IDBI Bank Now Has Instant Paperless Accounts For NRIs

Non-Resident Indians (NRIs) living in nearly 40 countries can now open accounts with IDBI Bank without the need to submit any physical documents.

IDBI Bank on 16 April launched 'NRI-Insta-Online' account opening process for NRIs residing in Financial Action Task Force (FATF) member countries, it said in a release.

To open the account, the individual will not require to furnish physical documents or KYC proof with the bank.

"NRIs desirous of opening account can now access the 'NRI Insta-Online' on the bank's website via web module, upload the supporting documents and choose the branch in which the account needs to be opened," IDBI Bank said.

This means that the whole application process to open an account online can be done by uploading scanned copies of the necessary identity proof on the web module. These documents will be then verified by the bank and the account will be instantly opened and electronic advice is sent to the customer.

The lender said this initiative is user-friendly and eliminates the need to visit a branch or submit physical documents.

NRIs can open NRE (Non Resident External Account), NRO (Non Resident Ordinary), FCNR (Foreign Currency Non-Repatriable) and fixed deposit accounts with IDBI Bank.

FATF is an inter-governmental body which devices policy and sets standards to promote effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

It has 38 member countries, including the US, UK, India, Japan, China, and France, among others.