Faq’s Of Nri Banking

By Author: Neha Sharma
Total Articles: 170
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Various Indian residents are traveling to countries abroad to reside or to work. However, to remain financially stable they will have to set up a banking account and use the banking services of the banks abroad as well as in the local country if they wish to return back. In this article, we give you information about NRI banking, NRI account and the several NRI investment options that come along with it this banking service.

What Is The Eligibility For This Banking?
Individuals who are Indian residents residing outside the country for the purposes of work, employment or studies for a certain period are known as NRI’s. These individuals are eligible for this kind of banking. Along with this type, individuals who have their parents or grandparents of Indian origin are known as Person of Indian Origin or PIO are also eligible for this banking service.

What Are The Documents That Are Required?
The standard documents that are required for opening an NRI account are name and address proof, proof of signature, photographs and proof of passport with expiry date. The secondary documents that are required ...
... are a copy of the valid visa, work or residence permit, proof of mailing address and a profile sheet of the account holder.

What Are The Different NRI Account Types?
There are several types of accounts for NRI which include NRE, NRO and FCNR, where each can have a sub type of savings account, current account and fixed deposit. With the NRE and the NRO savings account, current account and fixed deposit account the funds can be held in Indian currency whereas the FCNR account can hold currency of selected foreign countries.

What Are Nominees?
A nominee is someone who a secondary authorized account holder who has selected and limited functions with the NRI account. An Indian resident can be nominated for the NRE and FCNR account where the nominee can repatriate a certain amount of funds. An NRI and Indian resident can be nominated for an NRO account but only the Indian resident can repatriate funds.

Are Banking Cards Available For This Account?
Banking cards like a debit card and a prepaid card can be used for these accounts. The nominees are allowed to use these cards under certain regulations and circumstances which are prescribed by the NRI

banking services
What are the NRI investment options?
There are several NRI investment options for NRI’s which include maintenance of bank accounts, investment in securities, shares and deposits of Indian firms or companies, immovable properties in India and Mutual funds. One can also open a demat account for to invest in the stock markets and store all the investment portfolios in this singular account.

Author Bio:- Neha Sharma is a finance student who loves to write. Apart from writing about NRI accounts and NRI Banking, she also writes about the various NRI investments options that is available for those who are going to travel or settle abroad for a certain period of time.