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RI Information
Informing educating and connecting Indians across the globe . . .
Banking Choices for Non Resident Indians
NRI’s living abroad in the United States, UK, Canada, Australia, Germany or France often open bank accounts with banks that offer Nri banking services.
Nri Banking services help non resident Indians meet their obligations in India such as pay bills in India for
expenses such property maintenance, life insurance premiums etc or perhaps to send money to family
members in India.
There are many banks now that offer people of Indian origin NRI banking facilities abroad. Banks advertise
extensively to attract Indian customers. ICICI bank for instance uses noted film actor Sharukh Khan as a
spokesman for promoting their bank. Recently I believe some banks were even offering Indian movie DVD's
as an incentive to open accounts at their banks. NRIs now have many banks to select from when it comes to
nri banking services.
Selecting a NRI Bank abroad
Shopping around always helps when it comes to selecting a bank. Some of the things you may want to
consider are:
Location of the bank, is it easily accessible. Do they have a branch and a real time person to talk to when it
comes to customer service. It is always easier to be able to talk to a person face to face rather than a
customer service representative talking to you on a telephone from who knows where.
Don't let the free gifts be the deciding factor. Most banks offer the same types of accounts to non resident Indians.
The interest rates on NRI accounts are governed by the Reserve Bank of India. Usually you will find them to be the same in most banks offering NRI banking
services.
Customer service is what you should look for when deciding on a bank to do your
banking. Nri's living abroad need customer service not only in the overseas country
they live in, but also when they visit India.
It always helps to bank with someone who has a branch abroad as well as in India.
NRI's should keep in mind that even though the banks they deal with may be located
in foreign countries, their Nri accounts are usually not protected by deposit insurance
of the country they reside in.
While local accounts may be protected in a particular branch and signs posted in the
bank that the bank accounts are insured by way of deposit insurance, don't
automatically assume that your NRI bank accounts in that bank are also insured. The
chances are that they are not.
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