
(a) The copy of first and last page of passport
(b) The copy of the visa page on your passport
(c) Two residence proofs – driver’s license, phone or utility bills etc.
(d) The filled-up account opening forms.
(e) Passport photograph
Presently, banks don’t demand notarized documents. You can even self-attest all your documents.
Step 3. Writing a Cheque
Thereafter, you must issue a cheque so as to open your NRE/NRO account. The cheque can be issued either in USD or other foreign currencies (as per guidelines issued by different banks).
Step 4. Mailing the Documents
After you are done with your paperwork, you are required to mail the documents to the India office of that particular bank with which you would be holding your NRO/NRE account. There may be some cases where banks may have PO Box in your country of residence, where you can send the documents, instead of sending them to India.
Also, you must ensure that you inform your bank representative as soon as you have mailed all the necessary documents. It will help him in keeping track of the delivery.