NRI BANKING
Oxygen for well being of the economy
Public BanksPrivate Banks
NRI accounts are maintained by authorised dealers from RBI.
Types of deposit schemes made available to NRIs FCNR (B) NRO Account NRE Account
All NRIs can open such accounts, with the exception individuals of Pakistan and Bangladesh
Investment avenues for NRI such as immovable property Bank Deposits
Government Bonds
Investment in Shares
Foreign Direct Investment in India
FEMA covers all matters related to :-
Section 2 Describes Identification of NRI, Foreign Exchange and Foreign Security
Repatriable Accounts
Non-Resident (External) Rupee (NRE) Accounts FCNR (B) Accounts
Resident Foreign Currency (RFC) Account Non Resident Ordinary (NRO) Account Non-Repatriable Accounts
.
NRE ACCOUNTS
Years 1-2 yrs 2-3yrs 3-4 yrs 5 yrs
Rates 5.30 5.06 5.00 5.00
NRO ACCOUNTS
YEAR 1-2 yrs
Rate 3.5
FNCR ACCOUNTS
YEAR 5 yrs
Rate 5.00
There are many Private Banks & Public Bank in economy which provides various facilities. Some of the banks are:-
HDFC
ICICI
CITY BANK
SBI
PNB
SYNDICATE BANK
SBI provides following types of Deposits:-
FNCR ACCOUNT
NRE ACCOUNT
RFA ACCOUNT
SBI provides following types of LOANS:-
HOME LOAN
LOAN AGAINST DEPOSITS
OVERDRAFT
HDFC provides following types of Deposits:-
SAVING ACCOUNT NRE SAVING ACCOUNT NRO SAVING ACCOUNT
FIXED ACCOUNT FCNR ACCOUNT SUPER SAVERACCOUNT
CURRENT ACCOUNT
HDFC provides following types of LOANS:-
HOME LOAN
OVERDRAFT
CAR LOAN
NRE Account - Banks Rates for All banks (Public, Private)
Bank1yr-2yrs
2yrs-3yrs 3yrs-5yrs 5yrs
Allahabad Bank 5.30 5.06 5.01 5.00
Bank of Baroda 5.30 5.06 5.01 5.01
Bank of India 5.30 5.06 5.00 -
Canara Bank 5.30 5.06 5.01 -
Central Bank of India 5.72 5.52 5.46 -
HDFC Bank 5.29 5.06 5.00 -
ICICI Bank 5.30 5.06 5.01 -
Punjab National Bank 5.30 5.06 5.01 -
Standard Chartered Bank 4.30 4.06 4.01 4.01
State Bank of India (SBI) 5.30 5.06 5.01 5.01
INTEREST RATE PROVIDED BY PRIVATE BANK ON EACH DEPOSIT ACCOUNT IS MORE THAN . . . PUBLIC BANK. EVEN THE PRIVATE BANKS PROVIDE DIFFERENT . TYPES OF LOANS
FACILITIES PROVIDED BY PRIVATE BANKS WITH
DEPOSIT ACCOUNT ARE MORE ATTRACTIVE
INDIAN BANKS PROVIDE MANY FACILITIES TO NRI LIKE DIFFERENT DEPOSIT ACCOUNT ACCORDING TO THEIR NEEDS, LOANS ETC.
NOW NRI BANKING HAS BECOME SIMPLE BECAUSE OF ONLINE BANKING