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4 Reasons To Have A Nri Banking Account
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A banking account is used for many purposes financially. However, there are certain benefits to having different kinds of NRI banking accounts, especially if you are going to avail different kinds of NRI financial services such as NRI home loans and NRI investment options. Here are 4 finance savvy reasons to take advantage of this service.
1. Funds can be repatriable
If you open an account especially a NRI account, the funds you invest in this account can be repatriated easily. The three different accounts you can open for your NRI banking needs such as:
• FCNR -- Foreign Currency Non-Resident Account
• NRE -- Non-Resident External Rupee Account
• NRO -- Non-Resident Ordinary Rupee Account
With these accounts, you can easily send money to India at a low rate. There are certain advantages of the NRI accounts that are very valuable to NRIs looking for long term residence in foreign countries while some account facilitate the NRIs to enjoy early retirement and return back to India. You can also access different financial services through these accounts as you like. Most of these accounts are classified into current, saving, or fixed deposit
2. Banking cards used internationally and locally
If you open a NRI account you can also utilize their banking cards. With these banking card can be sent to the local residents can used it to withdraw money. These are beneficial for the family as they can have access to the funds anytime they need it. All that has to be done is a member of the family has to be designated as the co-applicant for the NRI account apart from the NRI holder and he or she can have unlimited access to it. There are also minimum fees for the service of this NRI banking.
3. Internet banking facility is state-of-the-art
You can monitor the NRI accounts online. You can also access your bank statements and updates from the online portal. As part of the NRI banking process, you will be given a unique login ID and password which can be only accessed by you. Once you log in, you can make unlimited banking transactions and access the records of it. This is an ideal process to save on time and money as it is the most common way of banking in most foreign countries. You can use this NRI account to invest in some of the profitable NRI investment options that are available as part of the account facilities.
4. Accounts for suitable for returning Indians
Part of the benefits of this NRI accounts is that you can always change the status of the account into a local account when you shift back to the country. In this way, you will retain the benefits of your banking account no matter which country you reside in. You need not apply for another local bank account if you are abroad, but merely create a NRI account which can be converted into a local account once you return back.
Author Bio :- Neha Sharma is a finance student who loves to write about different kinds of NRI accounts and services. She is delighted to share information she knows about NRI investments options and NRI Banking with the potential and existing NRIs.
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