Nri Bank - Special Accounts And Additional Features

By Author: Vijay K Shetty
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Non resident Indians or NRIs have welcomed the advances in technology which have helped the evolution in banking process and have eased the whole process for them. Large banks have now personalized the whole process of NRI banking which has helped NRIs get closer to the bank and have larger control over their money.

Banks have three offerings for NRIs– savings accounts, deposits and special accounts. Through this article let’s have a sneak peek at these offerings.

Savings accounts:
NRIs can now open savings accounts to help them manage their Indian and overseas earnings accounts. These are – NRO Rupee Savings, NRE Rupee Savings.

The NRO Rupee Savings account will help NRIs bank and easily access their Indian income and earnings. Most banks also give the NRIs the power to easily credit their account from anywhere in the world. NRIs can now manage their overseas earnings with a totally tax-free, completely repatriable NRE Savings account. They can also benefit from an account designed to help them earn more from their Rupee savings in India.

Deposit Account:
Most banks now give NRIs ...
... the freedom to pick from four deposit account plans which include – Rupee Advantage Plan, FCNR Deposits, NRO Term Deposits and NRE Term Deposits.

Through the Rupee Advantage plan, NRIs can earn higher returns with an FCNR Deposit combined with a forward cover in INR under the Rupee Advantage Plan.

The FCNR Deposit enables the NRIs to enjoy attractive returns from a fully repatriable, zero tax liability FCNR Deposit account in various currencies. Through this, they can protect their money from exchange rate fluctuations by maintaining their FCNR deposit in international currencies.

The NRO Term Deposits can now enable NRIs to maximize their earnings in India and get easy access to your funds anywhere with NRO TDs. They can even carry out their transactions in India through their Term Deposits held in Indian Rupees.

The NRE Term deposits enable NRIs to benefit from NRE TDs with no tax liability, complete repatriability and a host of value added services. NRIs can invest in this term deposit to earn more from their India savings.

Some banks also provide a third offering termed as the Special Accounts which gives NRIs additional benefits and features.

Vijay K Shetty.
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