This is one of the frequently asked questions from NRIs, main from those who have not yet opened any saving account in India. NRIs (Non-Resident Indians) can open different types of bank accounts in India e.g. NRE (Non Resident External), NRO (Non Resident Ordinary), FCNR (Foreign Currency Non-resident), or RFC (Resident Foreign currency). All of them are casually called NRI accounts because only NRIs can open them.
Thursday, April 21, 2016
Friday, April 8, 2016
You can use Western Union's money transfer facility If you are sending money to your parents or relatives in India, who are not used to modern banking and doesn't have any internet banking or simply a bank account. The Western Union has a tie-up with Federal bank which allows Hassle free method of money transfer where the receiver need not have an account.
Saturday, April 2, 2016
If you are an NRI (Non-Resident Indian) then you have access to a unique bank account called NRE (Non-Resident external) account which allows you to keep your money in Indian rupees. This account then further allows you one of the best, fixed deposit investment option known as NRE fixed deposit, which currently provides fixed and interest rate e.g. 8.75% from Deutsche bank, resulting in a cumulative yield of 10.3% for a 5 years NRE fixed deposit. It's not just the Deutsche bank but other private and public sector banks like SBI, ICICI, HDFC, Kotak Mahindra, YES Bank they all provide very good returns on NRE fixed deposits.