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.