If you are an aspiring Non-Resident Indian, looking to move to a foreign country in the near future, you need to ensure you manage your financials properly. You may need an account to manage your incomes in India and abroad but the rules that apply to resident Indians will not apply to you. As such, you need to open an NRI bank account. When you apply for NRI banking services, your bank provides internet banking services as well, which you must activate as soon as possible. Here are 5 reasons why you need internet banking services as an NRI.
- You can take care of the financial needs of your family in India through net banking
NRIs moving abroad may or may not be moving to the foreign land with their families. You may have to take care of the financial needs of your spouse, children and parents in India while you relocate to another country. However, with NRI internet banking services, you can easily take care of the financial needs of your loved ones. You can easily transfer funds from your bank account in the foreign country to a bank account in India. The foreign currency is converted into INR and your loved ones can easily withdraw the sums.
- You can apply for cheque books and bank cards through net banking
When you open NRI savings account, the bank typically provides a cheque book and an ATM-cum debit card, which can be used internationally as well. When you run out of cheque leaves or when your debit card draws close to expiration, you can apply for the same via the NRI online banking facility provided with your account.
- You can invest in the Indian investment market conveniently through net banking
That the Indian economy is on an upward trajectory is no hidden secret. This makes Investing in the Indian market a lucrative opportunity. Even if you are an NRI you can get in on the action and invest in the Indian share market directly through your NRI bank account. You can purchase shares, invest in mutual funds through lump sum and SIPs and even invest in exchange traded funds and other money market investments directly through the NRI net banking channel.
- You can apply for loans in India and abroad through net banking
As an NRI you may wish to purchase a car or a home in your country of residence. You may sometimes even need funds for sustenance in the foreign land. It may not be easy for you to get loans in your country of residence. However, NRI banking makes it possible for our Indian brethren living abroad to apply for loans. Loans are sanctioned against your savings and FDs in NRI bank accounts.
- You can easily create fixed deposits through net banking
Most people go abroad owing to the better lifestyle and employment opportunities there. The intention of most NRIs is to create enough savings that can convert into a big amount in INR. If you are successful in doing so, you can use your foreign currency savings and create a fixed deposit. The FD can be created through your NRI net banking account and NRI interest pay-out is in the currency of deposit, which promotes further savings. Moreover, you don’t have to worry about currency fluctuations upon maturity.
So, if you are going abroad, make sure you activate all the NRI services provided by your bank. These services can come in handy any time and can help you take care of your family and your savings seamlessly and efficiently.