Non resident special Rupee Scheme Account

For non-resident Indians (NRIs), banks in India offer a unique kind of account called the Non-Resident Special Rupee Scheme (NRSR) Account. NRIs can keep deposits in this account in Indian rupees, and they are free to withdraw their money at any time.

The Reserve Bank of India has specified rules and regulations that apply to NRSR accounts, which can be savings, current, recurring, or fixed deposit accounts (RBI).  

This scheme provides NRIs with a convenient way to manage their earnings and investments in India while ensuring the flexibility to transfer funds abroad when necessary.

The regulations governing the Non-Resident Special Rupee Scheme (NRSR) Account are set by the Reserve Bank of India (RBI) to ensure compliance and smooth functioning. 

Who opens these Non resident special Rupee Scheme Accounts?

Non-Resident Special Rupee Scheme (NRSR) Accounts are typically opened by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). These individuals, residing outside of India, can open NRSR accounts to manage their funds in Indian rupees. The accounts provide a means for NRIs, PIOs, and OCIs to invest, save, and conduct financial transactions in India while complying with the regulations set by the Reserve Bank of India (RBI).

From where we can open NRSR Accounts? 

NRSR accounts are opened by non-residents through approved Indian banks that provide these services. These public and private banks are accessible to NRIs, PIOs, and OCIs to start the process of creating an NRSR account. In order to create an account, you often need to provide the necessary paperwork, which may include your address, identification, and evidence of employment or a valid visa.

It's important for individuals to choose a bank that is authorized by the Reserve Bank of India (RBI) to offer NRSR accounts and comply with the guidelines set by the regulatory authorities. Banks often provide assistance and guidance throughout the account opening process to ensure that it aligns with the regulatory framework governing non-resident accounts.

The specific documents required and procedures for opening a Non-Resident Special Rupee Scheme (NRSR) account can vary slightly among banks. However, here is a general overview of the common requirements and procedures:

Documents Required:

Proof of Identity:

Passport

Overseas Citizen of India (OCI) card

Person of Indian Origin (PIO) card

Proof of Address:

• Valid foreign address proof (utility bills, rental agreement, etc.)
• Overseas Indian banks may accept a local address proof if you have a local residence in India.

Proof of Employment/Visa Status:

• Employment visa
• Work permit
• Any other document confirming the employment or visa status

Photographs:

• Passport-sized photographs

PAN (Permanent Account Number) Card:

• PAN card issued by the Income Tax Department of India is often required.

Foreign Currency Deposits:

• In the case of foreign currency deposits, proof of source of funds might be required.

Additional Documents:

• The bank may request additional documents based on its internal policies and the nature of the account.

Procedures:

Select an Authorized Bank:

• Choose a bank authorized by the Reserve Bank of India (RBI) to offer NRSR accounts. Most major banks in India provide this service.

Visit the Bank:

• Visit the nearest branch of the chosen bank. Some banks also offer online account opening services for non-residents.

Collect Account Opening Form:

• Obtain the NRSR account opening form from the bank. This can usually be obtained from the branch or downloaded from the bank's website.

Complete the Form:

• Fill in the required details accurately in the account opening form.

Submit Documents:

• Submit the completed account opening form along with the necessary documents, including proof of identity, address, employment/visa status, photographs, PAN card, and any additional documents requested by the bank.

Verification Process:

• The bank will verify the provided documents. This may involve an in-person verification or may be done through a notary or embassy.

Account Activation:

• Once the verification is complete, the NRSR account will be activated, and the account details will be provided to the account holder.

It's crucial to check with the specific bank regarding their documentation requirements and procedures, as they may have variations based on their internal policies and compliance regulations.