What Are The Different Kinds Of Banking Services Offered Under NRI Accounts?

NRI bank services have become essential for Indian living overseas. You can open an NRE, NRO, FCNR, or an RFC account based on your need. Each account has varied features and benefits. You can avail different facilities which enable you to manage your account quickly. Following are the services you can avail through the NRI account –

Transferring funds to India

One of the most essential NRI bank account facilities you get is fund transfer. You can quickly transfer money from the NRE account from any corner of the world. This happens in various significant currencies such as USD, EUR, GBP, AUD, CAD, JPY, and NZD, among others. You can send funds to your loved ones with agents like Western Union Money Transfer, Xpress Money, MoneyGram, and so on. Money gets transferred an instantly credited into the beneficiary’s account within hours.

Internet banking

For enabling consumers to access their savings in Indian accounts, banks need to provide NRI net banking facilities to them. You can use online banking for ordering chequebook, ATM/debit cards, and even fund transfer from one account to another quickly. Moreover, you can manage the income earned in India in your NRO account through the net banking medium. You also can open fixed deposits.

Creating FCNR deposits

If you hold adequate savings in foreign currencies, you can open an FCNR fixed deposit. The biggest benefit of this service is you need not worry about currency fluctuation for the foreign currency deposit. Even if the value of the currency drops at the time of maturity, you need not bother about the falling prices of the money in which you made the deposits. You can open the foreign deposit for a minimum one year and a maximum of five years. Through these, you can foreign currency interest as well.

Loan facility

There are different kinds of loan you avail under NRI savings account. Banks offer different ones in India and overseas country you are based in. Loans can also be availed under foreign currency bank deposit easily. Most banks also provide overdraft facility on the FCNR deposit. So, if you want to take a home loan or any other loans, you can do so with NRI accounts. You can easily apply for the loans online by using the online banking facility.

Depository services  

When you do NRI account opening, you get depository facilities. You can use the bank for investing in shares, mutual funds, Government bonds, and other money market instruments. You can make all the investments through online banking safely and securely. Banks use secure firewalls, and your investments get held in electronic form. So, you need not bother about thefts or forgeries.

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