Non-resident Indians are allowed to open Non Resident (External) Accounts (NRE Account) and Non Resident Ordinary Accounts to open savings account or fixed de posits with banks in India. NRIs normally fact few difficulties to complete the account opening formalities, the Economics Times has recently provided a methodology - by following these simple steps NRI's may complete the account opening formalities at their convenience, from the comfort of their overseas homes.
If one wish to open an account with an Indian bank from overseas you can do it from the comfort of your home and need not visit any branch in India, the following procedure is recommended:
First download the form which is available in all the bank websites for the NRI.
Second attach the required documents like approved proof of identity, as well as proof of NRI or PIO status in the form of copies of passport with valid visa or PIO card. Payment instrument for initial contribution needs to be enclosed with the application.
Third documents to be attested, Banks may ask for the documents to be attested by the Indian Consulate or an Overseas Bank.
Alternatively providing additional approved proof with self-attestation may also be allowed. Additional KYC might be required by few banks which include filling-up an additional KYC format to disclose tax residency status and related details under the FATCA and CRS requirements.
Fourth dispatch the documents to the desired bank’s branch; alternatively banks have PO Box service in certain countries, whereby the NRI can drop the application in a post box with the PO Box number.
Banks also have dedicated helpline numbers for NRI customers to complete the formality.