For non resident Indians across the globe . . .

19. Pan Number requirement for NRI Bank Accounts in India

Question:  am a dual citizenship holder and needs clarification on a issue for which I couldn't find answer in the website. We are getting very good information from your website that to without paying a penny which is really great. My question is, do I need PAN # as required in India for all financial transactions like opening a bank account, buying a property of a car, buying or selling shares or mutual funds, applying for a bank loan, etc. If yes, then what and how to get it. I will really appreciate your help. Hope to hear from you soon with a favorable answer. With regards and thanks. Pushpa Answer: As an NRI you do not need a Pan Number to open a bank account, buy property or a car. However you do need a Pan Number when purchasing stocks etc. To buy stocks and shares you need what is referred to as a 'demat' account and you must have a Pan Number to open a demat account. So NRIs can do everything in India without getting a Pan Card except have a stock trading account. However having a Pan Card is recommended and these days Pan Card can be easily acquired even from abroad. Information on applying for a Pan card is available by clicking HERE. Many financial institutions who you bank with in India will also help you get your Pan Number. Axis Bank with whom I have an NRI account helped me get mine without a service charge. All I had to do was sign the required form, give them a photograph and pay the fee of Rupees 96.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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For non resident Indians across the globe . . .

19. Pan Number requirement for NRI

Bank Accounts in India

Question:  am a dual citizenship holder and needs clarification on a issue for which I couldn't find answer in the website. We are getting very good information from your website that to without paying a penny which is really great. My question is, do I need PAN # as required in India for all financial transactions like opening a bank account, buying a property of a car, buying or selling shares or mutual funds, applying for a bank loan, etc. If yes, then what and how to get it. I will really appreciate your help. Hope to hear from you soon with a favorable answer. With regards and thanks. Pushpa Answer: As an NRI you do not need a Pan Number to open a bank account, buy property or a car. However you do need a Pan Number when purchasing stocks etc. To buy stocks and shares you need what is referred to as a 'demat' account and you must have a Pan Number to open a demat account. So NRIs can do everything in India without getting a Pan Card except have a stock trading account. However having a Pan Card is recommended and these days Pan Card can be easily acquired even from abroad. Information on applying for a Pan card is available by clicking HERE. Many financial institutions who you bank with in India will also help you get your Pan Number. Axis Bank with whom I have an NRI account helped me get mine without a service charge. All I had to do was sign the required form, give them a photograph and pay the fee of Rupees 96.
N
RI Information
Informing  educating and connecting Indians across the globe by Virendar Chand
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
NriInformation Questions &Answers 
Read Disclaimer at bottom of page