A guide to NRI banking solutions in India

NRIs are usually permitted to enroll for different NRI accounts such as Non-Resident External Accounts (NRE Account) and Non-Resident Ordinary Accounts (NRO Account) for opening a savings account or a fixed deposit account with banks and other lending institutions in India. Many NRIs struggle or face challenges to visit their bank branch(s) in India to complete the formalities required for opening an account. So alternatively, they can always choose to open the account from the comforts of their overseas homes by having clarity on the NRI banking solutions available in India and globally and then directly applying for it online.

Most of the banks and financial institutions extend out various investment options through their full range of NRI products and NRI account facilities to best suit the needs and requirements of a Global Indian by aiming at providing the best banking experience.

Find out the best NRI banking solutions available in India before opening an NRI account!

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Given below is an enlisted guide on the various NRI banking solutions available as a Global Indian while opening an NRI account with a particular bank or a lending institution.

  • There are various property solutions available for the NRIs on variable rates of interest on home loan starting at a minimal interest rate, and also with zero processing fees (in many banks)
  • These home loans that are available for the NRIs have amazing features like diversity in the types of loans, flexibility, significant savings perks and the option of refinancing the loan
  • Instant remittance is possible online for transferring money at foreign exchange rates customized by these banks and other lending institutions
  • Most banks and financial institutions have mutual fund services available online to manage NRI investments in India and on the go through this online service feasibility
  • There are investment and insurance services available such as foreign exchange services with both online as well as offline remittance solutions with a dedicated team of well-experienced foreign exchange dealers
  • The insurance services include life insurance and general insurances such as health insurance which include benefits such as hospitalization, financial support to cover for treating critical illness and surgeries
  • There are various inward and outward remittance features and benefits provided by various major banks, for their customers when they open an NRI account, as a part of the NRI products package
  • NRI banking solution also involves the flexibility to opt for services from a range of NRI accounts that are available for the global Indians
  • There are NRI account options available such as NRE savings account, NRO savings account, NRE employee banking account, and also accounts for returning Indians such as RFC savings accounts, NRI 3 in 1 account, and a PIS (Portfolio Investment Scheme) Account. Various banks and lending institutions have various exclusive features and benefits customized for their customers
  • There also multiple Term deposits account options available as NRI banking solutions such as NRE account, RFC fixed deposit account, FCRN deposit account, NRO deposit account and so on

Note: Ensure always to compare and check the features and the benefits of all these banking products available. This is because they vary from banks to banks

  • On opening an NRI account, there are also services available on a bank’s range of credit cards, with features and benefits extended to Global Indians as well. The best practice here would be to do the homework on the features, terms, and conditions along with the fee rates across all the banks and lending institutions, to help figure out what would be the best NRI account for your needs, requirements, and aspirations as a Non-Resident Indian

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