Key things to know about NRO account
1. Know the essentials:
The simplest ways for a resident Indian who has become an NRI to manage, access and operate his money and investments made in India, is to convert his savings account with the respective Indian bank into NRO account.
These accounts can receive foreign remittances, can have a joint holder who is a resident Indian, and RBI also permits repatriations abroad limited by a maximum annual amount.
2. Proof of NRI Status
To open a non-resident account in India, it is necessary to show a document as proof that the person is an NRI as defined in the Indian tax laws. Once the status of an NRI is attained, the person cannot maintain a bank account with resident Indian status.
3. Documents
For conversion of Indian bank account into a non-resident account requires submission of identity proof, NRI status proof, proof of foreign address and two photographs.
4. NRI Status and Residence Proof犀利士 strong>
The person applying needs to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of resident permit in the overseas destination. The proof then needs the attestation of the Indian embassy, notary or an Indian bank with an overseas branch.
5. Indian address proof, attestation
If the applicant wants to mention a local Indian address for ease of operation, in addition to an overseas address, proof of such address should also be provided with attestations.