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Banks for Non Resident Indians - Great banking for overseas Indians!
Banks for Non Resident Indians - Great banking for overseas Indians!
To meet the specific needs of non-resident Indians related to remittances, savings, earnings and investments, the government of India introduced non resident (external) account rules in 1970, which is governed by the External Control Regulations. "NRI Accounts"--- These are the Indian accounts opened for non-resident Indians. Therefore, these are opened only at the Indian branches.
Who according to government are NRI's?
NRI's or Non Resident Indians are the citizens of India, holding a valid document like the Indian passport. They stay abroad for employment or for carrying out a business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.
An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.
Various NRI Services provided by the banks of India:
The bank of India NRI system is quite vast. They provide various services such as
Housing loans to NRI's /PIO's
NRI deposit schemes
NRI yield enhancing schemes
Foreign currency deposit schemes etc.
In order to enjoy these entire facilities one must have an account to access.
How to open NRI accounts with a branch in India:
NRI accounts are maintained by banks that hold authorized dealers licenses from the Reserve Bank of India. Some cooperative and commercial banks have also been permitted to maintain NRI accounts in rupees. Opening of NRI account is easy. Here is a stepwise guide:
Download form to open the account from bank of choice.
Documents such as the photocopy of passport, a set of two photographs and visa or residence permit of the country the NRI is residing in are submitted along with the filled form.
Verification is done by the officials at the Indian embassy or consulate in the country at his or her residence. If the chosen bank has an overseas branch in the applicants city, documents are verified at that office.
Payment for processing is done along with the submission of documents.
Once the account is opened, the NRI applicant can authorize a local citizen to operate the account. To make things easier, the NRIs can open an account from overseas itself. They can open different types of accounts like,
NRO account [Non Resident rupee account]
NRE account [Non Resident (External) rupee account]
FCNR account [Foreign Currency (Non Resident) account]
NR-NR-RD scheme [non-resident (non repatriable) rupee deposit scheme]
NRS account [non-resident special account].
Internet banking services are offered by all the banks to all its users including NRI's. Thus, it makes banking easy and can be operated by any one from any corner of the world.