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How to easily understand your NRI bank account statements

Summary: Are you an NRI with a bank account in India? Here is an easy guide for you to read, understand, and analyse your NRI bank statements and your every transaction, for informed decisions pertaining to managing your personal finance, from abroad.

29 Jul 2024 by Team FinFIRST
NRI Bank Account Statements
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Managing finances smartly while residing overseas is a critical aspect of the life of a Non-Resident Indian (NRI). One non-negotiable tool in this financial management is the bank account statement.

NRI bank account statements are periodic summaries that provide details on the transactions and balances of your NRI bank accounts in India. These documents give you a clear picture of your income, expenses, investments, and other financial transactions.

Let’s understand the various components, transaction codes/abbreviations, and tips for reviewing and analysing your NRI bank account statements. Also learn special considerations for NRIs with multiple accounts and why opening an NRI account with Metra Trust is a wise decision.

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Components of NRI bank account statements
 

An NRI bank account statement has several key components, such as:

  • Account information: Contains basic details about the account, such as your account number, account type, e.g., Non-Resident External (NRE) or Non-Resident Ordinary (NRO), and the branch where the account is held.
  • Statement period: The period for which your bank statement is issued.
  • Transaction summary: Lists all transactions, like deposits, withdrawals, fees, and other charges, processed during the statement period.
  • Balance information: Details the opening and closing balances, as well as the available balance at the end of your statement period.

Understanding transaction codes and abbreviations
 

Some common transaction codes and abbreviations include:

  • RTGS, NEFT, IMPS: Different methods for electronic fund transfers. RTGS stands for Real-Time Gross Settlement, NEFT refers to National Electronic Funds Transfer, and IMPS is Immediate Payment Service.
  • CR (Credit), DR (Debit): Shows whether money was added to (credit) the account or taken out (debit) from your account.
  • CHQ (Cheque), POS (Point of Sale), ATM (Automated Teller Machine): Locations or methods through which transactions happened.

Interpreting account activity and balances
 

Here are the major elements you should focus on when interpreting account activity and balances:

  • Transactions: Review each entry for date, type (credit or debit), and details like transfer methods (NEFT, IMPS), and cheque numbers.
  • Running balances: Monitor the balance after each transaction. This helps you understand how each entry impacts your financial health.
  • Interest and fees: Check how much interest you are earning from your savings account, fixed deposits, and other investments. Also confirm any account-related fees or service charges you might be paying.
  • Closing and opening balances: The opening balance of the current statement should match the closing balance of the previous one to ensure transaction accuracy.

In the end, subtract debits (e.g., ATM withdrawals or purchases) from credits (e.g., salary credits or interest earned) to reconcile the account balance accurately.

Tips for reviewing and analysing NRI bank statements
 

Here are some tips for reviewing and analysing your NRI bank statements effectively:

  • Review currency exchange rates and related fees.
  • Pay attention to unfamiliar transactions or other discrepancies.
  • Evaluate your spending patterns to modify your budget.
  • Activate alerts for large transactions or balance thresholds.
  • Double-check the accuracy of automatic bill payments.
  • See if the dividends from investments are recorded properly.

For banking-related queries, contact your bank directly via phone calls, email, or SMS.

Special considerations for NRIs holding multiple accounts
 

If you have more than one NRI savings account, here are some considerations for handling them efficiently:

  • Enable SMS or email alerts to stay updated on all bank accounts’ transactions.
  • For NRIs, any interest earned on NRE and Foreign Currency Non-Resident (FCNR) accounts is tax-exempt in India. NRO accounts are taxed on their interest income. Hence, plan your taxes accordingly to minimise tax liabilities and optimise returns.
  • Compliance with Foreign Exchange Management Act (FEMA) guidelines is compulsory.
  • Maintain a proper record of each account's statements for easy reference.

Benefits of opening NRI Account with Metra Trust
 

When you apply for the Metra Trust NRI Savings Account online, here are the features and services you can enjoy at your fingertips:

  • Open an NRE bank account or NRO account at the convenience of digital banking.
  • Receive 24/7 personalised assistance for all your banking needs through a dedicated relationship manager.
  • Enjoy complete control over your NRI account with an innovative banking app, and manage your account anytime, anywhere.
  • Get attractive interest rates and earn more on your hard-earned money.
  • Transact from any location and enjoy the best exchange rates.

With Metra Trust, you benefit from monthly interest credits on your NRE/NRO savings account. This benefit can boost your financial growth and offer a consistent income source.

Conclusion
 

Paying attention to your bank account statement is important for handling your money effectively as an NRI. By understanding its components, transaction abbreviations, and best practices for interpreting your statements, it becomes easier to make practical financial decisions and detect any discrepancies on time.

Opening an Metra Trust NRI Savings Account adds extra value to your banking experience through countless additional benefits and services. You get competitive rates, premium online banking services, transparent charges, and 24/7 customer support. Apply today!

 

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.

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