Personal accounts: India
An honest assessment before work starts, the quote is fixed in writing.
In India the type of personal account depends not on the client's wishes but on their status: the bank must open exactly the account permitted under Reserve Bank of India rules. Non-resident Indians, Overseas Citizens of India (OCI), foreigners living in the country and tourists each get different accounts with different taxes and repatriation rules.
Which account you are entitled to
| Your status | Account | Features |
|---|---|---|
| A foreigner living in India for more than 182 days on a visa, registered with the FRRO | a regular resident rupee account | passport, visa, registration, address, PAN |
| A non-resident Indian or OCI cardholder living abroad | NRE account (foreign earnings) in rupees | freely repatriable, interest tax-free in India |
| The same | NRO account (Indian income) | rent, pension, dividends from India; repatriation up to $1 million per financial year with documents |
| The same | FCNR foreign currency deposit | deposits in dollars, euros and other currencies with no currency risk |
| A foreign tourist | a non-resident account for up to 6 months | extension only with RBI approval |
We will calculate online the cost of opening a personal account and maintaining it for a year.
Tax on interest
Interest on NRE accounts and FCNR deposits is not taxed in India. On NRO interest the bank withholds tax at the non-resident rate, about 30% with surcharges, or lower under a tax treaty with documents of residence. A resident of India pays tax on interest as part of ordinary income.
Repatriation and certificates
To send money abroad from an NRO account, the bank asks for a remittance declaration (Form 15CA) and a chartered accountant's certificate (Form 15CB) confirming taxes on that money were paid. These are filed online with the tax department before the transfer. If you sell property in India, the buyer withholds tax on your gain, and the balance can be repatriated under the same rules. We prepare the certificates in advance so the transfer is not delayed.
The account and property
A non-resident Indian or OCI holder pays for a home only through the banking channel: by wire from abroad or from their NRE, NRO or FCNR account. Rent from an Indian flat goes into the NRO account, and the tenant withholds tax on it.
Documents needed
- Passport and visa, and for those living in India, FRRO registration.
- An Indian PAN or the prescribed form instead of it.
- Proof of address in India and abroad.
- A photo and a form with tax residence.
- For OCI holders, the OCI card.
Many banks open accounts for non-resident Indians remotely, with video verification and certified document copies.
Deposit protection
The DICGC protects deposits up to ₹5 lakh, about $5,200, per depositor per bank. Dollar amounts use the ECB rate of 5 October 2026, about ₹96.3 per dollar, rounded up.
Why banks refuse or delay
- The chosen account does not match the client's status.
- No Indian PAN or FRRO registration.
- Mismatched addresses or name spellings across documents.
- A tourist asks for an account longer than 6 months without RBI approval.
How we help
We determine your status under RBI rules and choose the right account, help with the PAN and registration, prepare documents and handle opening, including remotely. For property owners and those with Indian income we set up repatriation with the required certificates.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can a foreigner open an account in India?
What account does a non-resident Indian need?
Is interest taxed?
Can I open an account remotely?
How much money can be taken out of India?
Is money in an Indian bank protected?
Need a personal account with an Indian bank?
We choose the right account type for a foreigner or an Indian living abroad, prepare the documents and follow the opening with an Indian bank. Every country is in the searchable catalogue.
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