NRI Banking Company

An NRI or non-resident Indian is a person of Indian origin who lives in a foreign country and may or may not be an Indian citizen. Thanks to all the reforms set in motions by the Indian government to open up the financial sector, it has become possible for NRIs and foreign investors to enter the Indian market. There are just a few banks which have licenses to offer NRIs the facility to open NRI accounts for investment purposes such as HDFC NRI Banking Company, Indian overseas bank, and State Bank of India NRI Accounts.

These Banks offer a wide range of services and benefits to attract people of Indian origin to open NRI accounts. Generally, the person applying for an account should do a lot of research and educate themselves about the different types of accounts being offered by different banks. Basically are three types of NRI accounts that banks offer:

FCNR – Foreign Currency Non Resident account

NRE Bank Account – Non Resident external

NRO accounts – Non Resident ordinary

Each bank offers specific types of services to attract a certain type of customer to open an account with them.

State bank of India NRI accounts help account holders get high returns by helping them to not only park their funds with the bank but also offering them benefits such as personal banking, online banking, life insurance, mutual funds and help in investing funds in foreign exchange forex trading. As far as opening Checking account in India with the State Bank of India NRI accounts facility, check what the minimum deposit is and also the amount that has to be maintained in the account to avoid penalties.

By opening accounts through State Bank of India NRI accounts or a HDFC NRI Banking Company account holders have the facility of transferring funds directly into their accounts. If one does a comparison between the rates offered for FCNR, NRO accounts and NRE bank account, the NRE provides people with higher rates so that they can get more income. It makes sense to set up state bank of India NRI accounts for all business and personal needs. Any bank website will list a set of documents that are necessary to open an account. Once the account has been opened, an account holder can use the currency conversion calculator to transfer or check funds available, in rupees, in their foreign currency account at the SBI Bank.

HDFC NRI banking company also offers various products and services such as savings, current, fixed, foreign currency deposit, offshore accounts and special accounts for those NRIs investing in India. Payment services such as billpay, directpay, Instapay, netsafe and online donations are available with HDFC Banking. Account holders also have the facility to transfer the money to any account in India. Facilities such as wire transfers, cheques, demand drafts and traveler’s cheques are other services being offered for a fee by the bank. Also check for any special benefits that may apply to the account that one is planning to open with the Indian Overseas Bank and other institutions in the NRI banking sector.

Account holders can save money using HDFC NRI Banking Company facilities for long term investments. HDFC Banking offers its account holders tools and methods to invest their funds in various sources to get higher returns such as fixed deposits, mutual funds, offshore investments, private banking and insurance. For all personal and business needs, people can open an account in HDFC bank and get access to all benefits instantly. People can also open a HDFC Bank account online by downloading the application form on the official website. It always pays to check interest rates that are currently being offered by HDFC NRI Banking Company and compare them to what providers offer and get the best benefits.

NRIs or PIOs also have the right to open an NRI account with the Indian Overseas Bank. Deposits in the following currencies are accepted by the Indian Overseas Bank – US Dollars, Euros, Yen, Pounds Sterling, Canadian, and Australian dollars. The account has to be open for a minimum of 12 months and a maximum of 60. The current interest rate offered by the Indian Overseas Bank stands at 4% for savings accounts. Rates can vary based on market conditions and RBI guidelines. One should always check for changes in interest rates and make sure to get in on special offers that are offered by the bank. The Indian Overseas Bank also offers its customers the option of sending and receiving funds through wire transfers, electronic transfer of funds, etc.