It would be surprising to known that there are more than 80 million NRIs staying in different countries across the globe pursuing business or profession of their dreams. And it comes as a bigger surprise that more than 37,000 million dollars have been deposited by these NRIs in FCNR NRI account and NRE rupee account in India. In order to encourage NRIs to come back to India and to make investment in their homeland, they can now open various NRI accounts. By opening NRE account or NRI accounts, these Indians can gain a number of benefits. Through their NRI rupee account and NRE rupee account, they can even invest in Indian stock market.
Indians having NRI rupee checking account could also find it easier to buy property in India as loan processing takes lesser time for people having NRI accounts.
There are various types of NRI accounts that can be opened in India including NRE account also known as NRE rupee account, Ordinary NRI rupee checking account also known as NRO accounts, NRI account for fixed deposits, Savings NRI rupee account and also NRI account for storing foreign currencies.
How to open NRI Account/NRE Rupee Account in India
In order to open NRI rupee checking account or NRE rupee account in India one must first go through the different schemes offered by various government and private banks in India to open NRI accounts. The customer then need to download the form for opening the NRE rupee account or NRI account. Fill the NRI rupee checking account/NRE account form correctly and submit it along with all required document such as copy of your passport, residence permit or visa and usually 2 photographs. The signed form submitted for opening NRI rupee account/NRE rupee account is checked by the Indian embassy officials or the bank officials if the particular bank has a foreign branch.
Different Types of NRI Accounts/NRE Account
NRI wishing to repatriate or transfer funds should open an NRE account. Also the funds that are remitted from abroad to India are also easily credited into these NRE account. Also, the savings rate which the users enjoy in these NRE account is as good as that enjoyed by resident Indians. Term deposits can also be made into these NRE account for a period of up to 3 years.
Another popular type of NRI rupee account is FCNR NRI account where both the principal as well as the earned interest can be transferred. Currently currencies from 6 different countries can be deposited in these NRI rupee checking account including USD, Euro, Yen, Pound, Canadian and Australian Dollars. The term deposit can be made in these accounts for a period of 5 years.
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