NRI Savings Account Benefits

by Kim Gill Writer

Non-resident Indians (NRIs) have their money invested in their home country as well as the place they work. Opening an NRI banking account is a quintessential thing. NRI banking offer important NRI services with bank money transfer. This service enables an efficient flow of funds to and from their home countries and families.

The Indian banking system allows NRIs to open accounts; which helps to transfer money back to their home country or receive money from their investment like rental or pension etc. This NRI savings account is really helpful for Indians who live abroad.

The key steps and requirements for opening an NRI Bank Account are as follows-

NRI and PIO status:

One of the initial requisites to open an NRI bank account and avail its benefits is to have an NRI status or hold a PIO card (Person of Indian Origin. To know more about that you can check out this link: https://www.services2nri.com. It offers information about the required documents for being eligible to be known as Person of Indian Origin mentioned as PIO.

How to select the right bank?

Choosing the right bank depends on many different factors like personal and geographical requisites. You can gain all the required details of banks online through their respective websites. Always ensure that the bank you choose is a legal organization and approved by the RBI. Considering, to have legitimacy of an NRI account and NRI legal services like bank money transfer.

Important requisites for account application

Many banks provide all the necessary information about the essential requisites for account application online, even at the respective banks. It includes the document lists and required IDs, interest rates and other banking rules.

Remember that your NRI account earnings may depend on income tax rules of the particular bank and its country.

Further listed are some key benefits of NRI services and bank money transfer system-

-Ease of system

The online banking enables NRIs to get easy access to their home country's banks. Similarly, they are able to transfer money easily to and fro from their foreign banks to their dependents in India.

-Saves time

Easy access across your funds prevents you from the hassles of running to any Union bank or depending on someone for money.

-Flexibility of interest rates

NRIs prevail benefits of flexibility of interest rates thus a greater earning potential amid home & abroad.

-Ease of money remittance at India

Some banks entitled modules which reap benefits for the customers. Now, non-resident Indians can aid profit and world-class services by various options modules for a speed economical funding or money transactions.

Instant money transfer transactions within minutes
Encash foreign currency on the way to India, remit from any bank.
Online transfer facility especially for gulf oriented citizens by any of the exchange houses where fund credited direct in desired account.
We can also remit money from the correspondent banks mentioned by the respective banks for funding and transfer money with the mention customer id and further details.