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Why Should You Open An NRI Account?

When you move abroad for higher education or better career prospects, your citizenship status changes from an Indian citizen to a non-resident Indian. The financial and banking rules applicable also change. You need to open an NRI Account to meet your banking activities. An NRI Account caters to the banking needs of a global Indian. Following are the ways you benefit from an NRI Account:

Supports dependents in India

While you may move abroad, your loved ones are in India. You would occasionally wish to repatriate funds to India to support them. An NRI Account helps you repatriate funds and take care of your loved ones back home. For example, your sister has met with a personal accident and needs to be operated. You can quickly initiate an international money transfer from your NRI Account online.

Funds get credited to the beneficiary's account within the shortest possible timeframe. Your help will take a few troubles off your loved one's plate.

Manage income better

Do you hold property assets and other investments in India that generate reasonable returns periodically? Wondering how to manage the generated income while you move abroad? Then reach out to your bank relationship manager and open NRI Savings Account. A Non-Resident Ordinary or NRO Account allows you to securely park returns from such assets and investments.

You can manage your funds deposited in the NRO Account remotely online. You can repatriate funds deposited up to USD 1 million in a financial year to your country of residence anytime. Get better at money management with NRI Accounts.

Make profitable investments

To make profitable investments in India, you need to hold an NRI Savings Account online. Whether you wish to invest in Fixed Deposits, Mutual Funds, or Stock Markets, an NRI Account helps you do it all. If you plan to invest in the market, link your NRI Account with your Demat Account. This way, you can buy and sell market shares hassle-free.

Moreover, several leading banks offer NRI financial investment services to their account holders. You can access detailed market research reports and get expert advice to make better investments.

Optimise returns

Optimising your returns is another reason you to open NRI account online. It keeps your money working. You earn an attractive interest rate on your deposits. Note that NRI Account interest rates vary for each bank. Hence, explore the market and check all offerings to get the best rate for your NRI Account. Moreover, opting for NRI Accounts is an excellent way to reduce your tax liability.

This feature helps you optimise your returns. Interest returns from an FCNR and Non-Resident External or NRE account are 100% tax-free.