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NRI Banking: Key aspects of the account and the benefits you can gain from it

The NRI banking accounts are one aspect of the Indian banking system that is useful for NRI’s and OCI’s living or travelling all over the world. For those who are looking to invest back in their home country and yet remain flexible with their foreign funds, the NRI accounts can be a handy vehicle.

Given below are some of the key aspects of the NRI accounts and the benefits you can get from it:

Status when opening the account: When it comes to opening the NRI accounts, there is one major prerequisite for the application. An NRI or OCI status is required to be qualified to open this account. To be applicable for either status, you need to satisfy certain criteria as per the government’s requirements. You can always check the government’s website to know more about this pre–requisites.

Bank selection: There are plenty of banks that cater to the NRI needs while providing global services. As an NRI, you can always opt for an NRI banking account or service based on your personal or geographical preferences. If you need to compare the different options, rates or even offerings, you can always check their online website or call their representative to know more. However, ensure that the bank you have opted for is authorized by the Reserve Bank of India for NRI accounts.

Account type: One of the many benefits of the NRI banking is the different account types offered to NRIs. These different accounts cater to different needs while offering different features and rates. Most of the major banks provide plenty of information pertaining to the account and how it will match your financial requirements, along with the country you are residing in. You can always check out the different schemes available to the NRI’s on the official RBI website.

Account application:Traditionally, you would be required to approach the bank and fill out a form in order to open an account. However, keeping in mind the requirements of applicants who have settled or travelling abroad, major banks are now offering online applications. You can easily get the complete list of documentation requirements on the website apart from the account rates and banking rules. At times, there is an online account calculator that will help you calculate the ideal outcome you would want with adjustable rates.

The benefits of NRI banking account includes:

• Convenience: Your NRI account would provide access to the banking system, depending upon your local or foreign needs. This means that you can make a quick transfer of funds or exchange of currencies when required.

• Time saving: You can easily access your funds online. Now you don’t need to run to the bank before closing hours or even before the weekend.

• Interest: Most major NRI bank accounts allows the functionality to compare interest rates and potential earnings between home and abroad.

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