Are you a NRI, PIO or OCI
      Want a Indian Bank Account..?

NRIs, PIOs, and OCIs are allowed to open a bank accounts in India. You can only open an account with a banking entity that has been approved by the Reserve Bank of India. There has to be one of the following reasons to open a bank account in India (including savings bank account & NRE or NRO account). You need finances that are forwarded from abroad, You need foreign exchange that you have taken in from abroad or you need to have finances that you need to pay to them in India.

Executive by SJL

Types of Accounts available to Non Resident Indians - under NRI Banking Services:

NRE Account: NRE stands for non resident external account. NRIs, PIOs, and OCBs are all able to get an NRE Account. The different ways to open this account would be either like a savings or fixed deposit. This account accepts all legal foreign exchange and transactions concerning other NRIs. You can get a balance report just like everyone else. You may transfer finances from one bank account to another if the name is the same on both of the accounts. This is the most common account used to cater NRI banking needs in India.

NRO Account: NRO stands for non resident ordinary account. The different ways to open this account would be either like a savings or fixed deposit. You can get this account by sharing it with a resident of India. An NRO account is also given that name once an Indian citizen leaves the country on business or something of the sort. All of the interest income coming from an NRO account is taxable.

NRNR Account: NRNR stands for non resident non reportable account. NRIs, PIOs, and OCBs are all able to get an NRNR Account.  When you open this kind of account, you will need finances from another NRI account or from a foreign currency. You can share this account with a resident if desired. All of the interest income coming from an NRNR account is not taxable. The interest can, however, be repatriated.

NRS Account: NRS stands for non resident special account. NRIs and PIOs are all able to get an NRS Account. There are some rules for you when opening this account. These account come with all the same facilities as the banks of India that are open to residents of India. Opening an NRS account is also done in the same way as residents of India open their accounts. The interest coming fro NRS account can be repatriated.

FCNR Account: FCNR stands for foreign currency non resident accounts. NRIs, PIOs, and OCBs are all able to get an FCNR Account. Such account is available in Dollars, Pounds, Marks, Yen, and Euro. This type of account can be open for no longer than two years.  All of the interest income coming from an FCNR account is eventually taxable. You can also use an FCNR account for paying off exports from India and for investing in India.

All the Indian bank accounts including NRI savings account can be operated over the internet, meaning all the Indian banks would offer its clients internet banking services. We would research out internet bank account in India for you that would offer the lowest & minimum account balance, or zero balance to be maintained.


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