How does an NRI Account help Indian students abroad to manage their finances?

 Studying abroad is something most students dream of, and parents do everything in their capacity to help make this dream come true for their children. In the first two months of 2021, more than 70,000 Indian students went abroad to study in various foreign universities. The enhanced standard of living, quality of education, the experience of a foreign campus, and starting a new life are all very exciting for students. However, there are many important things to consider before students fly off to their new homes overseas. Students who migrate abroad to finish their education are considered NRIs, and hence, the same rules as any other Non-Resident Indian apply to them.

Money management is one of the most important challenges faced by NRI students. Before leaving the country, students need to convert their already existing resident savings account into an NRI Account or open a new one. NRI Accounts allow easy movement of money between India and the student’s country of residence. This helps the students manage their money in India. Most students receive allowances from their parents in India for rent, tuition, and other living expenses. Opening an NRE Savings Account (Non-Resident External) can help parents do that. Similarly, many students study abroad and take up part-time jobs to pay for their expenses. They also send money back home to their families in India, in which case, the NRE Savings Account comes in handy.

While having an NRI Account for students is beneficial, it is also important to understand the remittance policies and the rules and regulations to operate NRI Accounts in India.


Benefits of having an NRE Savings Account

Many banks offer NRI Accounts to Indian students abroad. SBM Bank India offers lucrative interest rates along with world-class privileges with their NRE Savings Accounts which makes money management for NRI students extremely easy and convenient.

Earn up to 5%* p.a. with a monthly payout of interests

The bank offers lucrative interest rates helping you earn on your savings.

Enjoy tax-free returns

Returns on NRE Savings Accounts are tax-free in India, and hence, you won’t have to pay tax on the interest earned.

Fully repatriable

The amount is fully repatriable in India and abroad.

Competitive forex rates

Enjoy competitive forex rates when you transfer money across the world.

Premium privileges and personal concierge

Along with various banking benefits, the bank also offers a host of privileges and unique experiences for customers.

Dedicated relationship manager

NRI banking may seem a little complicated at first, but it becomes very easy when you have a dedicated relationship manager guiding you every step of the way.

Preferential pricing on a host of products and services

The bank offers various other benefits, products, and services that you can avail yourself of once you open an NRE Savings account. There are financial experts ready to guide you with investment-related queries and assist you with all your banking and finance needs.

Students who move abroad for education have a lot to focus on. Including their curriculum, chores, part-time jobs, and more, they already have a lot on their plate. Banking and money management shouldn’t be an added burden. This is why it’s best to open an NRE Savings Account with SBM Bank India and stay rest assured of your finances.

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