Different Types of Services for NRI Accounts in India

An NRI account is a financial institution authorised by the Reserve Bank of India for Non Residential Indians to deposit their funds. There are various monetary organisations or banks in India that provide an array of products and services for NRI accounts. There are many direct banking channels that allows NRIs to easily transfer money and be assured that their hard-earned money is in good hands. Following is a list of different services that are offered by several banks across India.

1. Savings Account: This service allows non-residential Indians to store their money in Indian currency. You can transfer this money to any part of India or the world anytime the need arises. There are two types of NRI accounts – NRE savings account and NRO savings account. You can compare the benefits of both before taking the final call.

2. Current Account: If you are an NRI who wants to transfer money to an Indian NRI account but do not wish to take any interest benefits, you can open a current account. All the top Reserve Bank of India approved banks in India offer such facilities. You can either open an NRE current account or an NRO current account as per the services that suit you the best.

3. Deposit Account: NRIs can avail services like the Foreign Currency Deposits and Rupee Fixed Deposits. They let you utilise your earnings in Foreign or Indian currency more productively. The different types of accounts available are –NRE Fixed Deposits, NRO Fixed Deposits, FCNR Deposit.

4. Accounts for Returning Indians: Non-residential Indians who are returning to Indian to settle for a long period of time can open accounts like RFC Savings Account or RFC Fixed Deposits. The deposited amount can be re-transferred to the NRE or FCNR account once the account holder regains the NRI status.

These are the different types of NRI accounts that are availed by various banks in India like ICICI bank, HDFC bank, Axis bank, SBI bank and more. You can first compare the different facilities and flexibilities that come with each one of these accounts and then take the final call. The process is pretty simple, you just got to download an online form and fill it out. Next, you need to fill in the online mandate holder appointment form. And lastly, you need to fill out the ATM Card for mandate holder form and you are sorted.

With just a few simple clicks, you can make the NRI account of your choice and make international online transactions smooth and convenient. Simply make a mental list of your requirements and check out what the different banks have to offer.

Why Should You Have An NRE Account?

If you are an Indian living abroad, a Non Residential Rupee (NRE) account is something you must have. It is one of the safest and quickest ways to transfer your earnings to India. You do not have to pay any extra taxes to send your money to your loved ones back home. There are several direct banking agencies that allow you to swiftly make an online transaction while having control over your hard-earned income. Here follows the reasons why you should have one of these accounts if you work in a foreign country.

- Free Transfer: Various online money transfer services allow a free transfer of electronic cash between India and abroad. This makes the whole transferring experience hassle-free and feasible for Indians living overseas. You also get benefits like zero tax on the interest earned on your account.
- Very Accessible: Using an international debit card for your account, you can withdraw cash and shop worldwide easily. You can also mention a nominee while making the account, a person who can appoint to use your account on your behalf.
- Easy Management: It is very simple to manage the NRE account once it is made. You can transfer any amount of money to any part of the world without being charged anything extra. You can also carry out secure transactions 24 x 7 and also pay phone and electricity bills conveniently.
- Multiple Benefits: When you open this account, you get tax exemptions on interests earned on the amount in your account. You can also get free statement update via email and also a personalised cheque book. A few branches also offer free deposit lockers to store securities.

How to Transfer Amount from and to Your NRE Account:

- In order to transfer your money to your NRE account, you need to transact freely convertible foreign currency from abroad.
- You can directly remit a certain amount to the account from your bank account abroad.
- When you travel to India, you can carry foreign currency notes or traveller’s cheque and present it at the NRE account counter for carrying out any transaction.
- You can easily transfer money from your NRE or Foreign Currency Non-Repatriable (NRCF) account to other banks in any part of India.

Make online transfer safe and quick with the help of this account. Whether you live in the US, UK, Singapore or any Euro zone country, you can just create one of these accounts in order to smoothly transfer money to India or to keep it stored in India and transfer it to other parts in times of emergencies.

Pluses of Using Online Money Transfer Services

A lot of people who are working abroad often find the need to transfer money to their families living miles away in India. There are various online international money transfer services that make it easier and safer to send chunks of money to family or friends. Sending money to India has become so much simpler with the variety of technological developments in money transfer applications and sites. Following are the benefits of using online money transfer services.

