11 Types Of Account That NRI’s Can Open In India
What Type of Bank Account Can NRI Open In India
Most of the nationalized/private sector banks in India such as State Bank of India & it’s associate banks, ICICI bank, Axis Bank and others facilitates NRI’s to open accounts in India and offer them competitive interest rates. While interest earned on few accounts is tax free whereas interest earned is taxable on few. NRI’s who’ve earned good amount of money outside of India can opt to open different account/deposit types in India which will benefit in securing and safeguarding the finances.
Non-Residential Indians can open following 11 types of accounts with most of the banks in India:
1) NRE Rupee Accounts
2) Savings Bank Account
3) Current Accounts
4) Term Deposits (on this interest is paid out quarterly)
5) Special Term Deposits (Interest compounded quarterly)
6) Non-Resident Ordinary Account (NRO)
7) NRO a/cs – Rupee Accounts for crediting income in India
8) Foreign Currency Non-Resident Accounts
9) FCNB Premium Account
10) Fixed Deposits In Pound Sterling, US Dollar Euro, Canadian Dollar and Australian Dollar
11) Resident Foreign Currency Accounts
Most of the account types for NRI’s mentioned above can be opened only with designated branches. NRI’s can also ask their financial advisor about recommendations, documentation required etc.
NRI’s opting to open an account in India should look out for following most important features depending on their purpose of opening.
1) Investment Term
2) Tax Levied
3) Minimum Balance
5) Whether joint account can be opened or not and who
6) Whether interest earned is taxable or not