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Eligibility for account opening
ELIGIBILITY CONDITIONS FOR OPENING OF RESIDENT INDIAN OR NRI ACCOUNTS
Account Type Domestic / Resident Accounts Non Resident Ordinary (NRO) Accounts Non Resident External (NRE) Accounts Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts
Residential Status
NRI Not-permitted 1 1 Permitted 2, 72,7 Permitted 22 Permitted 22
PIO Not-permitted 11 Permitted 2, 3, 72, 3, 7 Permitted 2, 32, 3 Permitted 2, 32, 3
OCI Not-permitted 11 Permitted 2, 3, 72, 3, 7 Permitted 2, 32, 3 Permitted 2, 32, 3
Foreign Nationals on employment in India Permitted 3, 43, 4 Not-permitted 44 Not-permitted Not-permitted
Foreign Students studying in India Not-permitted Permitted 3, 53, 5 Not-permitted Not-permitted
Foreign Tourists on short visit to India Not-permitted Permitted 3, 63, 6 Not-permitted Not-permitted

1    1 However a joint account with Resident Indian (RI) who is a close relative can be opened subject to following conditions:

  • Mode of operation permitted is 'Either or Survivor' only
  • The RI will be the primary/first account holder in the joint account and NRI (PIO / OCI) will be the second applicant

2    2 A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions:

  • Mode of operation permitted is 'Former (NRI) or Survivor' only
  • The NRI (PIO / OCI) will be the primary/first account holder in the joint account and RI will be the second applicant

3    3 Following conditions applicable:

  • Pakistani National will require a prior approval from RBI before opening the account.
  • Bangladesh National to have a valid visa and residential permit issued by Foreigner Registration Office (FRO) / Foreigner Regional Registration Office (FRRO) concerned.

4    4 Foreign nationals who come to India on employment and on leaving the India can convert their Domestic account to NRO account, to enable them to receive their legitimate dues subject to certain conditions. But, continuation of account beyond 6 months will require RBI’s approval.

5    5 NRO account be opened for Foreign Students studying in India on the basis of his/her passport (with appropriate visa & immigration endorsement) which contains the proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution, subject to following:

  1. Within a period of 30 days of opening the account, the foreign student should submit to the branch where the account is opened, a valid address proof giving local address, in the form of a rent agreement or a letter from the educational institution as a proof of living in a facility provided by the educational institution. Banks should not insist on the landlord visiting the branch for verification of rent documents and alternative means of verification of local address may be adopted by banks.
  2. During the 30 days period, the account should be operated with a condition of allowing foreign remittances not exceeding USD 1,000 into the account and a cap of monthly withdrawal to Rs. 50,000/-, pending verification of address.
  3. On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of extant instructions.

6    6 Continuation of account beyond 6 months will require RBI’s approval.

7    7 NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account.