How to Open an NRI Savings Account Online in India
NRI account proves helpful. By opening a savings account meant for NRIs they can transact conveniently in India while living abroad. Let’s understand the finer details and benefits of an NRI Savings Account.
An NRI savings account is a bank account for NRIs that allows them to make deposits, payments, or get their income credited. There are two main types of NRI savings accounts – NRI account benefits can be summarised in the following points – With an NRI account, you can get easy credits for the income being earned in India, pay for your transactions, and even remit funds from abroad. An NRI savings account earns interest on the balance maintained in the account.
If you choose the right bank, you can earn attractive interest rates on your savings. For instance, IDFC FIRST Bank NRI Savings Account offers interest up to 7% p.a. and the interest is also credited monthly for increased compounded returns.
If you open an NRE account, you can earn interest income which is tax-exempt in India and does not attract TDS. The funds held in the NRI account can be transferred abroad. Both the NRO and the NRE account offer repatriation benefits.
The only difference is that there are restrictions on repatriation from the NRO account, while the NRE account allows limit-free repatriation. So, if you need funds in your resident country, you can repatriate the balance of your NRI savings account and meet your needs. Many NRI savings accounts also offer debit cards for digital and cashless transactions.
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