NRE/NRO Account Opening : Kalupur Bank

Organisation : The Kalupur Commercial Co-Operative Bank Limited
Facility : NRE/NRO Account Opening
Website : https://www.kalupurbank.com/how-to-open-nre-nro-account.html

Open NRE/NRO Account

Non Resident Indian (NRI):
Foreign Exchange Management Act (FEMA) defines a Non-Resident as a person who is not resident in India, a person resident outside India who is a citizen of India or is a person of Indian origin.

Related : Kalupur Bank Mobile Banking : www.statusin.in/23631.html

The following persons’ can be classified as Persons resident outside India.
A) Indian citizen ( holding Indian Passport ) staying outside India, who go abroad
** For taking up Employment

** For carrying on Business
** On vocation
** For studying abroad

** Or for any other purpose in such circumstances as would indicate his/her intention to stay outside India for an indefinite or uncertain period.

** A resident Indian who leaves India for taking up employment or for carrying on business or vocation or for any other purpose indication his intention to stay overseas for an indefinite period, is an NRI for the purpose of opening and maintaining NRE, FCNR (B) and NRO account.

B) Person of Indian Origin :
A Person of Indian Origin (PIO ) is a citizen of any country other than Bangladesh or Pakistan, if
** He at any time held Indian Passport; or

** He or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955) or

** The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b).
** PIO are treated as NRI for the purpose of opening and maintaining NRE, FCNR (B) and NRO accounts with banks in India.

Please Note :
** Student who go abroad for uncertain period are treated as Non Resident Indians.

** Indian citizen working abroad on assignments with Foreign Government, Government Agencies or International/Multinational Agencies like UNO/IMF/World Bank etc. are treated as Non Resident Indians.

** Officials of Central Government and Public Sector Undertaking deputed abroad on assignments with foreign Government/Agencies/Organizations or posted to their own offices including diplomatic mission abroad are also treated as Non Resident Indians.

** Crew members of Indian nationality or Indian origin employed by foreign airlines/shipping companies, if they are based at foreign ports and reside abroad in connection with their employment are also treated as Non /resident Indians.

The crew members of Foreign airlines/shipping companies who are shore staff of these companies and are posted abroad for duty on short term or long-term basis are also treated as Non Resident Indians.

Opening of NRI Accounts :
As a Non Resident Indian, you can open
** NRE Savings / Current Account.
** NRE Fixed Deposits in Indian Rupees ( NRE Time Deposit ).

** Fixed Deposit in Foreign Currency [ FCNR (B) ] in USD, GBP, EURO,CAD and AUD.
** NRO savings / Current Account.
** NRO Fixed Deposit in Indian Rupees.

How to open Account :
** There are special common form for opening these accounts.

** When a person approaches to open account during his temporary stay in India, he should fill the account opening form and his passport details would be verified.

** If the account opening forms are received from the prospective account –holder from abroad, his signature on the form would be verified and attested by the Indian Embassy / Consulate, Notary Public, any of our Correspondent Bank or a person known to the Bank.

** Complete the Account opening form and accept along with Passport copy and Resident Visa – copy of these documents duly attested by Banker/Notary Public / Indian Embassy / Customer’s Employer to the satisfaction of the Bank.

** Additional documents – Photograph of Account Holder / s and Domestic Address proof (if domestic address proof is not in the name of NRI is acceptable).

** The accounts may be held jointly with Residents and/or with Non-Residents. If the joint holder is Resident – Resident’s signature is not valid till the NRI account holder is live. i.e. the account can be operate on former or survivor basis.

** A resident may be authorized to operate the account through a Power of Attorney / Letter of Authority to operate account.
** Power of Attorney / Letter of Authority holder can not be open a account but only operate the account.

** Nomination facility is available, Nominee can be a resident Indian or a Non-resident Indian. Payment and repatriation of balance to non-resident nominee account will be as per extant RBI / Bank’s Rule.

** During NRI’s temporary visit to India, he may open account even by tendering foreign currency notes / foreign currency travelers cheques by his personal visit to Branch.

** Currency Declaration Form ( CDF ) will have to be required if foreign currency notes is exceeding USD 5000 or its equivalent and combination of foreign currency notes and travelers cheques exceeds USD 10000 or its equivalent.

** If the account opening form is received from the prospective account –holder from abroad – he may open account by way of
1) Inward Remittance from abroad through normal banking channel.

2) Transfer fro+m another NRE/FCNR(B) Account held with other Branch / Bank.
3) Personal Cheques / Drafts in foreign currency.