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The idea of moving abroad for higher studies or employment can be quite thrilling. To be able to explore new destinations, try different cuisine and discover unique cultures is a dream many people work towards. Therefore, when an opportunity like this knocks on your door, you are bound to get excited and start planning immediately for your accommodation, visa, travel, etc. However, in that rush, do not forget to add the most important thing in your ‘to-do’ list – your finances.
Before you embark on your new journey, there are a few financial arrangements you will need to make. Amongst them, sitting on top of the list, should be the idea to open an NRI savings account.
Why should I open account when I already have a savings account?
Well, you should know that your existing savings account will not be valid, once you become an NRI or non-resident Indian. Hence, you will need to re-designate these as NRO or you have an option to open a new NRE and NRO accounts. Let’s learn more about these types of savings account, shall we?
There are three types of NRI accounts:
- Non-Resident External Account (NRE): In this type of account, the account is maintained with funds originating from country of residence, but the funds are held in INR.
- Non-Resident Ordinary Account (NRO): This account is held in INR from income earned within India, for e.g. rent, dividends, etc.
- Foreign Currency Non-Resident Account (FCNR): FCNR allows NRIs or Persons of Indian Origin (POI) to make deposits in this account in any foreign currencies that is approved by RBI.
Here are five reasons why you should open an NRI savings account:
- Remote & hassle-free option: Too busy to go to the bank to open an NRI account? Well, make the most of the online savings account option! The whole process is hassle-free and it also gives you the benefit of transferring funds from anywhere in the world, with minimum documentation.
- Access to investments in India: With the introduction of Fully Accessible Route (FAR) by RBI, now NRI’s too have the opportunity to participate in the stock and debt markets in India.
- Taxation benefits: The interest earned by the account holders through NRE bank and deposit accounts is totally exempt from tax. Hence, the interest income remains tax free in the hands of the account holder and with no tax deduction.
- Repatriation advantages: NRI savings account allow for smooth movement of funds within India as well as overseas, making it convenient for account holders to access their funds anytime and anywhere. However, you must know that an NRE account is fully repatriable, while funds in an NRO account are repatriable only to a certain specified limit.
- Better return than foreign countries: savings account interest rates across the globe are pretty high, with some having negative benchmark 10-year yield prevailing. This means that the bank charges a certain amount for handling your money, instead of giving returns as interest. Whereas, if you open an NRI savings account and maintain the balance, you can easily earn better returns.
Making a transition from one country to another is no doubt exciting, but it surely invites a lot of added expenses and financial constraints too. Therefore, it is advisable to consider all your professional and personal requirements before you open an account.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.