- Amazing Exchange Rates: Various services draw comparison between the various existing exchange rates that are availed by various treasury providers and come up with the most feasible rate. Rather than focusing on a high profit margin, the companies work on high transaction turnovers. This in turn saves your money and you can carry out a smooth transfer of funds to your family back in India.
- Quick Transfer: The online transfer process is so swift that the transferred money reaches the overseas bank within 24 hours. It takes a maximum of three working days to reach the receiver’s account. This makes the transfer quick and convenient during emergency situations like purchase of property, investments or home maintenance.
- High Security: All the monetary transfer agencies make sure that the transactions are carried out within high security firewall systems so that you are assured that your money is in safe hands. State-of-the-art online systems are built to give you a safe and secure online money transfer experience.
- All Time Transaction:With the online systems in place, customers do not have to worry about transferring money at any time of the week. The services are available 24 x 7 so you can easily send money from the comfort of your home or office space. You can also check the status of your transaction at any time of the day from anywhere in the world.
- No Extra Charges- There are no hidden charges for transferring money abroad. You will neither be charged with any extra amount for clearance nor will you have to pay a commission. Simply transfer money at feasible exchange rates.
- Great Customer Service: These money transfer services make sure that you get the best customer service for all your queries. You can clear all your doubts, ask for transaction status and report complaints regarding any service at any point of the day.

These features make the international money transfer a very easy and convenient. So, there is absolutely no hassle if you are living abroad and wish to send a sum of money to your family or loved ones who are in India.

Why Quickremit Is the Solution to Your Money Transfer Emergencies

What would you do in an emergency situation when you have to send money to your family, who lives miles away from you? For people working and living abroad, away from their loved ones in India, it can be quite a task to transfer money on an urgent basis. This is where the Quickremit services come to the rescue. It is a convenient online mode of money transfer that allows one to send money from the UK, Singapore, US and Euro zone to India. Here is how you can make this happen:

1. Register yourself to the Quickremit service by providing all your essential details. Once registered, you will have your log in id and password in place, which will complete the first step of the transfer process.
2. Customers operating from the US have to provide all their bank details as well. Different banks have different policies and regulations. The best way to know is by talking to a representative from the monetary institute or bank.
3. Next step is to initiate a transaction by providing complete details of the beneficiary and by entering the amount to be transferred.
4. Now, just with a few clicks you can transfer a chunk of money immediately to your family or friends in India at times of emergency.

There are various other aspects to the Quickremit service which canhelp you have aclear understanding about using it at times of emergencies. Let’s take a look.

- Who Can Use It: Anyone who wants to transfer foreign currency to a person or organisation in India can use this service. This is one of the most trusted and renown services in India, so there is no doubt about pace and accountability while transferring funds.
- Where Can It Be Used: Currently, this service can be used to transfer money from Singapore, US, UK and the EURO zone to India.This means that one can transfer currencies – US Dollars (USD), Pound Sterling (GBP), Singapore Dollars (SGD), and Euro (EUR).
- Why to Trust It: Quickremit is one of the most trusted services for fund transfer. It does not give out any personal information filled in by you, as the Privacy Policies are pretty firm. Also, all the transactions done by you happen within update firewall protection and secure encrypted lines.
- What Payments Can Be Done: This facility allows you to do make fund transfers for purchase of property, family maintenance, transfers to Non Residential Rupee (NRE) accounts or for other investments.

All of this and much more makes the Quickremit service a reliable and fast option for sending money to your loved ones in India.

How to Do A Smooth Money Transfer to India?

People living abroad might need to send money to their loved ones back home during any time of the year. It can be very helpful to have a mediator who can safely transfer your money to the bank account of your family member in India. Thanks to technological advancements, there are various ways today to transfer money in electronic form. This is a quick and safe way to do a transaction to such a long distance. There are various money transferring options that are provided by some of the top banks and money transferring agencies in India. Let’s get to know a little more about making a smooth money transfer to India.

- Several banks in India including Union Bank of India, Federal Bank, Bank of Baroda, ICICI Bank, HDFC Bank and more that are qualified by the National Electronic Funds Transfer (NEFT) network, allow you to transfer any amount up to $900 to any place in India without charging any transfer fee. Such offers make the transferring process feasible and convenient.
- The best part about sending money to India online is the speed at which it reaches the receiver. Within minutes you can transfer up to Rs. 200,000 through your debit or credit card to selected banks in India. You can also instantly transfer money to financial service companies, and your parents or friends can come and collect the amount from various centres all over the country.
- There are so many applications that have been developed now that help you transfer money to India at the comfort of your office or while you are on the go. These apps can be downloaded on your iPhone, iPad or Android phones.
- The easy mode of payment and a simple process makes online transfer so easy for people living miles away from their dear ones. You can choose to send the money through your online banking, debit or credit card, as per your convenience. Just by following a few simple steps and a few clicks you can send a chunk of money to your family who is in India. Isn’t that amazing! All you got to do is register yourself, select your mode of transfer and add the details of your receiver and the amount you want to transfer.

