How foreigners and NRIs open accounts in India: NRO/NRE accounts at SBI, HDFC, and Kotak, with documents and remittance notes.
Foreigners and Non-Resident Indians (NRIs) open two main non-resident accounts in India: NRE (foreign income, tax-free, freely repatriable) and NRO (India-sourced income, interest taxed). Traditional majors State Bank of India, HDFC Bank, and Kotak 811 offer both, mostly with overseas online pre-opening.
An NRE account is funded in foreign currency, held in rupees; principal and interest are freely repatriable and foreign income is tax-free. An NRO receives India-sourced rent, salary, etc., with ~30% interest TDS and repatriation controls. Rule of thumb: overseas earnings go to NRE, India income to NRO.
Non-residents typically need: passport, valid visa/OCI card, overseas proof of address, a PAN tax number (or Form 60 waiver), and a passport photo. Kotak 811’s Kotak 811 opens NRE/NRO remotely in-app; HDFC Bank and State Bank of India support overseas branch or representative-assisted verification.
India requires repatriation declarations; NRE funds move freely, while NRO outflows have annual caps and need a CA certificate. For large transfers use bank wire or forex channels like HDFC Bank, watching the TCS (overseas-remittance TDS) threshold.
India taxes residents worldwide but exempts foreign income in NRE accounts. Declare RNOR status and income sources truthfully to avoid freezes. Short-stay foreigners usually skip NRI accounts, using forex cards or traveler’s cheques instead.
Not necessarily. NRE for foreign income, NRO for India income; open both only if you have both. Kotak 811’s 811 opens remotely.
No. NRE principal and interest are tax-free and freely repatriable.
Generally no NRI accounts; for short stays use forex cards or international credit cards.