Banking Services that made NRIs life Serene

Banks play a pivotal role in managing finances of their customers. Every working individual has at least one bank account and some have multiple accounts on which he relies upon for multiple reasons like money transfer, online banking service, savings or cash to be received. Banks are the most reliable source when it comes to finance. Banking now has gone beyond boundaries so that people staying abroad too can benefit from their services. Read below to know how host of NRI banking services have brought the world closer.

NRI remittance:

Sending money on time to family in India is a primary concern of most individuals abroad. Earlier, such remittance services were offered by third party companies who converted foreign currency into Indian currency and then made arrangements to transfer funds to Indian bank accounts. This was a time and money consuming method. Now with banks providing NRI remittance services themselves, the account holder just needs to simply transfer funds from his account to the concerned person's account in India and within minute’s money is transferred.

Mutual fund investment:

Under the Foreign Exchange Management Act (FEMA) NRIs can now invest certain amount of money in mutual funds of selected sectors. This way they too can benefit from the extra income and on the other hand see their money bringing growth and development in their own nation. By availing NRI services such as banking, Indians abroad can do mutual fund investments and broaden their financial portfolio as well.

 

NRE deposits:

The NRE deposit caters to NRIs only. Through this service they can fix deposit their money from a period of minimum a year up to 10 years. They are eligible to earn interest over the deposited sum and can also benefit from the tax benefits it provides. The depositors are updated about their funds and interest earnings through online or mobile banking service, so that they never miss out on any information about their money.

To deposit money in your NRE Fixed Deposit, you can:

·       Transfer funds freely from abroad in a alterable foreign currency

·       Present foreign money notes/travellers cheques carried by another NRI during a visit to India

·       Directly remit the amount to the bank

·       Transfer funds from an existing NRE/FCNR Account held in other Banks

If you have your near and dear ones abroad you must have experienced the inconvenience and delays caused during money transfers and other transactions. NRI banking has been introduced to put an end to such hassles and make banking smooth and convenient to the sender and the receiver. Through mobile banking service the parties can stay updated with each and every activity taken place in their respective accounts so there isn't any need to rush to the bank and enquire.

Banking transactions and transfers were never as convenient as they currently are for NRIs, thanks to NRI banking services that Indian banks offer. There are multiple functions an NRI account offers for which earlier people had to go to different vendors. Online banking services have brought all these functions under one roof, be it mutual fund investments or NRI remittance, all of it is simplified.