subject: Open NRI Account – For Smooth Financial Transaction [print this page] It is easy to open an NRI bank account onlineIt is easy to open an NRI bank account online. Rule out all those lengthy documentation and paper work involves in traditional loans. The online medium takes the stress away of waiting too long for your loan approval. You must decide what type of account do you wish to hold: Savings or Investment. Both type of accounts can be applied simultaneously in the same form.
Under savings account, you have both NRE and NRO account. While NRE account allows you to transfer your income earned in the form of savings or interest abroad, NRO restricts you to transfer your income earned, it is non repatriable. Income earned in NRE accounts are non taxable, hence it is better to open up NRE accounts.
Have some important documents such as:
Your valid passport copy
Residence permit or visa copy
2 photographs
In addition to this secondary criteria are:
You must be 21 years of age
You must be a graduate atleast.
In order to make investments In Indian companies, as an NRI, you must open NRE or NRO investment account. You are provided with the foreign currency options such as USD, EUR, GBP, JPY. Your fixed deposit can be created in a particular type of foreign currency that you want to deal with. You can save your options selected and go ahead.
You and your spouse can apply for a joint account simultaneously. If you are having a single account, it is advisable you have a nominee too. This will safeguard your money incase you meet with an accident or any inevitable occurrence was to occur.
Open NRI Account For Smooth Financial Transaction
By: Kirthy Shetty
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