Know What is NRI Account

Moving overseas can be exciting. The prospect of going to a new country, meeting new people, and living in a new house can be alluring. But you would know that moving abroad is not as easy as it seems. You may have to face many challenges. And the last thing you would want to worry about is managing your income & investments.

So, whether you are a Non-Resident Indian (NRI), or a Person of Indian Origin (PIO), it is imperative to have an NRI Account. Are you planning to move to a different country? Then, here’s what you need to know about having an NRI Account, the different types of NRI Accounts, the opening process, and the benefits of an NRI Account.

An NRI is a person who is a resident of India but lives outside India for employment, business, study, or any other purpose with the intention to stay abroad for an indefinite time. An NRI Account can be opened by an NRI (Non-Resident Indian), PIO (Person of Indian Origin), or OCI (Overseas Citizen of India).

Having an NRI Account lets you access numerous facilities with respect to the currency denomination, transferability of the amount, tax advisory services, etc. NRIs can deposit their funds in the account whether they have earned the income from India or any other country. 

You can open two types of NRI Savings Accounts. You can choose any one or both bank accounts to manage your finances. Let’s understand each one of them in detail.

• NRE Account:

A Non-Resident External Savings Account or NRE Savings Account can be opened by NRIs to manage their income & investments abroad. You can deposit foreign income & withdraw from India or abroad from the account anytime. Funds deposited in NRE Accounts are fully repatriable and tax free.

• NRO Account:

A Non-Resident Ordinary Savings Account or NRO Savings Account is meant for NRIs looking to park their income earnings from India. The earnings can be from sources like house rent, business, or others. Funds are repatriable only post payment of taxes upto USD 1 Million.

If you are looking for NRI Account banking solutions, you can instantly open an NRE or NRI Savings Account with AU Bank, India’s Largest Small Finance Bank. 

If you plan to open an AU NRI Savings Account, you will earn high interest rate with monthly interest payout. Click here  to check Savings Account Interest Rate

• You get to earn high interest rate on your AU NRI Savings Account & receive Monthly Interest Payouts.
• You can add a Mandate holder for the NRI Account. The person should be a family member & will have all the access to your account.
• Avail a Visa Debit Card & get access to over thousands of offers & discounts.
• Get International and Domestic lounge access with joining vouchers.
• You can access your account anytime using the AU 0101 App & AU 0101 NetBanking.
• Get free of cost India tax advisory services once you open an NRI account with us.
• Value-added benefits such as Insurance, Fixed Deposit, and Dedicated Relationship Manager.
• Get your service requests processed through Video Banking.

You can initiate the NRI Account opening process with us in three simple ways:

• Get in touch with our customer care representative @ 0141 7141000.
• You can visit the nearest AU Bank branch with KYC & passport-sized photographs.
• We also offer non-face-to-face NRI Account opening and free pick-up service for collecting KYC documents.