NEWS & ADVICE : HOME LOANS
NRI Banking in India
By Joseph Samson
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NRE account: The principal as well as interest amount are repatriable in this type of account. Income in the form of interest is exempted from tax.

The account is maintained in Indian currency.

FCNR account: This account is maintained in four currencies: British pound (GBP), US dollar (USD), Japanese yen (YEN) and European Euro (EUR).

This means remittance in only these currencies is accepted in this account. Both principal as well as interest earned in this account are exempted from tax.

Benefits of NRI Banking:

•The biggest benefit NRI banking offers to customers is remittance facility.

•Various investment schemes are also offered to customers availing NRI banking scheme. They can invest in equity, bonds, mutual funds, T-bills. Investment by NRIs can be done both on repatriation as well as non repatriation basis.

•NRE and FCNR accounts also offer tax exemption to customers.

•NRI banking also offers loans as well as deposit facilities to customers.

Almost all major banks offer NRI banking facility. Few major names include:

State Bank of India

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

Punjab National Bank

Axis Bank

Citibank


 


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(Comments Posted : 4) Post Your Comments
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Caseymah (Posted: Jan 25, 2017)
2. Do you need a quick long or short term loan with a relatively low interest rate as low as 3%? We offer business loan, personal loan, home loan, auto loan,student loan, debt consolidation loan e.t.c. no matter your credit score.

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Richelle Watford (Posted: Mar 25, 2015)
3. The NRI Banking account is one of the features of Indian banking system that is quite useful for Indians living abroad or traveling all over the world. Therefore, the banking services catering to the transfer of funds, savings, earnings, investments, and repatriation of Non-Resident Indians have grown tremendously.
NRI Banking (Posted: May 23, 2014)
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