If you are an Indian employed abroad or has a business overseas, you still have the option to park money in India through safe instruments like fixed/term deposits. Most Indian banks, as well as multinational financial institutions, provide NRO and NRI banking services. This facility allows you to make safer investments and also earn revenues.
What is an NRI account?
An NRI can open two kinds of bank accounts in India- NRO & NRE accounts. The major difference between these two accounts is that in you can only credit an NRE (Non-Resident External) account in foreign currencies whereas in NRO (Non-Resident Ordinary) is for earnings in India like rent earned from a pension, property, etc.
What are the benefits of NRI banking:
• You can open a fixed deposit or recurring deposit account with any Indian bank.
• You can make investments in mutual funds in India.
• NRI’s can avail tax benefits in India on the interest earned through the account.
• Principal amount plus interest is fully repatriable. You can exchange your foreign currency into Indian rupees to make any purchases or investments in India.
• Funds from this can be shifted to another NRE account or a resident Indian account. You can also make payments for any family member living in India in Indian rupees.
What are the documents required to start an NRI account?
• Passport
• Photographs
• Valid Visa
• Address proof of India if you have a different address posted in your passport
• Overseas address proof
To avail the NRI services, you will have to get these documents attested from the Indian Consulate or overseas bank or be notarised by a foreign notary as per your chosen bank's requirements.
How to open an NRI account?
Most private, public, and foreign banks with operations in India have flexible online facilities to open an NRI account. Some private banks even send officials for a free doorstep service to pick up documents. There are also entirely paperless services provided by some of these private banks in certain jurisdictions. HDFC Bank has drop box facilities in the USA, the UK, Singapore, Canada and the UAE, where one can drop their completed downloaded forms along with required documents.
Banks in India provide a comprehensive array of NRI banking services. A secure online gateway supports their services, and this proven technology facilitates seamless banking. From opening a savings accounts to enabling premium banking services and from deposits to investments in mutual funds, insurance or portfolio management services; banks offer NRI banking solutions under one roof.
What is an NRI account?
An NRI can open two kinds of bank accounts in India- NRO & NRE accounts. The major difference between these two accounts is that in you can only credit an NRE (Non-Resident External) account in foreign currencies whereas in NRO (Non-Resident Ordinary) is for earnings in India like rent earned from a pension, property, etc.
What are the benefits of NRI banking:
• You can open a fixed deposit or recurring deposit account with any Indian bank.
• You can make investments in mutual funds in India.
• NRI’s can avail tax benefits in India on the interest earned through the account.
• Principal amount plus interest is fully repatriable. You can exchange your foreign currency into Indian rupees to make any purchases or investments in India.
• Funds from this can be shifted to another NRE account or a resident Indian account. You can also make payments for any family member living in India in Indian rupees.
What are the documents required to start an NRI account?
• Passport
• Photographs
• Valid Visa
• Address proof of India if you have a different address posted in your passport
• Overseas address proof
To avail the NRI services, you will have to get these documents attested from the Indian Consulate or overseas bank or be notarised by a foreign notary as per your chosen bank's requirements.
How to open an NRI account?
Most private, public, and foreign banks with operations in India have flexible online facilities to open an NRI account. Some private banks even send officials for a free doorstep service to pick up documents. There are also entirely paperless services provided by some of these private banks in certain jurisdictions. HDFC Bank has drop box facilities in the USA, the UK, Singapore, Canada and the UAE, where one can drop their completed downloaded forms along with required documents.
Banks in India provide a comprehensive array of NRI banking services. A secure online gateway supports their services, and this proven technology facilitates seamless banking. From opening a savings accounts to enabling premium banking services and from deposits to investments in mutual funds, insurance or portfolio management services; banks offer NRI banking solutions under one roof.
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