Nri Bank Accounts

Nri Bank Accounts

NRI are the people who are of Indian origin but are currently not staying in the country. People employed in foreign country or running a business comes under this category. The NRI Accounts are the bank accounts opened in the Indian banks for the NRI’s. In todays globalized economy its really very difficult to stay in one country when a better and more tempting offer is available in foreign country. So now banks has come up with number of accounts options for NRI’s so that they can easily send money to their loved ones overseas.

 NRI can open a bank account in any bank but this can only be maintained in Indian Rupee, but if NRI wants to maintain account in foreign currency then he has to open account with bank holding authorized dealer’s license. NRI bank account is the one of the most convenient and fast way to transfer funds and exchange currencies. NRI can open NRE/FCNR account from foreign country, all he needs are few documents i.e. passport copy, visa copy, and photographs. The signature on the form need to be attested by Indian Embassy officials. NRI can give his power of Attorney to any Indian resident also and then he can operate the account on the behalf of NRI.

There are number of banks which offer the facility of NRI Bank Accounts but one need to choose wisely as there are many accounts types to choose from. One also needs to consider the reputation and customer service related issues before choosing the bank.
NRO saving account is best suited for the NRI’s who have some source of earning in India. They can only deposit this income in NRO saving account only.

NRE saving account is best suited for salaried people, professional or students studding abroad. It has a benefit of having higher rate of interest and income from interest is non-taxable.

FCNR account - one can deposit money for fixed time period of 1 year minimum to 5 year maximum. You can deposit money in any of the five currencies i.e. U.S.Dollar, Great Britain Pound, Euro, Australian Dollar and Canadian Dollar.