Finances have always been of utmost importance and handling it with complete responsibility can be quite a task. At the end of it all, you need growth, sustainability and security for your money. When you are in a far-off land and you need to be connected with your homeland financially, then the bank you choose plays a crucial role in your wealth management. NRI Accounts in banks offer you a lot more than just parking space for your hard-earned money. They have on offer a bouquet of services including financial planning, investments, lockers, etc.
The government of India introduced the rules for holding a NRI banking account in the year 1970. Within that purview, individuals leaving their country have found great convenience in maintaining their finances. Non-resident Indians can open any of the below mentioned accounts with their Indian bank:
NRE (Non Resident External Accounts)
It is an account by way of Savings, Current or Fixed Deposits in Indian rupees. The funds in this account are fully repatriable.
NRO (Non Resident Ordinary Accounts)
This account can be opened in the form of Savings, Current or Fixed Deposits in Indian Rupees. The only difference in this account is that the funds cannot be repatriated. However, the interest accrued over the deposits and investments is repatriable.
FCNR (Foreign Currency Non Resident Accounts)
All funds in this account are easily repatriable. You can only open a Fixed Deposit with this account in five major currencies of the world. The currencies are – US Dollars, Pound Sterling (GBP) and Euro.
While all these facilities are available to you readily, it is not necessary to authorise an individual back home to handle the transactions. You can have complete control over your banking transactions right from your desk in a foreign country.
Online banking lets you do it. With just an internet connection, you can stay attuned to your finances from across seven seas.
Listed here are some of the functions that can be performed with ease online.
Financial transactions such as account to account transfer within the same bank or other bank accounts, crediting accounts
Electronic bill payments
Purchasing and / or selling investments
Applying for loans till its full execution. Repayment, interest and more
Whats more, you can perform a number of non-operational functions through Online Banking, some of which are mentioned below:
Checking account statements online, finding out about new products, etc.
Assistance from the bank staff for banking queries and feedback.