An NRI needs the following to be able to invest and be KYC compliant
- An Indian passport or an OCI/PIO card
- A PAN card
- An overseas address with proof there-of
- An NRE/NRO account in India
The investor would need to undergo a one-time KYC registration as a regular investor using their overseas address proof.
A Non-Resident Indian is often faced with the situation of maintaining a Rupee account in India. Primarily there are two reasons for opening such account: NRI wants to repatriate overseas earned money back to India and/or NRI wants to keep India based earnings in India. NRI has the option of opening a Non Resident Rupee (NRE) account and/or a Non Resident Ordinary Rupee (NRO) account. An NRO account can also be opened by a Person of Indian Origin (PIO) and an Overseas citizen of India (OCI).
Similarities between NRE and NRO accounts: Both accounts can be opened as Savings as well as current accounts and are Indian Rupee accounts. One needs to maintain an average monthly balance of Rs 75000 in both NRE and NRO accounts.