Eligibility Criteria for Opening an NRI Account

Open an NRE Savings Account

NRI accounts provide a convenient way for Non-Resident Indians to manage their income, whether earned abroad or in India, while living and working overseas. These accounts come in two main types: NRE (Non-Resident External) and NRO (Non-Resident Ordinary), each designed for different financial needs. NRIs have the flexibility to open either or both accounts based on their requirements.

DBS Treasures NRI accounts offer a comprehensive financial solution for global Indians. By opening an NRI account online with DBS Treasures, you can benefit from competitive interest rates along with a range of exclusive features tailored to simplify your banking experience abroad.

Features and Benefits of a DBS Treasures NRI Account

A DBS Treasures NRI Account comes with several convenient features and attractive benefits:

Hassle-Free Opening: You can easily open an NRI savings account with DBS Treasures from anywhere in the world, without the need to visit a branch.

FCNR Deposits: DBS Treasures offers the option to book Foreign Currency Non-Resident (FCNR) deposits, allowing you to save in your preferred foreign currency and earn interest in that currency.

Tax Advantages: The interest earned on an NRE account is exempt from Indian income tax. However, interest earned on an NRO account is subject to Tax Deducted at Source (TDS) as per Indian tax regulations.

Documents Required for Opening an NRI Account

With DBS Treasures, you have the flexibility to open NRE and/or NRE Savings Account.

Documents Required

• A copy of your valid passport, including pages showing your name, address, date of birth, issue and expiry dates, photograph, signature, and any visa or immigration stamps.
• Proof of NRI status, such as a copy of a valid employment or residence visa or a work/residence permit.
• Proof of both overseas and Indian addresses, in line with the Customer Identification Policy.
• Form 60 or a copy of your Indian PAN card
• A recent passport-sized coloured photograph.
• For Seafarers: You must also provide your current work contract, a copy of your CDC (Continuous Discharge Certificate), the page showing your most recent disembarkation stamp, and a FEMA declaration to confirm NRI status.

Let’s understand the two types of NRI accounts in detail:

NRE Savings Account

A DBS Treasures Non-Resident External (NRE) Savings Account allows you to deposit your foreign income earned abroad and conveniently withdraw it in Indian Rupees. The funds in this account are fully repatriable, offering great financial flexibility.

Key Features

• Maintain funds in a savings account or choose from a range of deposit options.
• Enjoy tax-free interest, as earnings from your NRE account are exempt from Indian income tax.
• Benefit from attractive interest rates, with DBS Treasures offering up to 3.5% per annum on NRE Savings Accounts.
• Experience full repatriability, with the ability to freely transfer both principal and interest.

Eligibility Criteria

Eligible individuals for opening an NRE Savings Account are:

• Indian citizens living abroad for purposes such as employment, education, or business.
• Individuals assigned to the United Nations or deputed overseas by the Government of India or public sector organizations.
• Indian nationals working as mariners, seafarers, or on oil rigs, as well as those employed by registered foreign airlines.
• OCIs or PIOs (Overseas Citizens of India or Persons of Indian Origin)
• Individuals who have held an Indian passport previously.
• Those whose parent or grandparent was a citizen of India under the Indian Constitution or the Citizenship Act, 1955.
• Spouses of PIOs or Indian citizens

Open an NRE Savings Account

NRO Savings Account

A DBS Treasures Non-Resident Ordinary (NRO) Savings Account is tailored for managing your income in Indian Rupees while you are living abroad. It’s an excellent option for those earning from Indian sources such as rental properties, mutual fund dividends, pensions, fixed deposits, or other income streams while residing overseas.

Key Features

• Foreign currency deposits are converted into Indian Rupees at current forex rates, with withdrawals permitted only in INR.
• You have the flexibility to hold funds either in a savings account or through various deposit options.
• Earn attractive interest rates, with DBS Treasures offering up to 3.5% per annum on NRO Savings Accounts.
• Interest income is subject to Tax Deducted at Source (TDS) in line with Indian tax regulations.

Eligibility Criteria

You can open an NRO Savings Account if you fall under any of the following categories:

• Indian citizens living abroad on employment, student, or business visas.
• Individuals assigned to the United Nations or those deputed abroad by the Government of India or public sector undertakings
• Indian nationals serving in the merchant navy, working on oil rigs, or employed by airlines overseas.
• OCIs or PIOs (Overseas Citizens of India or Persons of Indian Origin)
• Individuals who have held an Indian passport previously
• Those with a parent or grandparent who was an Indian citizen under the Indian Constitution or the Citizenship Act, 1955
• Spouses of PIOs or spouses of Indian citizens

Conclusion

Understanding the eligibility criteria for opening an NRI account is crucial to making informed financial decisions as a non-resident. Meeting the necessary requirements can help NRIs effectively manage their finances in India, enjoy convenient banking services, and take advantage of various benefits tailored to their needs.

Would you like to avail preferential rates on remittances to India? With DBS Treasures, you can have access to better rates and faster international money transfers. Know more!

*This article is for information purpose only and is not a tax advice by DBS Bank. Sound professional advice should be taken before making any investment decisions. Bank will not be responsible for any tax loss/other loss suffered by a person actng on the above.

Open an NRE Savings Account