When you move away from home, a lot of things change. Especially your finances. Changing your residential status also means changing your bank account. While Non-resident Indians cannot hold a regular savings account, you do have the option of an NRE or NRO account to manage your finances.
As an NRI, whether you want to invest in Indian securities, transfer funds to your family in India, or earn interest on your savings, a Non-resident External account by IndusInd Bank is an excellent solution.
What is an NRE Account By IndusInd Bank?
An NRE regular savings account is a rupee-denominated account by IndusInd Bank that lets you park your overseas earnings in India. All funds deposited in the NRE account get converted into INR, allowing an NRI to hold their foreign earnings in Indian Rupee. Here, you can earn a fixed interest rate determined by the bank.
However, do note that an NRE account is vulnerable to exchange rate fluctuations. They do not protect your funds against daily currency fluctuations.
Features of NRE Regular Savings Account
Here are the features of the best NRE savings account by IndusInd Bank.
1. Tax Exemption
When you deposit your funds in an NRE savings account, the interest amount is exempted from tax in India, making it an attractive option. Moreover, you can easily repatriate your funds or transfer the amount, both principal and interest, in the NRE account to the country of your residence at any time you want.
2. Digital Banking
Opening the best NRE savings account with IndusInd Bank also gives you access to best-in-class services. You can use mobile banking, and net banking, and connect with the bank representatives through the video branch to manage your account. Whether you want to transfer your funds, shop online, invest in any securities, or make bill payments, you can do it all with the digital banking feature.
3. Easy Access to Funds
Want to send money to your parents living in India? IndusInd Bank offers you a wide range of telegraphic and online options to transfer funds easily to India. They also provide a payable-at-par checkbook to use your funds in India. And that’s not just it! The NRE regular savings account also carries an international debit card that allows convenient access to your bank account anytime, both in India and abroad.
4. Joint Account Opening
When it comes to an NRE savings account, only an NRI can open the account by submitting the documents. However, you can open a joint account with an NRI or PIO or a Resident Indian Relative. Further, you can also avail of a nomination facility to manage and operate your account in your absence in India.
How to Open an NRE Savings Account?
Opening an NRE regular savings account is quick and easy. All you need to do is.
1. Download and fill in the application form
2. Attach a photograph
3. Attach the self-attested copies of the requested documents including
- Visa/work permit/resident permit
- A document showing your mailing address
Submit the application and the documents for swift account opening.
The Bottom Line
An NRE savings account is an excellent option for all your financial transactions in India and abroad. And with a banking partner like IndusInd Bank, you can get the best out of your NRE savings account.