Eligibility For Account Opening
NRINon-Residential ExternalNRO AccountNRE ‘SUKOON’ Current Account
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Eligibility For Account Opening
- Eligibility For Account Opening
Eligibility Conditions For Opening Of Resident Indian Or Nri Accounts | ||||
---|---|---|---|---|
Account Type | Domestic / Resident Accounts | Non Resident Ordinary (NRO) Accounts | Non Resident External (NRE) Accounts | Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts |
Residential Status | ||||
NRI | Not-permitted 1 | Permitted2,7 | Permitted2 | Permitted2 |
PIO | Not-permitted1 | Permitted 2, 3, 7 | Permitted2, 3 | Permitted2, 3 |
OCI | Permitted in certain cases1.1 | Permitted2, 3, 7 | Permitted2, 3 | Permitted2, 3 |
Foreign Nationals on employment in India | Permitted3, 4 | Not-permitted4 | Not-permitted | Not-permitted |
Foreign Students studying in India | Not-permitted | Permitted3, 5 | Not-permitted | Not-permitted |
Foreign Tourists on short visit to India | Not-permitted | Permitted3, 6 | Not-permitted | Not-permitted |
1 However a joint account with Resident Indian (RI) who is a close relative can be opened subject to following conditions:
1.1 When OCI comes to India with an intention to stay for an indefinite period and stays more than 182 days, he/she loses the privileges available to NRIs/PIOs/OCIs. Such OCI is required re- designate / convert his/her NRE/NRO/FCNR Accounts to resident account, or NRE/FCNB account to RFC account as the case may be. Further, an OCI can open all types of accounts allowed to a Resident customer. 2 A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions:
3 Following conditions applicable:
4 Foreign nationals who come to India on employment and on leaving the India can convert their Domestic account to NRO account, to enable them to receive their legitimate dues subject to certain conditions. But, continuation of account beyond 6 months will require RBI’s approval. 5 NRO account be opened for Foreign Students studying in India on the basis of his/her passport (with appropriate visa & immigration endorsem*nt) which contains the proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution, subject to following:
6 Continuation of account beyond 6 months will require RBI’s approval. 7 NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account. |
Last Updated On : Monday, 17-02-2020
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