What is the process to open an NRE account?

An NRI account will provide you with a lot of financial stability when you settle abroad. Through this account one can invest foreign currency and withdraw it in Indian currency for any purpose. This can be done especially with the NRE account. So if you are looking to open this account, here are a few steps you will need to follow:

 

Step 1: Contact the Bank

 

You can contact the bank of your choice by either calling them on their helpline or even have them call you. Certain banks offer an online contact form wherein you just fill in the required options and they will contact you back.  When these representatives call you, he will assist you in the type of account you want or would require. This can include a single account, joint or even if you need particular documents for the kind of account you want as well.

Step 2: Book an appointment to fill the form

 

Don't be surprised if you find a numerous pages attached in your mail for the NRE account application. This paperwork is very simple and will take a minimum of 15 minutes to fill it up. Additionally, the representative of the bank or financial institute will assist you in each step, so you need not worry about making any mistakes. You will only need to make a print out of the forms before you begin filling it up. If during any step of the process you are unsure of what to fill, you may leave that option blank.

 

Step 3: Get the documents ready

 

No doubt when opening any account, you will need to submit a set of documents. These documents will differ on the basis of your country of origin in addition to the account type you want to open. However, here are a few common documents you will need to keep handy:

 

• Copy of passport pages
• Copy of visa pages
• Proof of residence
• Filled up account application forms
• Passport photograph.

 

You may have to get some documents notarized. However in some cases, you need to only submit self-attested documents.

 

Step 4: Keep a check in USD or local currency

 

When opening an account, you will need to keep some funds aside. You may need to write a check to open the NRE account. This can be done in USD or in any other selected foreign currency

 

 

Step 5:Mail documents for processing

 

Once all the required documents are collected and forms are filled, you can send them to the required financial center. Normally, the bank will provide you with such details. You may need to send it to the local bank branch or you may have to send back to your home country.

Source : articlesbase.com