|
Are you looking for a quick insight on preferred banking channels in India for investment transactions? Are you overwhelmed by the options? Do you need some help on how to make the right choice? Picking the right bank can be confusing – here is some handy information for you.
Schemes and Accounts
You can choose from a variety of special schemes that all commercial banks offer to Non Resident Indians (NRIs). Amongst the schemes offered by the banks are different types of accounts meant for NRIs. These accounts can be broadly categorized into: - Non-Resident Ordinary Account (NRO)
- Non-Resident External Rupee Account (NRE)
- Non-Resident Foreign Currency Account (FCNR)
You can remit assets up to a limit of US$ 100,000 per year through banking channels. This amount is exempt from income tax in India.
Service Offerings
Wouldn’t you prefer transacting with a bank which enables quick and accurate transfer of funds or assets meant for personal use and /or investments?
To provide you the most hassle-free banking experience, most banks offer round-the-clock customer service. In fact, all banks base their service offerings on accessibility and ease of banking features. Banks also focus on minimum paper work and easy transactions. Facilities such as Internet banking, phone banking as well as door-step banking ensure that you are attended to at any time of the day irrespective of your geographical location.
You can opt for a bank which acts as a one-stop shop for services ranging from personal banking, investment banking, portfolio and asset management as well as insurance. At the same time, you can also take advantage of interesting and affordable housing loan schemes specially designed for NRIs and PIOs.
Preferred Banks
Though all banks offer similar services, the number of accounts held by NRIs with Citibank indicates that it is the most preferred bank amongst the NRI community. It services more than 160,000 NRI accounts.
You can open and maintain a Citibank NRI Account with as little as $ 1,000. Citibank online banking enables account holders access to a range of services round the clock from anywhere in the world.
ICICI is growing its share of the market by leveraging its vast network of branches and its high brand recall for the average Indian.
Other banks in India that hold a bulk of NRI accounts are HSBC, Standard Chartered Bank, American Express Bank, State Bank of India, and ABN AMRO bank.
How did you pick your bank? Does the choice of bank vary depending on which country you are in? Do banks focus too much on the US NRI and ignore the rest? Do you have any more queries on banking channels in India or any particular bank? Direct them to us and we will try to answer them in future articles. You may also be interested in:
|
.gif)
