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Advantages of NRI Banking

While living in another country and having its citizenship, still allows many Indians to be a part of Indian financial system. In recent years, many banks in India are coming up with plans and account systems, which give the non-resident Indians a chance to deposit money in India. Although, the options are not as many as there are for people living in India, still the accounts that could be held provide lots of NRI banking benefits. Some of the commercial banks in India are coming up with variety of accounts and plans to provide NRIs from different nations to gets the benefits like any other Indian citizen.

  • Few accounts for NRIs in Indian banks

In most cases, the accounts possible to be opened in the banks by NRIs are of three types. These include the Non-Resident Ordinary Account or NRO, Non-Resident External Rupee Account or NRE and the Non-Resident Foreign Currency Account or FCNR. Allowing these kinds of accounts in Indian banks is one of the major NRI banking benefits for plenty of such people in the foreign countries. Through these accounts, NRIs can remit substantial amount of money from their residing countries.

  • Quick and accurate transactions in NRI banking

An additional advantage of NRI banking in India is the possibility of transactions in quick time with high accuracy. Through online platforms, these orders can be executed and the transfer amounts can be known with ease and without even asking the banks. Having online transactions and account checking facilities by various Indian banks adds to the NRI banking benefits. Such facilities extend across various geographical regions of the country and involve minimum paper works.

  • Sending money with NRI bank accounts in India easy and transparent

Living in foreign countries and having banking accounts for NRIs in India is a much discussed topic for many people. These are being sought by people from different countries and when such services are available, they can easily send money in Indian currency to their relatives and near and dear ones. Even, they can put up substantial savings in these banks, which is being seen as one of the major NRI banking benefits. These savings can then be utilised for some kind of investment and for paying for different services in India.
Plenty of banks in India are attracting NRIs by giving them various kinds of advantages, which they could have received, had they been in India. Hence, these NRI banking benefits are supposed to be availed by people living in foreign countries. Also, it is a means to stay connected with India and carry out various transactions and payment schedules like any other Indian.

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