Moving Abroad? Here’s What You Should Do with Your Savings Account.

 When resident Indians move abroad, there are many things to check off their to-do lists. From packing up your belongings, figuring out accommodation, booking tickets, sorting out visas and other permissions to meeting your family and friends one last time before you pack your bags for good, there are many tasks to be accomplished. But between the chaos and the excitement of it all, don’t forget to settle your finances in India. After all, you’d rather enjoy the sights and culture of your new home and not being buried in paperwork from your bank accounts back in India.

One of the most important tasks you have to finish before leaving the country is taking care of your savings account. Many resident Indians feel stumped as to what to do with their already existing savings account as they won’t be valid once they become Non-Resident Indians (NRIs). Well, you don’t need to close your accounts, you can simply get them converted into an NRO Savings Account (Non-Resident Ordinary) or open a new NRE Savings Account (Non-Resident External).

These accounts will not only help you earn attractive returns on your INR savings, but also let you send money back to India to your family from your new country of residence. Let’s understand the functions of both these accounts so that you can choose which one works best for your needs.

NRE Savings Account (Non-Resident External)

Whether it is sending money back to your family in India, or investing in Indian financial instruments, NRIs periodically send money back to India. If you plan on doing so, opening an NRE Savings Account is a good idea. The funds in an NRE Savings Account along with the interest earned are fully repatriable.

SBM Bank India offers attractive interest rates on NRE Savings Accounts and deposits. What’s more, the interest earned is tax-free in India. You can manage your savings from any part of the world while earning an attractive interest of 5% p.a. with a monthly payout of interest. You can also leverage diverse wealth opportunities by investing in various Indian investment solutions. Enjoy tax-free returns that are fully repatriable, competitive forex rates, premium privileges, a personal concierge, and a dedicated relationship manager.



NRO Savings Account (Non-Resident Ordinary)

If you wish to retain your savings in INR, then opening an NRO Savings Account is your best option. It’s a great option for NRIs who still have incoming from India after moving abroad. This income could be from rent received on leased property in India or interest and dividends accrued on your investments or pension in India. It is advisable to convert your already existing resident savings account into an NRO Savings Account before you leave the country. Not only is it useful to receive income, but you can also make payments of utility bills, dividends, EMIs that you may have to pay in India, through your NRO Savings Account very easily. If you have multiple bank accounts, you can merge them all into one NRO Savings Account to manage your finances in India from no matter where you are efficient.

SBM Bank India has a range of NRI Banking services that are specially crafted for global Indians. With their NRO Savings Account, you can enjoy lucrative returns. Manage your money from any part of the world effortlessly and also enjoy a suite of premium privileges. From SBM Bank’s NRO Savings Account, you can earn up to 5% p.a. with a monthly payout of interest. You also enjoy multiple investment options that will help you grow your INR income substantially. What's more, you get preferential pricing on a host of other products, competitive forex rates, a personal concierge, and a dedicated relationship manager to help make your banking experience a pleasant one.

After careful consideration, you can choose which account you may want to open. If you’re looking to earn some returns on your INR earnings, then an NRO Savings Account is your best bet. If you’re looking to park your foreign earnings in India and also invest in various Indian financial solutions, you may want to go for an NRE Savings Account. You can always contact your relationship manager, or call SBM Bank India and learn more about which account suits your needs the best.

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