There are several other benefits associated to money transfer in India offered by various top Indian banks as well as money transfer mediators. So, choose the mode that fits your requirements and transfer money to India without any hassle.

Insurance: The 4 type of insurances that every individual must have

In reality, life will throw you plenty of things. But while we may not be capable of preparing for all these surprises, we can prepare for most of them, at least financially. This is where the insurance comes into place.

This insurance provides some measure of protection financially, should such an event occur. There are numerous insurance options available, several of which, financial experts tells us to have them in place. Here are the four types of insurance every individual must have.

Life insurance: This is the one type of insurance that will benefit your family the best. This is extremely vital especially if you have a family that depends on your earnings. When opting for a life insurance, it should cover at most ten times your yearly income, as it would not only provide sufficient funds to cover existing expenses, funeral expenses and provide your family with the financial cushion it requires. It should also include other payments such as living expenses, loans, credit cards and taxes. It can also include child care and future college costs. This financial cushion will help your family members to stay stable until an alternate solution has been found.

Health insurance: Studies show that statistically, your family is just one serious illness away from bankruptcy. A large number of all personal bankruptcies are caused by health problems, with most of the individuals claiming medical insurance at the start of their illness. By these numbers alone, you should be convinced to obtain health insurance or increase your current coverage. However, the key to finding adequate coverage is to shop around. While businesses do offer this incentive as a part of their business, smaller businesses may or may not offer this benefit. It is also difficult to get this insurance, especially if you have pre – existing condition. Nevertheless, even if you have minimum coverage, it can provide some monetary benefit for your hospital stay.

Long-Term Disability Coverage: This is one insurance that not many individuals would opt for, as not many assume that they will become disabled at some point in their life. However, statistics does indicate that workers who enter the workforce have a higher chance of becoming disabled at some point in their life, even before they reach the age of retirement. In other words, individuals who have become disabled on their job, are still during their working years. The cost of disability insurance is based on several factors which include age, lifestyle and health. At least with this insurance, there will be a guarantee that you will have some income when you can’t work.

Auto Insurance: Auto insurance, also identified as vehicle insurance is one mandatory insurance that every car owner in India must have. With automobile accidents becoming one of the leading causes of death in India, it comes as no surprise why this choice amongst the different types of insurance is mandatory. Additionally, in an automobile accident, you will not only damage your vehicle, which is an asset itself but also have a high risk of harming other individuals. 

Different Kinds of Educational Loans

It is crucial to plan your child’s educational graph well as there are so many options and so many different fields that the next generation will be able to explore. However, today, there is a range of educational courses that cost a bomb. The best way to go about it is to weight all your options first, narrow it down to the particular course that you want to take up and apply for the most suitable educational loan. This is a type of loan that must be repaid with a certain amount of interest. Let’s take a look at the different kinds of loans that are offered by various banks.

- Undergraduate Student Loans: If you are an undergraduate and you want to apply for a graduation course this is the kind of loan that you are eligible for. Some banks have preferential rates for some of the leading universities.
- Graduation/Professional Student Loans: Students who have completed their graduation or professional course are eligible for this kind of study loan. One can apply for various higher education degrees all over the country as well as the world.
- Career Educational Loans: This loan is specifically for students willing to apply for undergraduate orientation programs and courses at institutes all over the country.

These are the three main types of educational loans that are offered by monetary organisations in India. Following are some other aspects to taking up a loan:

- If you are a student who does not have any source of income to repay the loan taken, you will need a co-signer like a guardian, parent, spouse or friend who can take the responsibility of repayment.
- There are certain loans that have the flexibility of repayment after the graduation is complete. This makes the process easier for you as you get time to arrange a source for the repayment of your loan.
- You can also take up unsecured loans, which covers other educational expenses like tuition fee, living expense, books, transportation costs and more. For a student who is studying as well as doing a job, a parent can be co-signer.
- Some banks also offer loans to parents so that they can make payments for various educational expenses like uniforms, books, previous school fees and more.

These are the various educational loans that can help you with your future. Different banks have different interest rates on the repayment of the loan. You must compare all the available loan options and decide on the one that suits your requirements and affordability the best.