Who is an NRI and what are the benefits? –Unlocking financial convenience for NRIs, with Metra Trust

A Non-Resident Indian (NRI) is an Indian citizen residing outside India for employment, studies, or any other purpose. As per the Foreign Exchange Management Act (FEMA), once you attain an NRI status, your regular resident savings account becomes invalid. Consequently, to avail banking services in India, you must open an NRI account.

An NRI bank account is specially designed to cater to the needs of NRIs. It allows you to effortlessly manage your finances across borders. With an NRI account, you can seamlessly send money from abroad, repatriate funds from India, make investments, avail of loans and insurance, and conduct a wide range of financial transactions etc. 

Also read – Seamless banking for non-resident Indians: NRI account essentials

Benefits of NRI bank accounts in India
 

Now that we have covered the basics of NRI accounts, let's explore the benefits they offer -

• Seamless banking -

NRI accounts provide a hassle-free banking experience, allowing you to conduct transactions online. This convenience is available whether you are in India or abroad.

• Attractive returns -

Choosing the right NRI account can help you earn attractive interest income, which can contribute to the growth of your savings. For instance, Metra Trust NRI Banking accounts offers up to 7.25% p.a. interest, which is credited to your account on a monthly basis. This allows compound interest to work in your favour.

• Repatriation facility -

NRI accounts offer the convenience of transferring your account balance to your foreign bank account, a process known as repatriation. 

Types of NRI accounts - NRO vs. NRE
 

There are two primary types of NRI accounts - the Non-Resident Ordinary (NRO) account and the Non-Resident External (NRE) account. Let us review the key differences between these accounts 

NRO account
 

The NRO account is a rupee-denominated bank account that is typically used for depositing income earned in India, such as rent, interest, or dividends. While the account also accepts foreign deposits, these are converted to Indian rupees and added to the balance. The interest earned on an NRO account is taxable at 30% plus surcharge and cess, but you can freely repatriate the interest income. However, the repatriation of the principal is limited to $1 million per financial year.

NRE account
 

The NRE account, on the other hand, is meant for depositing foreign income. Like the NRO account, it is also rupee denominated. The key difference is that the interest earned from the NRE account is completely tax-exempt. It allows limit-free repatriations, making it an attractive option for managing your overseas earnings.

NRO vs. NRE at a glance
 

Metra Trust NRI Banking services
 

Metra Trust offers a comprehensive suite of NRI banking solutions to cater to the diverse needs of non-resident Indians. Below are some of the features and benefits -  

• Digital bank account -

Metra Trust NRI Accounts are fully digital, allowing you to access your banking services 24X7 from the comfort of your home or office.

• Zero charges on common banking services -

Metra Trust does notcharge any fees on all commonly used banking services. This ensures that your financial transactions remain cost-effective.

• Intuitive mobile application -

Manage all your investments and banking activities in one place with the user-friendly Metra Trust mobile app.

• Instant one-click investment (PIS) -

Seamlessly invest in the Indian stock market with the one-click on Portfolio Investment Scheme (PIS) feature.

• Dedicated relationship manager -

Personalised attention from a dedicated relationship manager who will assist you with all your banking concerns.

• Attractive currency exchange rates -

Benefit from competitive currency exchange rates when transferring funds between your NRI account and foreign bank account.

• Competitive interest rates -

Metra Trust NRI accounts offer up to 7.25% p.a. interest, which is credited to your account monthly, allowing your savings to grow exponentially.

Metra Trust - How to open an NRI bank account in India
 

Opening an NRI bank account is a straightforward process, and you can do it either online (from anywhere in the world) or offline (when visiting India).

Eligibility criteria
 

The following individuals are eligible to open an NRI bank account -

•  Non-Resident Indians (NRIs)
• Persons of Indian Origin (PIOs)
•  Overseas Citizens of India (OCIs)
• Seafarers working on international vessels
• Rig employees working on international offshore projects

Documentation required
 

The documents required for the account opening process include -

• Identity proof

- Passport

• Non resident status proof 

(any one of the following) - Visa / PIO card/ Foreign Passport with PIO declaration/ Continuous Discharge Certificate with Valid contract letter for seafarers / Resident Permit/ Resident Card.

• Overseas address proof

 (Any one of the following documents having your overseas address) - Passport, Driving license, National Id /Government issued ids, Latest utility bill (mobile/gas/electricity/telephone), Latest savings bank statement from a transactional account, Council tax bill, Resident Permit, Voter id/Electoral card.

• Tax related -

 PAN / Form 60, FATCA-related fields on the application form

• Other documents -

 recent colour photograph, an image of your signature (only for online applications)

Document certification - When not being met by an Metra Trust employee, please ensure your passport and address proof copies are certified by any one of the following entities from your overseas country of residence: Overseas bank with tie up to any Indian Bank | Overseas Branch of Indian Bank |Notary | Court Magistrate /Judge |Indian Embassy

Also read – A guide to invest in Indian stocks for NRIs

In conclusion
 

As an NRI, managing your finances back home can be a complex endeavour. However, with the seamless banking solutions offered by Metra Trust, you can enjoy a hassle-free experience. These versatile account features cater to your diverse needs, providing an experience that is tailored to your unique requirements.

Simplify your financial life today by opening a NRI account with Metra Trust. With a trusted partner by your side, enjoy the peace of mind that comes with knowing your financial assets are in good hands. Take the first step towards financial freedom and embark on a journey of prosperity.