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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