This makes the Indian stock market as one of the largest investor bases in the world. It offers a lot of financial opportunities to choose from; including shares, bonds, debentures, mutual funds, etc.
Non-resident Indians (NRIs), too, may invest in Indian share market, under the Portfolio Investor scheme (PIS), which is governed and regulated by the Reserve Bank of India. All investments, however, have to be in the local currency and through a stockbroker only.
Where to begin?
To make an investment in the Indian share market, an NRI must open an NRE/NRO account with any of the Indian banks authorized by the RBI. The next step is to apply for a demat account–it is the account in which shares and securities are held electronically. There are numerous benefits of opening a demat account but one must know the pre-requisite to open the account. Investment services for NRI can make things easier for an NRI.
NRI Savings Account Benefits
Non-resident Indians (NRIs) have their money invested in their home country as well as the place they work. Opening an NRI banking account is a quintessential thing. NRI banking offer important NRI services with bank money transfer. This service enables an efficient flow of funds to and fro from their home countries and families.
The Indian banking system allows NRIs to open accounts; which helps to transfer money back to their home country or receive money from their investment like rental or pension etc. This NRI savings account is really helpful for Indians who live abroad.
How to select the right bank?
Choosing the right bank depends on many different factors like personal and geographical requisites. You can gain all the required details of banks online through their respective websites. Always ensure that the bank you choose is a legal organization and approved by the RBI. Considering, to have legitimacy of an NRI account and NRI Services like bank money transfer.
Important requisites for account application
Many banks provide all the necessary information about the essential requisites for account application online, even at the respective banks. It includes the document lists and required IDs, interest rates and other banking rules.
Remember that your NRI account earnings may depend on income tax rules of the particular bank and its country.
Further listed are some key benefits of NRI services and bank money transfer system:
-Ease of system
The online banking enables NRIs to get easy access to their home country's banks. Similarly, they are able to transfer money easily to and fro from their foreign banks to their dependents in India.
Easy access across your funds prevents you from the hassles of running to any Union bank or depending on someone for money.
-Flexibility of interest rates
NRIs prevail benefits of flexibility of interest rates thus a greater earning potential amid home & abroad.
-Ease of money remittance at India
Some banks entitled modules which reap benefits for the customers. Now, non-resident Indians can aid profit and world-class services by various options modules for a speed economical funding or money transactions.
- Instant money transfer transactions within minutes
- Encash overseas currency on the way to India, remit from any bank.
- Online transfer facility especially for gulf oriented citizens by any of the exchange houses where fund credited direct in desired account.
We can also remit money from the correspondent banks mentioned by the respective banks for funding and transfer money with the mention customer id and further details.