As an Indian living away from home, you may have lingering ties to India through family members, Bank Accounts, investments, property, etc. But no matter what corner of your world, you can meet your financial obligations with Non-Resident Indian or NRI Accounts. They are ideal for investing foreign income in India. Being up-to-date with the changing policies for NRI investments in India is helpful.
As a Non-Resident External or NRE Account holder, you should know the cash deposit limit and the permitted credit types. The sums deposited get converted to INR. You can deposit cash in RBI-accepted foreign currencies. While there is no account deposit limit, you cannot deposit cash in INR into your account.
Permissible credits
While there are no restrictions on the account limit, only a few credits are allowed. These include Inward remittances from other foreign currencies, accrued interest on the funds deposited in the account, fund transfers from other NRE or Foreign Currency Non-Resident or FCNR Accounts, proceeds of personal cheques drawn on your foreign currency account, etc.
How does it help?
NRE Accounts are the perfect option to save your foreign income in a rupee-denominated account. When you open NRE Account online, there is no cash deposit limit. You can also stay aware of the changing policies regarding deposit limits, proper credits and debits, and other RBI regulations.
An NRI Account is advantageous for international students too. If you have the mental and financial resources, you can consider moving abroad for higher education. A foreign degree improves your job prospects. If you want to save for a financially stable future, start today. Open a local and NRI Account to manage your finances and schedule payments seamlessly.
Points to note
You encounter many other account variations while learning to open an NRE Savings Account online. Understand the key differences between each account type for NRIs. FCNR and NRE Accounts let you deposit overseas income in foreign currency, maintain it in INR, and earn tax-free interest.
An NRO Account allows you to collect income from India while you are overseas. You can only deposit income from sources like property rent or investment returns in India. Since your earnings are in India, you may pay taxes for them here.
How to open it?
NRI Accounts let you receive and store income earned within and outside India in different currencies. Significant differences exist between the types of Accounts available, so it is crucial to know them before opening. Opening them online is easy, thanks to banks offering all their products on Online Banking platforms. Ensure you have the required account opening documents.
Submit an online form with your details. The bank’s dedicated relationship manager will contact and guide you with further formalities.
