NRI Corner: Documents Required For Bank, Demat Account
Going ahead with our series of articles on investment, savings and other related products for NRI (Non-resident Indian), today we shall look at one of the most important aspect when it comes to finances. Yes, that is paper-work.
Whether it is bank account or demat account, opening account in India will be most tedious work if you don’t have proper documents. Hence, to make things simpler we have listed down the detailed list of documents which are needed for opening a bank or demat account by an NRI.
Be ready with all these documents before you apply for NRI Bank Account or Demat Account.
1) Self attested photocopy of the pages of the passport containing passport details and personal details.
2) Two self attested recent passport size photographs.
3) Valid work permit / employment visa: If your visa has expired, acknowledged renewal request made to the visa authorities will be accepted by the banks.
4) One document confirming either the overseas or Indian address. Some banks may require address proof for both overseas and Indian addresses. The address on the document has to match with the address mentioned in the application form.
You can give Passport copy / Utility bills / Registered rent agreement along with the latest rent receipt / Driving License / National ID card / Bank Statement.
In case, if you don’t have valid address proof then any one of the below mention documents of blood relative can also be accepted.
Either, Annexure / Format of declaration for blood relative Or Proof of relationship of that person with account holder (such as Birth Certificate, Marriage Certificate, Court Affidavit etc).
Apart from above mentioned documents some banks also need Cancelled/ Paid Cheque of your overseas Bank account or Copy of Proof of Income / Pay Slip / Tax return, depending on their KYC requirement.
Often, ‘know your customers’ (KYC) requirements lead to considerable delays in opening accounts. The KYC documents are required to establish the customer’s identity, so make sure you fulfill all the KYC requisite.
Additional Documents required for Demat Account : Along with above mentioned documents, you need to submit some extra documents to open NRI Demat account in India.
1) Photocopy of NRI PAN Card. As it is mandatory to open Demat Account.
2) PIS (Portfolio Investment Scheme) approval letter from the Bank.
3) Two Self-drawn cheque for the payment of Demat Account and Trading Account charges to the broking company.