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NRI Banking

      
A Non Resident Indian(NRI) as per FEMA 1999 is an  Indian citizen or Foreign National of Indian Origin resident  outside India for purpose of employment, carrying on business or vocation in circumstances as would indicate an  intention to stay outside India for an  Indefinite period. An Individual will also be considered as NRI if his/ her stay in India is less than 182 days during  the proceeding financial year.


Banks allow NRI’s to open an NRI account when they complete the account opening formalities. A customer for this purchase a form has to be filled up in which the information soughtly the bank is provided. . They can open a NRI Saving Bank Account, Current Account, Fixed Deposits in Indian Rupees, Fixed Deposits in Foreign Currency, NRO account ( Rupee accounts for crediting  income in India)

Money Transfer

Money can be transferred either through on line or drafts or telegraphically or by wire transfer or Cheques. E-Transfer is completely online, paperless money transfer service which enables the customer to send money directly from one bank account in foreign country to India. Drafts in Indian rupees can be purchased from exchange companies of one country and mailed to the branch of another country where the customer has the account. Telegraphic or wire transfers can be made through branch to branch. Cheques can be deposited for credit of the customer’s accounts and the Cheques will be collected and credited to their accounts.