If you have recently attained the NRI status, you must be looking for the ideal bank account to take care of your finances. In such a scenario, you need to open an NRE savings account. Wondering why? Well, there are numerous benefits, but essentially it can help you manage your wealth seamlessly while staying abroad.
IndusInd Bank’s NRE regular savings account can be the perfect companion to park your overseas earnings in India and enjoy a plethora of unique features. Read this article to learn the top 3 reasons to have an NRE savings account.
Reason #1: Repatriation Advantages
The first and foremost benefit of an NRE savings deposit is the smooth transfer of funds abroad. You can transfer both the principal and interest amount from your NRE savings account to a foreign account without restrictions. Also, you can quickly transfer funds from one NRE account to another or even an NRO account.
Therefore, if you have family members living in India, you can freely transfer funds and take good care of them. What’s more, since an NRE account is a rupee-denominated account, they will receive the funds in rupees even if you deposit the amount in a foreign currency.
Reason #2: Tax Benefits
Next, the interest you earn from an NRE savings account is exempt from tax in India, which is a significant reason to opt for it. In addition, financial institutions such as IndusInd Bank enable you to earn attractive interest on your savings and grow your funds with time. You can further invest your savings in Indian mutual funds to earn higher returns on your hard-earned money.
Reason #3: Accessibility of Funds
Another critical reason to open an NRE savings account is that you can access your funds from anywhere, anytime. Most banks offer an international debit card facility along with the account to enable you to withdraw cash and shop easily worldwide.
For instance, with IndusInd Bank’s international debit card, you can access your bank account both in India and abroad whenever you want. Furthermore, you get the best-in-class internet banking, mobile banking and video branch services.
Who Can Open an NRE Savings Account?
Now that you know the fundamental reasons for having an NRE savings account, make sure to check your eligibility. The following individuals are eligible to open an NRE savings deposit:
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
- Students who are pursuing education in foreign universities.
- Seafarers of Indian nationality or origin employed by shipping companies overseas.
The Bottom Line
An NRE savings account is the ideal solution to handle your finances while living away from home. Whether you have to send money to family, pay utility bills, invest in Indian financial instruments, or increase your savings with interest, this account can work wonders for you.
Remember to choose a credible bank that offers new-age banking facilities and privileges to make the most of your savings account. So, leave all your financial dilemmas behind and bank safely while staying abroad with an NRE savings deposit.