5 tips to make the most of your NRI bank account

Once you become a non-resident Indian (NRI), how you bank in India changes. You cannot hold a resident bank account. Instead, you need an NRI Bank account meant explicitly for non-residents. And the perfect NRI banking experience in India would depend on the service quality offered by the bank. 

The following are a few simple things NRIs can do to enhance their personal banking experience in India.

Get the most out of your NRI bank account

1. Choose the right bank
 

An NRI must conduct research on all banks that are offering NRI banking services. Compare the various NRI Bank accounts for the best exchange rates, savings account interest rates, fees, and customer support. 

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/nre-vs-nro-account-what-is-better-for-nri

2. Utilise digital banking

Ensure that the bank has a user-friendly digital banking platform. Being remotely placed from physical branches, you must take advantage of the digital banking services offered by the bank, like digitally tracking your finances, transferring money, and managing your NRI bank accounts. Look for customer feedback on the bank’s digital banking experience.

3. Set up automatic payments
 

Most NRIs may need to pay bills, insurance premiums, and EMIs in India, particularly if they have senior citizens back home. Use your NRI bank account to set auto-debit instructions so you never miss out on the due dates and entail late fees.

4. Monitor the exchange rate
 

As an NRI, keep an eye on the exchange rate when researching how to save money. If your resident currency strengthens, you can remit more Indian rupees per local currency. It will result in higher savings in India and even good returns if you invest them in high-interest investments through your NRI bank account.

5. Invest in NRI-specific financial products
 

As an NRI, you can open a Non-Resident Ordinary (NRO) account, Non-Resident External (NRE) account, and Foreign Currency Non-Resident (FCNR) account. An NRO account helps manage Indian income from abroad. Interest earned on it is taxable. NRE account is used to deposit overseas income, and the interest earned is exempt from taxes. FCNR is a fixed deposit NRI bank account where the entire amount is freely transferable and acts as a tax-saving option in India. 

IDFC FIRST Bank offers NRE and NRO savings accounts, besides deposit accounts in NRE, NRO, FCNR, and Max Returns FD formats.

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/nri-fixed-deposits-mistakes

Conclusion

Operating IDFC FIRST Bank NRI banking products is highly convenient for NRIs. The IDFC FIRST Bank app offers a Google-like search, cash flow analysis, investment opportunities in mutual funds, and app-based expense tracking. Remittances to India can be done at the click of a button, while transfers to your NRI Bank account are free of charge. Furthermore, with the Max Returns FD, NRIs can earn more than regular FDs in India. 

Make the most of your overseas and Indian income and enjoy a seamless NRI personal banking experience by choosing IDFC FIRST Bank NRI banking today.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.