NRI Bank Accounts

NRI Bank Accounts

Read the detailed benefits of NRI Bank accounts; the guidelines on how to open one, and related information on the resources available to NRIs

Are you an NRI and confused which bank is better to open an NRE/NRO Bank Account in India? Keep reading if you answered yes. You are an NRI and want to open an NRI Bank Account. You search the web for information on NRI Accounts and you are over whelmed. Don’t know where to start. Here we summarize the most basic info you will need to open an NRI account. You have to answer only two basic questions. Namely, what I need the NRI bank account for and what type of NRI account will fulfill my needs. Once you got the answer for these two questions you can go ahead and compare the various banks to get the best deal. I will go through the list of answers you may come up with. You can match the best scenario that meets your banking needs.

Different Types of Bank Accounts that we can help you to Open in India.!
 

Our goal is to provide affordable accounts that Indian banks have to offer, to our clients and help them to chose and open the best offline or internet bank account possible without having problems and long waits.


For NRIs, PIOs, OCIs and Foreign Nationals:

  (NRO) Non-Resident Ordinary Rupee Account: A NRI or Person of India origin is allowed to open a NRO account with any Indian bank without prior approval from the RBI. You can also open this account jointly and can be held as a savings, current or fixed deposit (FD) account. Once you return back to India permanently, this account can be converted into a normal resident account.  


  (NRE) Non Resident External Rupee Account: This account again can be opened without any approval from the 'Reserve Bank of India', only if the funds for this particular account are transferred in the form of freely convertible foreign currencies. This account can be jointly held & may be opened as a saving, current, recurring or fixed deposit account. Interest earned on this account are exempt from taxation.

  (FCNR) Foreign Currency Non Resident Account: This is one of the most affordable bank accounts in India that comes with very low balance maintenance fees, however the funds can be kept only as term deposits. You may keep your money in the form of US dollars, Sterling Pounds, Deutsche Mark, Japanese Yen and Dinars. The deposit is accepted for a period not below six months. You can wire transfer any of the above foreign currencies in this account and the interest is exempt from taxes.


For Foreign Business Companies & Other Organizations:

  Current Account: This account is a very popular account used by various international companies. If you are a foreign business or company not registered in India and want to open a business bank account then this is just the right corporate banking solution for. The bank allows you (as a foreign company) to carry any number of daily banking transactions, provided your business account has funds available in it.

  Cash Credit Account: In this account the bank lends out money against the security of commodities. This can be termed as over-draft but the money is only lent if you collateralize your commodity securities. The company holding the account can only withdraw a certain amount of money know as the 'limit' or 'credit facility', that is fixed by the bank on the basis of the percentage of the value of the commodities.


The total NRE/ FCNR deposits during 2006-2007, as per RBI statistics, are USD 37,751 million and are expected to grow with regional rural banks also mopping up funds. Banks are expected to offer lucrative interest rates to bolster NRI funds.




 

Wouldn’t you prefer transacting with a bank which enables quick and accurate transfer of funds or assets meant for personal use and /or investments?
 
To provide you the most hassle-free banking experience, most banks offer round-the-clock customer service. In fact, all banks base their service offerings on accessibility and ease of banking features. Banks also focus on minimum paper work and easy transactions. Facilities such as Internet banking, phone banking as well as door-step banking ensure that you are attended to at any time of the day irrespective of your geographical location.
 
You can opt for a bank which acts as a one-stop shop for services ranging from personal banking, investment banking, portfolio and asset management as well as insurance. At the same time, you can also take advantage of interesting and affordable housing loan schemes specially designed for NRIs and PIOs.

Citi NRI Vs ICICI NRI Bank Account

 

Though all banks offer similar services, the number of accounts held by NRIs with Citibank indicates that it is the most preferred bank amongst the NRI community. It services more than 160,000 NRI accounts.
 
You can open and maintain a Citibank NRI Account with as little as $ 1,000. Citibank online banking enables account holders access to a range of services round the clock from anywhere in the world.
 
ICICI is growing its share of the market by leveraging its vast network of branches and its high brand recall for the average Indian.
 
Other banks in India that hold a bulk of NRI accounts are HSBC, Standard Chartered Bank, American Express Bank, State Bank of India, and ABN AMRO bank.