4 Benefits of NRI Account

Living abroad, you might be unaware of all the benefits that your NRI savings account offers. Therefore, it is important to learn about them so that you can manage your income and investments effectively. If you have recently relocated overseas , or have been residing overseas over a longer period of time or are an NRI who wants to invest in India, this article will tell you everything you need to know! 

With banking accounts designed to meet your unique needs, you, as an NRI, get to enjoy a plethora of benefits. These include convenient money transfers, repatriation of funds, better interest rates, tax benefits, Investment in Indian Stock Market and much more. 

Before you open an NRI account, it is crucial to understand the different types of accounts available and what they offer. You can choose between an NRO or NRE account. NRO is a Non-Resident Ordinary (NRO) Account, whereas NRE is Non-Resident External (NRE) Account. 

An NRO account is helpful to get converted for those who have several assets and investments such as Securities in India under Resident status which generate an income such as rent, interest or dividend income, proceeds from the sale of property, etc. An NRO account makes it easier to manage tax as non-resident income may be subject to TDS and double-taxation. The account can also be used to pay for expenses incurred in India or as a means for your family to access funds when required. 

NRE accounts, on the other hand, are beneficial for those who want to take advantage of the attractive investment opportunities in India. Compared to first-world countries, the fixed income and equity markets here provide a greater earning opportunity, through PIS route  The interest earned on an NRE account is exempt from TDS in India and offers greater returns as compared to any other overseas bank account. 

So, let's understand the benefits of having an NRI savings account:

Convenient transfer anytime, anywhere

When you have an NRO or NRE account, the biggest benefit you can expect is the easy transfer of funds to and from anywhere in the world. You can easily send the income that you have earned to your NRI account in India anytime you want. Your NRI account also enables you to send money quickly to your loved ones whenever the need arises. Moreover, this amount can easily be accessed from any bank branch in which you hold your NRI account.

At the same time, if you have assets or investments in India, you should be able to repatriate funds for your needs in your country of residence in a swift and secure manner. The ease of transfer and easy account management should be the key factor when deciding on an NRI account. (*Repatriation of balances held in an NRO account are subject to documentation).

Ease of banking

An NRI account should assist you right from the word go. This means right from opening the account to using it to manage your finances should be very easy. Most banks now allow the opening of an NRI account without visiting the bank branch in India. So, you should be able to open a bank account seamlessly from wherever you are in the world. All you need to do is fill the required online form and courier the necessary documents to India. 

Once the savings account is open, you should also be able to transact smoothly. That give you easy access from across the globe. This puts the power of banking in your hands so you can transfer funds, invest, and much more with just a few clicks.

Dedicated relationship manager

We at IDFC FIRST Bank have a dedicated relationship manager mapped for each NRI account holder. Compared to other banks, our relationship managers provide the best banking experience by not only helping you in facilitating your transactions but also understand your unique needs in-depth and cater to the same.. A dedicated relationship manager is essentially your strategic advisor. They can tell you how best to optimize your income and what avenues to look at while investing.

Instant PIS facility

IDFC FIRST Bank is the Industry First to offer simplified path for NRIs to Invest in Indian Stock Market through PIS route. As for NRI customer to invest in Stocks under Repatriation route PIS is mandatory. IDFC FIRST Bank offers PIS account opening online in few steps and provides seamless access to various PIS reports anytime, anywhere as Instant PIS permission, Holding reports, Capital Gain/loss Statement.

Best exchange rates

Traditionally, transferring money from overseas has been a very expensive and time-consuming affair. High charges and fees combined with volatility makes this a rather cumbersome experience.Considering the volume of transactions a bank does, a bank can offer competitive exchange rates. So, when opening an NRI account, you need to factor in the exchange rates the bank offers. This is even more crucial if you are transferring money regularly. The best exchange rates can culminate into substantial savings. Moreover, banks also provide direct quotes for more than a greater list of currencies as compared to a standalone money transfer service provider.

Wrapping up

Choosing the right NRI savings bank account is one of the most critical decisions for an NRI. It will ensure how conveniently, cost-effectively and wisely you can manage, transfer, invest and grow your funds. IDFC FIRST Bank's NRI Savings Account is designed keeping in mind the unique needs of NRIs. It offers tax-free interest on NRE savings account, convenient online banking, attractive interest rates on inward remittances, and a top of the line benefits-rich Visa Signature card, without any charges. It lets you earn attractive interest on your bank balance. So, if you are looking to open an NRI savings account, IDFC FIRST Bank can be the right fit for you. Don't wait anymore to experience the best banking services-Open an IDFC FIRST Bank NRI Savings Account today with just a few clicks!

 Click here to get started

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.