Thursday, April 4, 2013

How to open NRE/NRO account in India?

When you are an Indian living outside of India, sometimes, managing funds can become a bit complicated. You have to figure out if you are paying taxes in your country, if you are paying taxes in India, where you would like to hold your money, and how you will get it into your pocket. In India, there are two different types of bank account options for NRIs. The two accounts offered are called an NRE account and an NRO account. There are some small differences between the two accounts, but not much difference. Once you learn all you need to know about the accounts, then you can decide on which account would be best for you and what you would like to do with your money.

If you are looking to open a bank account in India soon, you need to do two things first. The first thing is research. Almost every bank in India offers NRO and NRE accounts to NRI clients. You must first look into all of the banks and see who cuts you the best deal. You need to test their customer service before you open an account because you are living abroad and you need the best service available when concerning your money in case anything goes wrong.

The second thing you need to look into, if you do not already have one, is a PAN card. In India, you need to have a PAN card before you can open a bank account. When you go to fill up any bank forms, they will ask you for this number. A PAN card is nothing more that an individual ID number given to you by the IT department in order to track who has paid their taxes. It is pretty easy to get from abroad now too. When you open google, you can simply type “NRI pan card”. The results will give you many reliable sites that will assist you in applying from your home country. If you do not find any that you like, I would recommend using nripan.com or pancardonline.com. These sites are run by Nriinvestindia.com, which is a very trusted NRI hub. They can also help you with any other assistance you may need as a Non-Resident Indian.

Once you have done these two things, you will be ready to open up a bank account in India. You should not have any problems as they only ask for a few relevant documents. So, now you are ready to start your process.

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