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 NRI Banking Services
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NRI banking services including deposits, savings accounts, finance like home loans, personal loans etc. Various banks like ICICI Bank, Citibank, HDFC Bank and many other nationalized and private banks that hold authorized dealer's licenses from the Reserve Bank of India (RBI) provide remittances, savings, earnings, investments and repatriation services.
Besides the major commercial banks, certain cooperative and regional rural banks (RRB's) have also been specifically permitted to maintain NRI accounts. This would increase NRI remittances in Bihar, Kerala, U.P. and Gujarat where a large chunk of the rural population have settled abroad.
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The deposit schemes available for the NRI's as per the laws regulating the deposits available to NRI segment laid down by Foreign Currency Non-Resident (FCNR) account scheme are:- FCNR (B) - Foreign Currency (Non-Resident) Account (Banks) Scheme for all NRI's
- NRE Account - Non- Resident (External) Rupee Account for all NRI's
- NRO Account - Non-Resident Ordinary Rupee Account Scheme.
The NRI bank accounts are available to all NRI's except the NRI residing in Pakistan and Bangladesh. These NRI's require special permission from RBI. The banking services for the NRI's include joint account of two or more NRI's and nomination facility. The banks also offer finance services to the NRI's that cover home loans for buying new residential property, housing renovation loans for constructing or modifying on the existing properties, personal loans and other loan products.
Another FDI (Foreign Direct Investment) magnet has been the various money transfer services provided. Various banks provide quick, convenient and economical fund remit to India. These include:- Online remittance services
- Remittance of funds to partner exchange houses in India
- Telegraphic or wire transfer
- Fund transfer through cheques/ DD's and Travelers' cheques.
Many banks also offer Demat account services to the NRI's that enable NRI's online stock investment and share trading services. Special NRI credit cards acceptable globally are available with various banks. These specialized services and banking accounts have drawn enormous NRI funds to India. |
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