Finance

All about NRI Banking

What Exactly Is NRI Account?

As the name suggests, Non-Resident Indian, an NRI account is basically a person that has an account in an Indian bank but is not an Indian resident. An NRI banking account is offered by a number of banks. It is a great option for all your banking needs. In fact, it is a handy tool.

Banks offers various NRI banking options. Various products and services are provided that help in your NRI banking. There are a number of benefits associated with NRI banking. Some of them includes:

• Convenient banking solution – One of the significant advantage related to NRI banking is that it offers access to the banking system completely depending on the foreign and local needs. Furthermore, you can rely on it for quick financial transfer and even currency exchange.

• Time-saving – Another benefit offered by NRI banking is that it offers quick and easy access to the funds. This further ensures that you do not have to ring your Indian friend for any financial needs.

• Interest rate – You should also know that NRI banking accounts also offer an ability to compare the interest rates. It also provides an excellent earning potential between both abroad and home.

Types of NRI Accounts

There are two major types of NRI banking accounts such as:

• Non-Resident External Account (NRE) – This type of account is defined when you deposit foreign currency while opening your account in an NRE account.

• Non-Resident Ordinary Rupee (NRO) – This type of account is called when an Indian who is going abroad with the intention of becoming an NRI.
What to Consider When Opening an NRI Account?

Following are the steps one need to consider when opening an NRI banking account:

• Choosing a bank – This is one of the major and the first step towards opening your NRI account. With so many banks offering this option it is wise to make a right choice. Choose the bank that meets your banking needs and requirements. One major aspect you need to keep in mind is to know whether the bank is authorized by the Reserve Bank of India (RBI).

• Account type – Now that you know there are two major NRI account types, choose the one wisely. Keep all your aspects in mind when making a choice.

• Online and offline banking experience – You will find banks offer both online as well as offline NRI banking solution. Ensure you apply for online banking too as it is convenient and hassle-free.

You will have a lot of people calling to open an NRI making. Stay away from these people as they might be fraudsters too. One of the best ways to open your account by visiting the bank. No matter which foreign place you reside in, the NRI banking solutions ensure you have economic links forever.

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