What Is The Eligibility Criteria For NRI Accounts?

[Rajesh K Das]

A bank account is necessary for every person residing in any corner of the world. It helps them meet their financial requirements and also enables them with cash during emergencies. Many Indians who reside in foreign countries are account holders in banks operating in India. They also have dependents living in India, or they may even plan to return after some time.

Individuals who reside out of India but have a family dependent on them for income can apply for NRI accounts to get access to remittance. Additionally, those seeking to participate in stock market trading in India shall also open them to enable such transactions.

Following is the eligibility criteria to open these accounts:

1. The applicant should reside outside the geographical territories of the country for at least 120 days in a year and spend less than 365 days in India in 4 previous years. Their residential status would change to NRI only after they abide by these rules, as per the Income Tax Act 1961.
   
   
2. The individual must stay for less than four years out of 10 previous years in India to classify as a non-resident Indian. It was a reformation introduced in the Union Budget 2020.
   
   
3. NRIs have access to three types of bank accounts, namely NRE, NRO, and FCNR (B) to help them meet their financial needs. They can fulfil their investment objectives, financial obligations, and plans of their residency with the help of these accounts.
   
   
4. NRIs can open these accounts with their earnings originating from India or their country of residence, depending on the type of account.
   
   
5. The individual should be employed, own a business, or practise some form of trade in a foreign country. It also applies to the Indian Navy, and airlines registered with a foreign country, an oil rig, or overseas shipping companies that require the individual to be outside India’s domestic territories for at least 182 days.
   
   
6. Government employees possessing diplomat passports
   
   
7. Students pursuing education in foreign countries

NRI accounts have made fund transfers and money exchange much easier. All banks offer different terms and conditions for various monetary requirements. The documents required to open these accounts include the application form, photocopies of different pages of the passport containing details such as name, address, birth date, date of passport issuance and expiration, etc., proof of employment, work permit, student visa, visa permit, employment visa or residence visa, and any other KYC documents.

Applicants can also open NRI account online by filling the online application form on the bank’s website. They can attach the documents as requested and send it to the bank.

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