Union Bank of India NRI Account Opening Form Download

This document is the official Union Bank of India Account Opening Form for Non-Resident Indians (NRIs) (nri accoun… p. 1). It captures a comprehensive set of personal, banking, tax, and legal details required to establish an offshore bank account (nri accoun… pp. 1, 3-4).

The key points of this document include:

• Account Schemes: Applicants can open NRE (Savings Bank/Current Deposit/Term/Flexi), NRO (Savings Bank/Current Deposit/Term/Flexi), or FCNR (B) Term deposit accounts (nri accoun… p. 1).
• Applicant Hierarchy: Supports up to three applicants (Primary, Joint 1, and Joint 2) along with provisions for minor accounts managed by a legal guardian or Power of Attorney (PA) holder (nri accoun… p. 1).
• Mandate for Operation: Multiple operating choices are available, including Single, Either or Survivor, Former or Survivor, Any one or Survivor, or Jointly (nri accoun… p. 2).

• Value-Added Services: Option to opt-in for Cheque Books, Debit Cards, Internet Banking, Sweep-in facilities, and custom SMS alerts based on transaction thresholds (nri accoun… p. 2).
• Fixed Deposit Management: Offers automatic renewal of deposits with accrued interest (nri accoun… p. 2). Interest frequencies can be set to Monthly, Quarterly, Half-yearly, or Yearly (nri accoun… p. 2).

• Identification Details: Captures detailed demographics, maiden names, passport numbers (with expiry and issue dates), and employment statuses (nri accoun… p. 3).
• Dual Addresses: Explicitly requires both an overseas communication address and a local address in India (nri accoun… p. 3).
• Asset & Liability Profile: Includes optional disclosures regarding owned assets (vehicles, housing type) and current credit facilities or loans held elsewhere (nri accoun… p. 4).

• DTAA & TDS Benefits: Submission of a PAN Card and a Tax Residency Certificate (TRC) is explicitly mandatory to avail of lower Double Taxation Avoidance Agreement (DTAA) tax rates on NRO accounts (nri accoun… pp. 2-3).
• Income Tax Declarations: Includes Form No. 60 for individuals entering financial transactions who do not possess a standard PAN card (nri accoun… p. 6).
• Global Tax Reporting: Features an integrated FATCA/CRS certification tracking tax residencies, TINs, and authorizing global compliance data-sharing (nri accoun… p. 4).
• FEMA Undertaking: Requires applicants to declare their NRI status and commit to immediately reporting any return to India for permanent residence (nri accoun… p. 2).

• Form DA-1 (Nomination): A built-in nomination module under the Banking Regulation Act, 1949, to seamlessly assign funds to a nominee or designate an adult guardian if the nominee is a minor (nri accoun… p. 5).
• Integrity Pledge: A voluntary anti-corruption declaration for citizens committing to transparent financial practices (nri accoun… p. 7).

If you want, I can help you with the next steps:

• Explain the difference between NRE and NRO accounts
• List the mandatory KYC documents required for NRI passport verification
• Detail how DTAA benefits lower the tax deducted on NRO interest

Download PDF Click here

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