Bank of India NRI Account - Types, Eligibility Criteria, and Steps to Apply

Bank of India is a well-known name in the banking sector, and it provides a wide array of banking services that are specially designed for Non-Resident Indians (NRIs). With the focus on providing security, convenience, and international transactions, Bank of India has a seamless banking experience for people who are residing outside of India. Bank of India net banking services are also available for NRIs to operate online. In this guide, you will learn about the Bank of India NRI Accounts.

Types of Bank of India NRI Accounts

Bank of India offers three types of NRI accounts. They are listed below in this section:

1. NRE (Non-Resident External) Account: An NRE Account allows NRIs to deposit their foreign earnings in India. The amount that they deposit in these accounts is fully repatriable, which means they can transfer it to other accounts as well, and it is also tax-free in India. These accounts are Rupee-denominated, which means the funds are held in Indian Rupees. The NRE accounts can help you in managing your overseas income smoothly while earning interest on it.

2. NRO (Non-Resident Ordinary) Account: An NRO Account allows the NRIs to manage their money that they earn in India, like Income earned by rent, pensions, or dividends. This fund is not fully repatriable and is also taxable in India, which makes it only suitable for domestic income management. All the balances are held in Indian rupees. 

3. FCNR (Foreign Currency Non-Resident) Account: The FCNR accounts allow the NRIs to maintain their funds in foreign currencies like USD, EUR, GBP, and many more. It is beneficial because it protects the funds from currency fluctuations, and it also offers great interest rates on the amount. 

Eligibility Criteria for a Bank of India NRI Account

You need to meet some eligibility requirements to open a Bank of India NRI account:

• You should be an Overseas Citizen of India (OCI)
• You should be a person of Indian Origin (PIO) who has a foreign passport
• You should be the Indian citizens who live outside of India for business, employment, or educational purposes

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Documents Required to Open a Bank of India NRI Account

Few documents are required to open a Bank of India NRI account, and here is the list for that:

• Copy of your overseas local address
• Copy of your passport
• Two recent photographs of the account holder/s
• The signatures need to be verified by the Known bankers or the Indian Embassy

NOTE: All the documents should be duly attested and verified by the government officials. 

Steps to Apply for the Bank of India NRI Account

The step-by-step procedure to open an NRI account online in the Bank of India is as follows:

• Download the application form from the website of the Bank of India
• Fill out the application online with the correct information
• Print out the filled application form
• Sign the application form by yourself
• Gather all the supporting documents with your recent photographs
• Submit all these documents with the printed copy of the application form to your nearest branch of the Bank of India
• Once your documents are received and verified, your NRI account will be opened

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What is the Bank of India Helpline Number for NRIs?

The helpline number for the Bank of India is as follows:

• For domestic contact: 1800 103 1906 
• For NRI contact: +91 7969241100

Open an NRI Account with the help of Visament.

As you have already read until now, opening an NRI account is not an easy process; you have to take care of so many things and meet all the criteria. Choose Visament if you want to open an NRI account. We have a team of experts who are available 24/7 to help you out with all the banking solutions. You need to visit the Visament website and select the account that you want to open, and follow the remaining process mentioned there. We provide fast services, and the whole process is transparent; you can check all the updates on the website.