NRI Banking: Send Money to India Quickly

With the number of Non Resident Indians (NRI’s) increasing in the country, it has become absolutely essential to provide a number of banking solutions which are suitable for the needs and requirements of this section of the population. With many domestic as well as foreign banks in the country offering a number of services which are exclusive to NRI’s it has become easier for them to manage their funds while in India.

These banking facilities are not specific to any particular part of the world but enable people to transfer their funds to a number of countries spread out across different continents such as USA, UK, Europe, Asia, Africa, Australia, etc. The services have thus helped make the world a far more global place where geographical distance between two countries is no longer an issue for the transfer of funds. It is easier to send money to India from foreign locations and vice versa by making use of special banking facilities meant for NRI’s.

          

Some or the different NRI banking solutions include NRE (Non Resident External) Accounts, NRO (Non Resident Ordinary) Accounts and FCNR (Foreign Currency Non Resident Bank) Accounts. All of these accounts are easy to open and banks provide online facilities for people to conduct their banking online. While NRE and NRO accounts can be operated as savings, current, recurring or fixed deposit accounts; FCNR accounts can only in the form of ‘term deposits’ which are for a period of 1 to 5 years.

If he/she is confused about which account would be a better option for them, banking websites have facilities for compare different accounts and deposits. There is also the facility to compare different money transfer options as well. If he/she wishes to meet with one of the bank representatives, there is also the facility to schedule an appointment for the same. They have the option to authorize the bank and its representatives to call or send SMS’s with reference to the online application that is made.            

 If a person is from Bangladesh or Pakistan they require special permission from the RBI to open such an account.

 If the NRI requires loans he/she may do so in Rupees by the authorised dealer or bank against the security of fixed deposits which are subject to their own terms and conditions. While the accrued interest held in NRE accounts is exempt from wealth and income tax; banks are free to determine the interest rates for NRO savings accounts. These interest rates cannot be higher than those which are offered by them on comparable domestic Rupee deposits.