An Insight into the Banking Needs of NRIs

1. An Insight into the Banking Needs of NRIs Non-resident Indians or NRIs benefit from a variety of financial services provided by authorised Indian banks. It helps them manage their money more effectively. There are many types of accounts accessible to NRIs, each with its own set of benefits. If you are flying to a different country in the near future, you must open an NRI account in India to manage your money, be it foreign income or earnings generated in India. There are three types of accounts available to a person holding NRI status.  NRE Account  NRO Account  FNCR Account Based on your banking needs, you can opt for any of the three accounts to avail of NRI banking services.

2. Benefits of NRI Account Opening Easy Accessibility NRI accounts can be accessed and maintained from any remote location. NRIbankingservices allow the NRIs to manage their funds without any hassle. The funds can be transferred within the country as well as outside the country. Tax Benefits NRIs can benefit from the tax-free interest earned on their NRE savings account. However, this is not applicable in the case of an NRO account as the interest earned on deposits is subject to tax as per the law. Minimum Balance Requirement Most Indian banks have significantly dropped their minimum balance requirements. You can open an NRI account with a balance as low as Rs 10,000.

3. Investment in the Indian Market It is mandatory for NRIs to open an NRI account to make any investment in India. If you are a non- resident Indian, then you need a bank account to invest in stocks and debt markets in India. IndusInd Bank offers the best NRI banking services and lucrative interest rates. You can open your bank account with an easy online account opening process and avail several benefits. Website:https://nraccount.indusind.com