An NRI (Non-Resident Indian) account is authorised by the Reserve Bank of India and offers different banking services to NRIs, Person of Indian Origin (PIO) or Overseas Citizen of India (OCI). Individuals who are eligible to avail of these banking services should open an account with a financial institution or a bank.
This type of NRI account is used by NRIs to keep their income or earnings in India or another country safe and secure. They can utilise the services offered by the bank to remit the money to their dependents, fulfil their financial obligations, make investments, etc.
There are three different types of NRI accounts that an individual can open as per their financial needs:
Here’s how you can apply for an NRI Savings Account and open an NRI Savings Account:
You can open an NRI Savings Account online by following the steps above. However, if you are present in India and would like to open the account offline, you can visit any of our branches and an NRI customer care official will help you fill out the application form and submit the documents to complete the NRI account opening process.
The rate of interest on funds held in these deposit accounts will be in accordance with the directives issued by the Reserve Bank of India from time to time.
Every Indian or Person of Indian Origin who is settled abroad or has gone abroad for taking up employment, vocation or studies should have an NRI Savings Account. It makes banking more convenient and accessible fulfilling the basic financial necessity. As NRI customers, most of their time is spent overseas, thus, ease of online banking becomes imperative for a smooth experience. NRI customers should look for banks that offer a full suite of digital options in order to take care of remittances within and outside India, bill payments, debit/credit card facilities, loans, insurance, investments, etc.
a) Yes, for debits from NRE accounts, NRIs can do remittances outside India, transfer to other NRE/FCNR accounts and use the NRE funds for investments in India.
b) Yes, for debits from NRE accounts, NRIs can make local payments, transfer to other NRO accounts and remit their current income overseas. NRIs can make remittances from NRO accounts for up to USD 1 million per financial year for all bonafide purposes.
If you are earning an income outside India and paying taxes in the same country, this income will not be taxed in India. Even the interest earned on an NRE and FCNR account is exempt from tax. However, as an NRI with an NRO account, you will be taxed for the interest earned in your NRO account.
No, an NRI cannot open Resident Savings Account in India with any bank, according to the Foreign Exchange Management Act (FEMA) regulations.
The minimum amount requirement with which you can open an NRI savings account will vary as per the type of Axis Bank account. The minimum monthly balance for the NRI Easy Savings Account, Prime Savings Account & Mariner Account are different.
Having an NRE or NRO account can be a viable option for a Non-Resident Indian since it helps them remit their earnings from another country to India without any hassles. These accounts also help them hold and access the earnings and income made in India through investments in their country of residence.
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