Travelers who have bank accounts in other countries are aware that they may not be available everywhere. An NRI bank account open is thus a smart financial move.
What is the procedure for open an NRI account from Saudi Arabia like this? First, keep in mind that NRI accounts are ideal if you work overseas and receive money in a foreign currency. They offer higher returns than regular deposit accounts, tax benefits, safety and security, low charges, and worldwide accessibility.
NRI is a term that refers to Non-Resident Indians. Any citizen of India who stays abroad for employment, education, or any other purpose except for an indefinite period, is a non-resident Indian.
The NRI rule states that a person must stay in another country for more than 182 days during the financial year in order to qualify.
Even if you are a first-time traveler, here’s how to open an NRI account in Saudi Arabia: First, open a bank account.
For non-resident Indians (NRI), there are two types of accounts they may open: non–resident rupee accounts (NRE Accounts) and non-resident ordinary rupee accounts (NRO Accounts).
Open an NRI Account from Saudi Arabia (Non-Residence External Account)
You can maintain rupee denominations in this account. Providing that each account holder is of Indian origin, multiple non-residents can open the account together.
You can only transfer money from NRE accounts or remittances from abroad if the money held in the account is freely repatriable.
There are several types of NRE accounts, including savings, current, and recurring accounts. It is only possible to open such accounts by the non-resident himself, not through the person whose power of attorney is possessed.
Savings and term deposits are subject to interest rate changes set by the banks. Banks may not offer higher interest rates on NRE deposits than those they offer on domestic rupee deposits comparable to NRE deposits.
NRO Account (Non-Residence Ordinary Account)
In addition to opening and maintaining NRO accounts in rupee denominations, these accounts can be varied in types such as current, savings, recurring, and fixed deposit accounts. Residents may jointly hold the account. Any account can be used to transfer funds to NROs – even people residing in India can contribute to NRIs’ NRO accounts.
Documents Required for Opening of NRI Account
The following documents are required for opening an NRI account
- Completed Account Opening Form
- Copy of Iqama, self-attested
- Your passport’s first and last page (for identification and proof of address) must be self-attested.
- Passport visa page self-attested.
- Take a passport-sized photo
In rare instances, banks may request additional documents such as salary certificates and proof of overseas address.
Procedure of NRI Account Opening
An Online opening of NRI accounts is now possible. There are several banks that offer online NRI accounts that are well-known and reputable.
- Opening an HDFC NRI account from Saudi Arabia
- Account opening with SBI for Saudi Arabian NRIs
- ICICI NRI Account opening in Saudi Arabia
If The bank’s website allows you to enter your personal information (or you can download an account opening form) if you would like to open an account with them. After you have completed the page, print it out, sign it, and mail it in with the required documentation to your local branch.
The checkbook and ATM card will arrive by courier at your Saudi address once your application is processed.
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