If you are an NRI, or Non Resident Indian, and would like to open an account in Union Bank of India, such as a savings account, current account or credit card account, it’s vital that you know how to fill out the required application form correctly.
You don’t want your money to be tied up because of a simple mistake, do you? There are certain things that you can’t leave out and there are other aspects that should be filled out correctly.
Read on to learn more about how to fill out an account opening application form for NRI’s so you can avoid these mistakes!
Who is a Non Resident Indian?
A Non-Resident Indian (NRI) is an Indian citizen who has permanently moved out of India to reside in another country. NRIs are also called Overseas Indians.
There are approximately 25 million NRIs living all over the world. They contribute to India’s development by sending remittances, and many of them visit India frequently.
What are the benefits of being an NRI?
There are a number of benefits to being an NRI. Some of the most important benefits are:
1. Tax Benefits: NRIs can take advantage of tax exemptions on their income, which can save them a lot of money.
2. Investment Opportunities: NRIs have access to a number of investment opportunities that are not available to other residents of India. This includes investments in real estate, the stock market, and more.
3. easier repatriation of funds: NRIs can repatriate their funds more easily than other Indian citizens, which makes it easier to send money back to India.
4. Dual Citizenship: NRIs can apply for second citizenship, which makes it easier to travel abroad and to other countries.
3. You can vote in Indian elections from anywhere in the world.
4. You can easily transfer money to and from India.
5. You can travel to India without a visa.
6. You can invest in Indian businesses and real estate.
What documents are required to open an account as an NRI in UBI?
NRI account opening procedures vary from bank to bank. However, UBI banks would require the following documents:
- A copy of your passport and visa (if not stamped on your passport)
- A recent photograph
- Proof of address (utility bill, bank statement, etc.) – The address provided should be that of your permanent residence in India. It can be a driving license, passport, ration card etc. If you are staying at a rented place, you can submit the lease agreement as address proof.
- A copy of your PAN card
- A letter from your employer confirming your employment and salary details
- Your NRE/FCNR account statement
- An application form filled out by you and signed by you
- The bank may also ask for other documents depending on your profile. Some banks would even require an NRI to visit the branch in person to open an account.
In case of any discrepancy, please write to [email protected] or Contact +918061817110.
How do NRIs open accounts in Union Bank of India?
To open these accounts, you will need to fill out an account opening application form and submit it along with necessary documents like KYC/address proof, identity proof etc.
Most banks will send these forms to you over email with instructions on how to fill them out.
An NRI can open an account in India by sending a power of attorney to the bank. In this case, the person who opens the account on your behalf will need to be present in India. You can also get a relative or friend to visit the bank on your behalf.
You can open a bank account in India without visiting the country. However, if you want to deposit and withdraw money, you will need to visit the bank in person at least once.
What are some of the important things NRIs should keep in mind?
Make sure you fill out all your contact information in English, including your full name and address. If there is a checkbox that reads NRI (or anything similar), make sure you select it.
While filling out bank account application forms online can be done by both NRIs and non-NRIs, in some cases, you might need a photocopy of your NRI card as well.
So make sure to carry it with you if you plan on opening a bank account while abroad.
It’s also helpful to have at least two passport-sized photographs handy when doing so. For NRIs who don’t have Indian passports but do own Indian PAN cards, or even Aadhaar cards.
you should still be able to open bank accounts using those documents instead although make sure to double check with each financial institution individually before proceeding!
How to fund your NRI bank account?
There are a few ways that you can fund your NRI bank account. You can wire money from your home country to your bank account in India. You can also use online payment services like PayPal or Google Wallet.
Another option is to use a foreign currency cheque or draft. You can also use a debit or credit card to make deposits into your account. The foreign currency cheque or draft should be in the name of the NRI.
You can also use your NRE account to make deposits and withdrawals. However, you cannot use it to receive payments from abroad. If you want to make payments, you will need to open an additional NRO account.
If you have a US dollar bank account in India, you can also make direct transfers from your US dollar bank account back home into your Indian bank account. This is called a foreign Currency Account (FCA).
You can use your FCA to make transfers into your NRE account, or directly into your NRO account. However, you cannot use it to receive payments from abroad. If you want to make payments, you will need to open an additional FCNR account.
When you open a foreign currency bank account in India, the bank is obliged by law to inform the Reserve Bank of India (RBI) about the existence of that account.
The RBI monitors the foreign currency bank accounts in India and does not allow any Indian citizen to have more than one account abroad. If you open a second account, the RBI will freeze your first account.
What are the different types of bank accounts that NRIs can open in Union Bank of India?
There are various types of bank accounts that NRIs can open in India. The most common ones are:
- Current account,
- NRE (Non-resident external) account,
- FCNR (Foreign currency non-resident) account and
- RD (Registered with Dormant) accounts.
- Depending on what you wish to use your money for will determine which one is best suited for you.
The current account is similar to a checking account in the United States. This account allows you to easily transfer money between your Indian and foreign bank accounts. See other variety of NRI Accounts in Union Bank of India.
What are the features of an UBI NRI bank account?
NRI or non resident Indian’s UBI bank accounts offer a host of benefits. These accounts have increased in popularity among Indian expats over time, especially with online banking becoming so ubiquitous.
1. One of its biggest advantages is that it can be opened from anywhere in the world, including outside India. Additionally, there are no annual fees associated with these accounts and holders also receive debit cards which they can use to transact seamlessly across different countries.
2. Another attractive feature is that many banks allow their customers not only free withdrawals at any ATM around the globe but also free use of ATMs domestically too.
3. NRI bank account holders can easily transfer money in and out of India, and can also take advantage of special exchange rates when converting rupees to other currencies.
4. Reduced or waived fees for transactions made in India
5. Flexible deposit and withdrawal options, including cheque books, demand drafts, and ATM cards
6. 24/7 customer service and support
7. Online banking and account access
8. Tax benefits under Indian tax laws
How long does it take to open an account in Union Bank of India ?
This can vary from bank to bank and from one branch of a bank to another. It will also depend on what type of account you are opening and wherein India that branch is located.
In general, you should allow 3 – 4 weeks for your account application to be processed; however, there have been instances where applications have taken 6 months or more.
I would recommend visiting your local branch as soon as possible after arriving in India, explaining what you want, and asking how long it normally takes.
The staff may try to get you to use an online application process but only do so if they give you a completion date within a week or two.
If not, make sure to go back every few days until you learn how long it actually takes. Then let them know that’s when you need your account opened. If necessary, politely press them by returning every few days until you get a firm answer.
How can NRIs get in touch with the nearest Indian embassy or consulate?
Almost every Indian embassy or consulate has a website where you can check out information about their services and how to get in touch with them. Once you know which office serves your area, be sure to call ahead or visit in person.
Some offices are limited by appointment only hours, while others are open during regular business hours; either way, it’s best to give yourself plenty of time. You might also want to look into if there is an NRI Help Desk set up at any particular consulate near you.
The idea behind these help desks is that they provide additional assistance to NRIs in your area, offering face-to-face consultations and generally being more familiar with any unique problems that may arise.
After going through all these steps, you would have successfully opened your NRI account in UBI bank. You will receive your debit card within 10 -15 days of opening your NRI account. The bank may take some time to verify your debit card.
Once verified, you will be able to use it at any ATM or POS terminals across India and outside India. The best part is that UBI bank allows its customers to make online transactions using their Debit cards and does not charge any fees for online transactions. Read more Article About Union Bank