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More and more Non Resident Indians (NRIs) are opening business in India because they have realized that India is the place to be today. There is immense money to be had here because the financial market here is going through a great phase. In fact, India is one of the very few countries which have not taken a bad hit by the recession.
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Obviously, if you want to earn money in India, you need to have a bank account – especially if you want to embark on your own business. So how do you go about opening your bank account? You can’t fly all the way to India just to open a bank account, right? Don’t worry, you can always use the internet! You can choose to open an NRE or FCNR bank account right from the comfort of your home by downloading whichever form is applicable in your case.
Opening an NRI internet Account
Let’s say you want to stick to a government owned bank like the State Bank of India. In fact, many of these banks also have branches abroad, so you can look that up on the internet. You might get lucky and find a branch near you which you can visit to open your account.
What you will need is Indian Rupees, a check or even a money order to open the account. The minimum amount required to open a bank account with the State Bank of India is a thousand Indian Rupees. Approximately nineteen dollars! Also, you would need to be above the age of eighteen to open your own account.
What you need to do is tell the person at the bank that you would like to open a savings account and you will automatically be directed to the representative who is in charge of opening new accounts. Now before you head over to the bank you should carry photo identification proof, recently taken passport sized photographs a visa permit or a residence permit of the country you are living in and maybe your driver’s license if you have one.
You will have to furnish these to the person who is going to help you open your account with the State Bank of India. In addition to this, you need to provide personal information such as your address, phone number, email address etc. Then hand over the money you have with you, to open the account.
If you like, you can also request an international ATM card. This makes payment a whole lot more convenient because these cards can be used outside India as well! But you might have to pay a monthly maintenance charge for the same.
Then you will be sent your passbook and a temporary password which will enable you to take care of net banking. In about three week’s time, you should even get your ATM cum debit card. Be sure that you use it in an ATM first before you start making purchases in shops with it. Otherwise it might lead to embarrassing situations.
If there is no branch…
If there is no branch near you, fill up the form and take along with your passport size photos, a copy of your passport and a visa permit of the country you’re in. Your signature on the form needs to be attested by officials of the Indian embassy or the Notary public or the consulate. Then send this in, along with your remittance.
Banks in India also allow locals to operate accounts on behalf of NRIs with a Power of Attorney. So feel free to do that as well. It’s really simple to open a bank account in India.
To open a NRI account online, please email: email@example.com