Thursday, December 4, 2014
HOW TO OPEN NRI ACCOUNT FROM SAUDI ARABIA
Are you looking to open NRI Bank account in Saudi Arabia? It is possible to open bank account in India while you are staying in Saudi Arabia or Gulf or any other country. Before we proceed to know how to open and what are the requirements for it. First we see what are the uses and benefits of having NRI bank account. Generally NRI bank accounts are of three types.
1. NRE (Non Resident External)2. NRO (Non Resident Ordinary)
3. FCNR(Foreign Currency Non Resident)
1.Non Resident External(NRE) Bank Account :
You can open this account, If you are NRI only. This type of account is Tax free. NRE account balance is maintained in Indian Rupees, Able to choose any type Saving, Current, Fixed or a Term deposit account. Basically this type of account is used to save overseas earned money after converting to Indian currency through remittance.
2. Non Resident Ordinary(NRO) Bank Account :
You can open this account, If you are NRI or before you become NRI. Taxed as per applicable slab rate. NRO account balance is maintained in Indian Rupees, Able to choose any type Saving, Current, Fixed or a Term deposit. Basically this type of account is used to save Indian income like rent, dividend etc.
3. Foreign Currency Non Resident(FCNR) Bank Account :
You can open this account, Only if you are NRI. This type of account is Tax free. FCNR account balance is maintained in desired currency like Dollars,Pounds, Euros etc., Able to choose one type between Fixed or a Term deposit account. Basically this type of account is used to save termed deposit between 1 to 5 years.
If you are confused which type you want to choose, I suggest you to choose NRE. As it is tax free and you can remit amount from overseas to direct your account.
NRI SERVICES BANKS :
Now a days, Almost all banks are providing NRI services for NRI customers. Every bank is trying to attract NRI by availing their full support. But Most of the banks will accept your NRI application if you visit the home country branch only. There are few banks like HDFC, HSBC, ICICI, which are allowing to open bank accounts even you not visit home country banch.
HOW TO OPEN NRI ACCOUNT FROM SAUDI ARABIA :
Here, I will share an experience of mine, How i opened bank account recently from Saudi Arabia. Initially, I tried SBI Bank, They rejected my application by saying candidate should visit the branch. Then I tried ICICI, Here also something gone wrong. Then I reached HDFC website, I visited NRI services page, I seen chat option there, I had chat with their support agent, From there everything gone soft. Agent use to call me everyday and guide through the whole process. He asked me to send minimum deposit of 10000 as Demand Draft, I said its not possible to make DD here, till i open the bank account, Agent accepted the issue and requested his senior management to open my account. He arranged courier guy also to my office to receive documents without any charge, Within 7 days i got Pass Book, Cheque Book, Debit Card all related things of my opened bank account in courier.
REQUIREMENTS FOR OPENING A BANK ACCOUNT IN SAUDI ARABIA :
1. Residence ID Card (Iqama)
2. Visa Copy
3. Letter from Company
4. Salary Slip
5. Indian Residence Identity
NRI facilities available in the following Banks :
Andhra Bank NRI Account, Indian Overseas Bank NRI Account, Axis Bank NRI Account, Federal Bank NRI Form, ICICI NRI Bank, Kotak Mahindra Bank NRI
