Managing your finances abroad while studying or working is a daunting affair. Whatever the purpose, residing in an international country for months or years and keeping up with your finances are two different things. But as a responsible individual, you need to manage finances while being far from your hometown. That’s where the role of NRI accounts comes into being.
So, what is the NRI meaning? Simply put, NRI or non-resident Indian accounts provide you with a wide range of benefits. Individuals who live abroad can manage their finances back in India with the help of such an account.
You can open an NRI account in Indian banks. NRI accounts come in various types, including FCNR-B or foreign currency non-resident-bank accounts, NRO or non-residential ordinary accounts, and NRE or non-residential external accounts.
Opening an NRI account offers multiple benefits depending on the type suited to your preferences. The following points talk about the advantages of NRI accounts:
An NRI can have a joint account in a foreign land with a family back in their hometown. The resident can be either a non-resident family member or an Indian resident by offering a power of attorney. It helps manage finances better for both the NRI and the family member with whom they have a joint account.
If you have an NRE account, you can enjoy seamless currency conversion. As per the NRE account meaning, the money gets converted into rupee at the deposit time, which means the account holder can deposit money in foreign currencies and withdraw in rupees.
Factually, NRI accounts let account holders transact and hold money in foreign currencies. So, it helps manage your international income without frequent conversion of currencies. Surprisingly, these accounts offer seamless financial management for NRIs who spend and earn money in a different currency. By this, NRIs can easily manage their foreign finances seamlessly.
One of the most important NRI account benefits is that it offers a seamless process for account management. That means an NRI account holder can easily manage the account by accessing it digitally. From monitoring your financial transactions to checking your balance, you can do all these jobs hassle-free.
Having an NRI account benefits an international Indian student who does not have time to visit the bank branch every time for financial transactions or check the balance. Another significant benefit is the wire transfer. They can transfer or receive money from their family members through online banking.
Based on your preferences and needs, you can open an NRI account. But before you open an account, you must compare different banks. As far as IDFC FIRST Bank is concerned, the bank offers you a chance to earn approximately 7% p.a. interest rate with interest rates. Get your first NRI account for simplified trading in the Indian equity market, 24*7 assistance, and excellent exchange rates.