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NRI bank application form (Conversion) Identity Proof: Any one
Passport / Aadhaar / Driving License / Voter's Id card
Residency status proof:
Valid visa or Work permit or OCI/PIO card
Foreign address proof: 
  • Utility bills within 2 months (any of the latest electricity/ water/ telephone bill)
  • Property Tax etc.
FATCA declaration form with Tax Identification Number / Functional Equivalent Passport size photographs
PAN / Form 60    

Please note, that the list of documents may vary from bank to bank.

Account Features NRE NRO FCNR
Account maintained in Foreign currency
Deposit currency Foreign currency (post conversion) Foreign currency & ₹ (post conversion) Foreign currency
Withdrawal currency Foreign currency
Tax-free Taxable as per DTAA subject to documentation or Income tax act whichever is beneficial Tax-free
Type of
  • Savings
  • Current
  • Recurring
  • Fixed Deposit
  • Savings
  • Current
  • Recurring
  • Fixed Deposit
  • Fixed Deposit
Joint holding with a resident Permitted on a ‘former or survivor1’ basis with a resident relative2 Permitted on a ‘former or survivor’ basis with a resident relative. The relative will be able to operate the account as a POA holder Link the PoA article Permitted on a ‘former or survivor’ basis with a resident relative
Other Aspects      
Loan against deposits Allowed, but only in ₹ Allowed, but only in ₹ Available in foreign currency, with conditions
Repatriation Freely repatriable Permitted upto 1 million USD per financial year Freely repatriable
Risk Risk due to fluctuating foreign exchange rate No Risk No Risk

You can invest in different forms of gold. The table below outlines a quick snapshot of the features and benefits across different forms of gold:

Characteristics Physical Gold Gold ETFs Gold Funds E-Gold
Form Physical Digital Digital Digital
Investment Mode Over the counter Brokerage Firm Fund houses Brokerage Firm
Underlying Asset None Physical Gold Physical gold Physical Gold
Demat Account Not required Required Not required Required
Tradeability on Stock Exhange Not tradeable Tradeable Not tradeable Tradeable
Fee and Charges Making Charges Asset management & brokerage fees Fund management charges Entry/Exit Fees* Brokerage Fees

*Applicability of entry/exit fees depends on the Asset Management Companies (AMC) you choose to invest with.

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