NRI Banking services, boon to Indians Abroad

Banks play a pivotal role in managing finances of their customers. Every person has at least one bank account on which he relies for multiple reasons, whether it is money transfer, online banking service, payments to be made or cash to be received; banks are the most reliable option when it comes to finances. Banking now has gone beyond boundaries so that people staying abroad too can benefit from their services. Read below to know how host of NRI banking services have brought the world closer.
NRI remittance: Sending money on time to loved ones settled in India is a primary conce
of individuals abroad. Earlier such remittance services were offered by third party companies who used to convert the currency amount into Indian rupees and then make arrangements to transfer the funds to India; this would be a time and money consuming method. With banks themselves providing NRI remittance services, the account holder just needs to simply transfer funds from his account to the conce
ed person’s account in India and within minutes the job is done.
Mutual fund investment: Under the Foreign Exchange Management Act (FEMA) NRIs can now invest certain amount of money in mutual funds of selected sectors. This way they too can benefit from the extra income and on the other hand see their money bringing growth and development in their own nation. With NRI banking services, Indians abroad can do mutual fund investments and broaden their financial portfolio as well.
NRE deposits: The NRE deposit option caters to the non resident Indians only; through this service they can fix deposit their money from a period of minimum a year up to 10 years. They are eligible to earn interest over the deposited sum and can also benefit from the tax benefits it provides. The depositors are updated about their funds and interest earnings through online or mobile banking service; so that they never miss out on any information about their money.
If you have your near and dear ones abroad you must have experienced the inconvenience and delays caused during money transfers and other transactions. NRI banking has been introduced to put an end to such hassles and make banking smooth and convenient to the sending and the receiving parties. Through mobile banking service the parties can stay updated with each and every activity taken place in their respective accounts so there isn’t any need to rush to the bank and enquire.
Banking transactions and transfers were never as convenient as they currently are for NRIs, thanks to NRI banking services that Indian banks offer. There are multiple functions an NRI account offers for which earlier people had to go to different vendors. Online banking services have brought all these functions under one roof, be it mutual fund investments or NRI remittance, all of it is simplified.