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4 Simple Steps to Open NRO Account Online

Author: Samantha Kennedy
by Samantha Kennedy
Posted: Jun 06, 2020

A large number of NRIs have income sources or investments in India. However, they are not allowed to open a standard savings bank account. An NRO (Non-Resident Ordinary) account is what an NRI needs to manage his/her income earned in India.

It is a type of interest-bearing account that allows the NRIs to deposit Indian as well as foreign currency. But the withdrawals can only be in INR. To offer enhanced convenience, some of the top Indian banks now allow NRIs to open an NRO bank account online.

Here are the simple steps you should follow if you are planning to open this account online-

1. Fill and Submit NRO Account Opening Form Online

Once you have selected a top bank for your NRO account, the first step would be to fill and submit the account opening form online. You will be required to enter basic details such as your name, address, current country of residence, contact number, email address, etc.

Make sure that you cross-check all the details you mention as any kind of error in the application form could delay the account opening process.

2. Keep the KYC Documents Ready

The next step is to complete the KYC (Know Your Customer) formalities. For this, you will have to submit a few documents such as photocopies of your passport, work permit or employment visa, and Form 60 or PAN. You will also be required to fill and submit FATCA/CRS declaration and CKYC annexure, which you can download from the official website of your bank.

If you also want to avail of DTAA (Double Taxation Avoidance Agreement) benefits, you will have to submit additional documents such as a self-declaration, proof of residency, and Form 10F.

3. Upload/Submit KYC Documents Online or Offline

With most leading banks, the paperless NRO account opening facility is only available in a few countries. If you are currently living in one such country, you can simply upload the KYC documents online. If not, you can send them through courier or registered post to the bank. In some of the countries, your bank might also arrange a free courier pickup of documents.

But do note that the documents required to avail DTAA benefits are generally required to be submitted in physical format.

4. NRO Account Opened

Once the application form and the KYC documents are submitted, the bank will then initiate the account opening process. If everything is in order, it should not take more than 3-4 working days for the bank to open your NRO account online.

You will receive a confirmation email from the bank once your account is active. All the details regarding your new NRO account will also be sent through email/courier.

Managing Your Indian Income with an NRO Account

Even if you are in a foreign country, you can now easily open an NRO account by following the steps listed above. Just make sure that you select a top Indian bank that offers a wide range of NRI services.

Do check the types of NRO accounts available, interest rate, and other features and benefits offered by the bank to select the best.

Disclaimer: "The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk."

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Author: Samantha Kennedy

Samantha Kennedy

Member since: Jan 17, 2018
Published articles: 8

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