NRI Banking - What You Need to Know

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NRI Banking - What You Need to Know
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• As an NRI you must be toiling hard to earn more
  to be able to meet your expenses and save that
  extra bit for your loved ones back home. When
  transferring money back home, you might need an
  NRI bank account and services of a remitter to
  ensure that your hard earned money reaches safe
  hands. With an increasing number of Indians
  moving abroad for work or study NRI banking has
  witnessed a steady boom in the past few years.

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• More and more people are taking advantage of NRI
  banking facilities for saving as well as for
  investment purposes. If you're a Non Resident
  Indian planning to open an account in an Indian
  bank, you might want to have a quick insight into
  what is NRI banking all about.

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• To begin with, a Non Resident Indian is a person
  who is an Indian citizen, or is of Indian origin
  and stays abroad for employment, for business or
  vocation, or for education. NRI account service
  is available with a number of Indian banks both
  private and public. If you're looking for a
  remitter to transfer money in India, the first
  pre-requisite is to open a Non Resident Indian
  bank account.

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• An NRI account is usually of four types, NRE
  Saving Bank a/c / Current Accounts, Fixed
  Deposits in Indian Rupees, NRO accounts (Rupee
  accounts for crediting income in India ), or a
  Fixed Deposits in Foreign Currency. A
  Non-Residential External (NRE) Savings Account
  provides you with a debit card that allows easy
  money transfers. While an NRO account enables you
  to manage local rupee funds that are earned in
  India through rent, pension, dividend, and so on.

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• Talking about the remittance services, there are
  a number of Indian banks that offer an instant
  transfer facility to ensure quick and easy money
  transfer. You can even avail the online
  remittance facility with one to five days of
  transfer time. And, if you aren't looking for
  quick transfer, you can remit through Draft /
  Cashier's Cheque / International MO, or Foreign
  Currency Cheque with a clearance time of about
  seven to twenty eight days.

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• Many banks offer round-the-clock customer service
  for easy accessibility of banking features. This
  also cuts down effort involved in running to the
  bank, reduces paper work and ensures easy
  transaction of fund. While planning to opt for
  NRI banking facility with an Indian bank, make
  sure you do a research to find about the
  credulity and the reputation of a bank. Most
  importantly, compare all the services, interest
  rate and choose a bank with a reasonable
  transaction fee.

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