If you travel overseas and have a bank account, make sure you know that you may not be able to access it everywhere. Opening an NRI account can thus be an excellent financial decision.
How do I open an NRI account? If you receive money in a foreign currency as a result of working overseas, NRI accounts are ideal. The advantages of these accounts include higher returns than those offered by regular deposit accounts, tax benefits, safety and security, and low fees.
NRI is a term that refers to Non-Resident Indians. Any citizen of India who stays abroad for employment, education, or any other purpose except for an indefinite period, is a non-resident Indian.
The NRI rule states that one must spend over 182 days in another country during the financial year to qualify for the designation.
You can open an NRI account in Saudi Arabia even if this is your first time traveling there: First, open a bank account.
NRIs may open two different types of accounts: NREs (non-resident rupee accounts) and NROs (non-resident ordinary rupee accounts).
Account for Non-Resident Externals (NRE)
You can maintain this account in rupee denominations. Multiple non-residents can open the account together, provided at least one of them has Indian origin.
If the money held in the account is freely repatriable, you can transfer it from your NRE account or send remittances from abroad.
In addition to savings and current accounts, NRE accounts also include recurring accounts. It is only possible for a non-resident to open such an account for himself, not through the person about whom the power of attorney is granted.
As banks alter their policies, savings and term deposits can have their interest rates changed. It may not be possible for banks to offer higher interest rates on NRE deposits than on comparable rupee deposits in the domestic market.
Non-Resident Ordinary Account (NRO Account)
The type of account can range from current, savings, recurring, and fixed deposit accounts, in addition to opening and maintaining NRO accounts in the rupee. Residents do not need to be residents of the same country to open and maintain an account. Transferring funds to an NRO can be done from any account – even people living in India can contribute to an NRI’s NRO account.
Documents Required to Open an NRI Account
For the opening of an NRI account, the following documents are required
- Fill out the account opening form
- Copies of self-attested Iqama
- Identifying and verifying your address must be done on your passport’s first and last pages.
- Self-attested passport visa page.
- Get a passport-sized photo
There are rare cases when banks ask for additional documentation such as salary certificates and proof of overseas address.
Procedure of NRI Account Opening
NRI accounts can now be opened online. NRIs can open online accounts with several banks that are well-known and reputable.
- Saudi Arabian NRI account opening with HDFC
- Saudi Arabian NRIs can open an account with SBI
- A Saudi Arabian NRI account with ICICI
If you would like to open an account at the bank, you can enter your personal information on their website (or download an account opening form). Please print out this page after you’ve completed it, sign it, and mail it to your local branch with the necessary documentation.
Your checkbook and ATM card will be delivered by courier once your application has been processed.
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