Non-Resident Indian NRI Bank Account in Saudi Arabia

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Most of the expatriates in Saudi Arabia don't know about how to NRI, NRE and NRO Bank Account in their home country in India while you are staying in KSA, GCC or any others countries. Before the procedure of how to open NRI account and let's know some of the necessary requirements for it. First, we need to know the benefits and uses of NRI bank account.
NRI Bank Account Saudi Arabia
NRI Bank Account Saudi Arabia

Types of NRI Banks Accounts

There are three types of NRI Bank Accounts below one by one for your guidance

NRE Non-Resident External Bank Account

The first type of NRI Bank Account is NRE Bank account then you can open this kind of account and select any term deposit, Fixed, Current or Saving account. Keeping the balance will maintain in IR Indian Rupees and Tax-Free. The NRE accounts are used to keep overseas earned money after exchange through remittance to Indian currency.

NRO Non-Resident Ordinary Bank Account

The second type of account you can open before or you become NRI. It will maintain your balance in Indian Rupees, Tax as per the applicable slab rate, and able to select on your choice type Term Deposit, Current, Fixed or Saving account. Mainly in the NRO type of account is used to protect Indian income like dividends, rent, e.t.c.

FCNR Foreign Currency Non-Resident Bank Account

When you are NRI, then you can open this type of account. The FCNR account maintained as you like your currency like Euros, Pounds, Dollars, etc. This kind of statement is Tax-free an.d on your choice to select one kind of the Term deposit or Fixed account. Mainly in this type of account used to saved the terms deposit of account between one to five years

Now it 's hard for most of the people and a little bit confused to open which kind of bank account is safe to select in these three categories, according to my opinion open the NRE type of Account because you can directly remit amount from overseas to direct your account and tax-free bank account.

Non-Resident Indian NRI Services Banks

In the present time, nearly all the banks are providing NRI services for Non-Resident Indian customers. Every bank is a goal to attract NRI by proofing their full support. But in some bank you need to visit your home country bank then they will accept your NRI application.

There are few banks if you visit or not visit in your country and but they will allowing you to open your NRI bank account are the ICICI, HSBC, HGFC.

HOW TO OPEN Non-Resident Indian (NRI) BANK ACCOUNT IN KSA

Let's guide you about how to open a bank account from the Kingdom of Saudi Arabia. One of my friends opened bank account he first applies to open NRI account in SBI Bank, there is a condition from them that the candidate should visit the branch and they reject the application.

Again he tried to open an account in ICICI, here also something went wrong, Then he reached HDFC bank website, he opens the NRI service Page, then goes to Chat option and talk with the support agent, and everything is going to soft.

The agent will call him every day and guide him through the whole process. After that, the officer asks him to send the minimum deposit of 10,000 as Demand Draft. I told him it is not possible to make DD here, till he opens the new account the officer accepted the issue and requested to his senior manager to open my account.

Then the agent arranged courier guy also to his office to receive documents free of cost, within one week I received Debit Card, Cheque Book, Pass Book, all required documents of my opened bank in courier.

Opening A Bank Account Requirement In Saudi Arabia

  • Salary Slip
  • Letter from Company
  • Visa Copy
  • Iqama or Muqeem(Residence ID Card)
  • Indian ID (Indian Residency Identity)

Facilities of NRI Account Available in the below Banks

There is the following bank which is available NRI services in Kotak Mahindra Bank NRI, ICICI NRI Bank, Axis Bank NRI Account, Indian Overseas Bank NRI Account, Andhra Bank NRI Account, Federal Bank NRI Form.

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