Tips to procure maximum benefits from your NRI savings account

Homeland is what our feet may leave, but not our hearts! Even as NRIs we are linked to our homeland in one way or the other. You may have a relative staying in India, an old house, your alma mater, friends and many other linkages back home. Connecting you emotionally, mentally and even financially. So, why not make this engagement beneficial?!

Here are some tips to help you maximise your financial benefits in India…


  • Choose an appropriate NRI account


For an NRI to carry out any financial transaction in India, first and foremost he or she needs to open an NRI bank account. He can choose from either an NRE account, NRO account or an FCNR account. NRE accounts let you deposit into your account your foreign currency earned outside India. NRO accounts let you deposit any income earned in India like rent, dividend, pension etc. Both these accounts are Indian currency dominated. While, FCNR account which deposits your income earned outside India, is held in foreign currency. Based on your requirement, you should open an account that best suits you. For example – NRE account for investment, NRO account for earning rent or FCNR account if you travel to your homeland often.


  • Search for a relationship manager


Few banks like SBM Bank India, provide you with a dedicated relationship manager who assists you throughout the opening process of your NRI account. Whether it is helping you fill your online application forms, arrange for your KYC formalities or get your attested document attached. It is always advisable to benefit from the assistance of a well-trained banking officer and get all your banking work completed within no time. 


  • Start Investing


Linking your NRE savings account to an investment or trading account, allows you to invest in the Indian stock markets, equity, debt, mutual funds and other investment instruments. With the help of a trusted banking partner, get your NRE account in place and waste no time in tapping India’s fastest-growing investment markets. 


  • Earn on your deposits


With higher NRI savings account interest rates, earn a healthy interest income on your NRI account deposits. Moreover, there is no upper limit to how much foreign currency you can deposit in your NRI account. Thus, the higher the deposit higher the interest you earn.


  • Set up mandate or joint account holding


Your NRI account allows you to mandate a resident Indian relative to access your account in your absence. You can also open an NRI account jointly with a resident Indian family member. Both these cases allow your family in India to withdraw or transfer funds as and when required without having to wait for your confirmation every time they need money.


  • Apply for an international ATM card


While opening your NRI account always apply for an international ATM card. This will enable you to swipe or access your account from anywhere in the world. SBM Bank India provides you with a powerful SBM World Debit Card which not only lets you access your account on the go but also comes loaded with numerous premium services and privileges. 


  • Plan your Taxes


Funds deposited and Interest earned from your NRI account is usually tax-exempted (except for NRO account interest earned). Your NRI account gives you a well-consolidated statement at the end of the month which helps you to ascertain your incomes and expenses, taxes on which are applicable and help you plan accordingly.


  • Leverage your banking relationship


An NRI account with a reputed bank not only helps you park your funds but also acts as your goodwill partner in the Indian markets. Always choose a reputed banking institution that will help you get loans, overdrafts and also increase your credit score. 


  • Set up Digital Payments


This tip is very important for you if you have elderly parents or relatives staying back in India. You can link monthly or periodic digital payments of your relatives to your NRI account. This will facilitate regular timely payment of bills while your family stays at home tension free without having to worry about deadlines.


Keeping all these tips in mind while you open your NRI account will surely help you maximize your benefits while you transfer your funds from and into your account from any place within or outside India. SBM Bank India’s personalised banking is happy to support you in case of any assistance that you may require. Visit SBM Bank India to know more about our NRI saving accounts.

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