Once you move overseas, you gain access to Non-Resident Indian or NRI Banking services. You can open Non-Resident External Rupee or NRE, Non-Resident Ordinary or NRO, and Foreign Currency Non-Repatriable and FCNR Accounts based on your requirements. Each NRI Account comes with different features and benefits, and you can avail various services that allow you to manage your account quickly.
Here are some services that make NRI Accounts unique:
Transferring funds
The best part about NRI Banking is the fund transfer service. You can quickly transfer funds from your NRE Account from any corner in major international currencies such as USD, EUR, GBP, AUD, CAD, JPY, and NZD, among others. You can send money to loved ones through mediums like Western Union Money Transfer, Xpress Money, MoneyGram, and other services your bank provides.
Funds are easily transferred and instantly credited into the beneficiary's account within a few hours.
Online Banking
To enable customers to access their savings in Indian accounts, banks provide NRI services to their customers. You can easily use Online Banking services to order cheque books and ATM or Debit Cards and even transfer funds from one account to another. Moreover, you can manage the income earned in India in your NRO Account through Online Banking. You can also open Fixed Deposits online.
Creating FCNR deposits
If you have adequate savings in foreign currencies, you can easily open an FCNR Deposit. The greatest advantage is that you need not worry about currency fluctuations. Even if the currency's value falls when the deposit matures, you need not bother about the falling prices of the currency in which you made the deposit. You can open a foreign currency deposit for a minimum of one year and a maximum of five years and earn interest in foreign currencies.
Loan facilities
You can also avail of different Loans if you have NRE or NRO online. Banks provide other Loans for investments in India and the foreign country in which you are based. Loans can also be availed against FCNR. Most banks also offer overdraft facilities on FCNR Deposits. If you wish to apply for Home, Personal, or Car Loans in India or abroad, you can do so if you have an NRI Account. You can easily apply for Loans online.
Depository services
Most banks offering NRO Account India also provide depository services. You can use your account to invest in Shares, Mutual Funds, Bonds, and other money market instruments in India. You can make all your investments through NRI Banking safely and securely. Banks use secure firewalls, and your investments are held electronically, so you need not worry about thefts or forgeries.
You receive a range of services when you open NRI Account. You can easily manage your funds in the accounts, transfer them, and use them for investment purposes at your convenience.
