People of Indian Origin or Non Resident Indians couldn’t have enjoyed more privileges. Now with the option of opting for dual residency they can now even be a part of the progress of their homeland by taking advantage of the NRI banking account. Different NRI bank accounts makes it possible for the Indians to invest in non movables assets in their country and also actively participate in business of this country by investing in shares and debentures thanks to De-mat services provided by NRE bank account and NRI bank account.
Keeping in mind the specific needs of Indians staying outside, NRI bank accounts provide services like repatriation, investments, savings, earnings and remittances. All the services provided by NRI bank account/NRE bank account are governed by Non Resident Accounts Rule which was introduced in 1970.
NRI banking account could only be opened in banks that have an authorized license from Reserve Bank of India. Many cooperative, commercial and now even rural banks provide facility to open NRI bank account or NRE bank account. Both Indian rupees as well as foreign currencies can be deposited in these NRI bank accounts. The different type of deposit plans which are available to NRIs include:
• Foreign Currency NRI bank account that can be opened by any NRI
• NRE bank account and NRO bank accounts
These NRI bank accounts and NRE bank account can be opened by all Indian CITIzens residing abroad but for Bangladeshi and Pakistani CITIzens who would need to take a special approval from RBI to operate these NRI banking account. NRI bank account could be opened jointly provided both the individuals opening joint NRI banking account stay outside India. Nomination facility is also provided with these NRI bank accounts. While FCNR NRI banking account provides only term deposit features, NRI bank accounts and NRE bank account could be used as savings, recurring, current or fixed deposits accounts. The interest rate of FCNR NRI bank account and NRE bank account should not be more than LIBOR or SWAP rates, the interest rates of ordinary NRI bank accounts also known as NRO accounts are generally decided by the individual banks.
Learn more about NRI banking account and associated services by contacting your bank today.
NRI rupee checking account can be operated by the nominee of NRI by providing them with a Power of Attorney. The individual operating NRI rupee account/NRE rupee account could be an Indian resident. So visit the website of all the premium Indian banks and apply for NRE account/NRI account today. |
