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.