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.