How To Open NRI Account In Dubai
The world these days is increasingly becoming seamless with the physical boundaries shrinking and the virtual platform gaining priority over all the other things. In such a seamless world, it is natural that there would be seamless movements of people across boundaries in search of better opportunities, especially work-related opportunities. This has created a whole new world of people known as NRI or Non-Resident Indians (especially acknowledging the movement of Indian citizens to various countries including the Middle East and Dubai in particular).
A Non-Resident Indian or NRI is defined as an Indian citizen who has to stay in a foreign land either for the purpose of employment or carrying out the operations of a particular business or practice of a particular vocation, that too for an uncertain duration of time. Such individuals enjoying the status of NRI are provided various facilities by India without losing their status of being a foreign citizen such as opening and operating an NRI account (which includes NRE, NRO, or FCNR accounts with their specified privileges and benefits for the NRI) with an Indian Bank in order to enjoy various NRI account benefits.
Statistical records suggest that UAE or the United Arab Emirates have quite a significant proportion of Indians residing in the various member states including Dubai. This is also evident from the fact that various Indian banks have also opened their branches in UAE especially Dubai, including SBI or State Bank of India. However, even with such amenities and facilities near them, it is important for the Non-Resident Indians residing in Dubai to understand how to open NRI account in Dubai.
How To Open NRI Account In Dubai?
While it is easy to open any form of NRI account while in India since various banks offer the option of opening such accounts online, it is important to understand how an NRI individual can open such account from abroad. Various types of NRI Account such as NRO or NRE Accounts are required in case the NRI individual would like to transfer money to India or invest in mutual funds, fixed deposits or stocks in India. In case the NRI individual plans to do any of these, he/she needs to follow the steps mentioned below:
1. Get In Touch With The Bank
The NRI individual needs to first contact the bank with which he/she would like to open such an account. For example, if the individual wishes to enjoy the NRI account benefits of SBI, he or she either needs to call the specific branch of the bank in India or they can also call their helpline (SBI enlists various call center numbers for different countries, including Dubai, where the NRI individual can call and discuss the process, type, and purpose of opening an NRI account).
2. Fill In The Requisite Forms Sent By The Customer Representative
Once the NRI individual contacts the call center, he/she would get in touch with a customer representative. This customer representative would understand the requirement of the NRI individual and then suggest the best account type. The customer representative would then email the requisite forms after understanding the customer requirements thoroughly. The forms might feel like a bit lengthy but the same needs to be filled carefully in order to ensure a hassle-free process. In order to make the process more convenient, the customer representative would further schedule a telephonic meeting in order to help the NRI individual understand the form better and fill the same hassle-free. Make sure to fill in the easy sections and tricky sections can be filled up after such a meeting. Please ensure having a black pen handy in order to fill up the form easily.
3. Keep The Requisite Documents Ready
Once the form is duly filled in, it needs to be submitted along with the set of requisite documents (mostly country specific (country of the present residence of the NRI)) as mentioned in the form or the bank website. Some of the commonly required documents are mentioned in the next segment. While some banks mention the requirement of notarized documentary proofs, mostly the self-attested (self-signature on each document certifying that the document is valid and legal proof) documents suffice. In other cases, attestation from the Embassy, notary public, a banker, or an exchange company would also be valid.
4. Payment Of Requisite Fees
Along with the form and the requisite documentary proofs, payment of requisite fees for opening such an account needs to be done either in US Dollars or some other foreign currency as mentioned by the bank.
5. Mailing The Documents And The Form To The Bank
The last step of the process would be mailing the form, requisite documents and the payment proof to the bank either to a PO Box Address supplied by the bank or Indian address of the bank as mentioned by the bank itself.
Requirements to Open NRI Account in Dubai
The common list of documents which needs to be supplied to the bank along with the duly filled in form includes:
- A copy of the front page and the last four pages of the passport of the individual which mentions the name, address, date of birth, date, and place of issue, expiry date, photograph and signature of the NRI individual
- Copy of the PAN card of the individual or Form 60 (if not applied for the PAN Card)
- Address Proof: Any two valid residence proof of the NRI which proves that the individual has been a resident of India for a considerable period of time. Such residential proofs include driving license, Aadhar Card, Voter’s Identity Card, phone or utility bills, bank statements among others.
- NRI Status Proof: A copy of the visa page of the passport of the NRI individual. This can also include a copy of the valid work permit/ employment visa/ Residence Visa/ Residence Permit issued to the individual.
- Original Overseas Bank or Credit Card Statement, of a recent date (not more than 6 months old) which should be Self Attested by the customer.
- Duly filled up account opening form/s as mentioned by the bank
- Account Payee Cheque of the requisite amount as mentioned by the bank
- Passport size photographs of the NRI individual
Following the above-mentioned procedures, opening up an NRI account while staying abroad is now easy. NRI individuals thus need not worry about how to open NRI account whether they stay in Dubai or anywhere else in the world.