A great benefit for Non-Resident Indian (NRI) is an NRI-specific savings account that facilitates several lucrative features for such citizens. NRI banking offers advantages that behold exclusive discounts and benefits on various services and products that an NRI may find suitable for his/her lifestyle. Thus opening an NRI account with a reputed bank is a privilege that will succumb most issues faced by Indians living abroad when it comes to shopping, healthcare, gifting, etc.
Why open an NRI account?
Any earning of an NRI have attractive schemes back in India. Many banks offer a variety of accounts for such citizens that offer flexibility of maintaining foreign or Indian currency with interest schemes that are tax-free.
Opening an NRI banking account is fast and easy
With the help of modern modes of communication, the paperwork has reduced to register with a bank. Same case applied for NRIs who may easily open an account with a bank using the following steps.
1 – Asking the customer care for a call, which is free?
2 – Filling up the application form present online on the official bank website.
3 – Sending the necessary documents through the bank’s free courier pickup service.
4 – Finally, enjoying your newly opened NRI account.
Do note that the way of opening an account for an NRI also depends on the location. The procedure for a non-resident Indian who is in India may have to follow a different set of instructions for opening a bank account. To know all the ways to apply for NRIs from various countries, please visit the bank site.
NRI banking channels
To ensure that NRI account holders can get maximum privileges while banking, there are many methods for banking that can be accessed remotely. Here are the ones that most banks provide their NRI customers:
1 – Mobile banking
This user-friendly and flexible platform for banking is based on a mobile application that provides informational services as well as remote banking experience. NRIs can handle most of the day-to-day banking needs and requirements such as recharge, paying bills, transfer funds, check balance, etc., using this formidable application.
2 – Internet Banking
This feature lets customers manage their bank accounts for banking operations from their office or home. In addition, this service is available 24/7 for helping customers worldwide.
3 – Phone Banking
Phone banking ensures banking solutions through the use of a 24/7 phone service that is supported by a customer care team. It may be a prudent option if your internet has stopped working, for some reason.
4 – Social app banking
A modern method of banking where the bank account is linked to your Facebook profile to offer an exclusive banking experience.
5 – Branch Banking
If you are visiting India, then you can be satisfied with the hospitality of your bank at their nearest branch. They will religiously guide you for any queries or requirements.
Thus, an NRI account works in a similar fashion as an Indian citizen account residing natively. There are also certain exemptions and tax benefits on such accounts that every NRI should try to use through such banking services.