NRI Banking & Accounts

As an NRI, managing your finances across borders isn’t just important — it’s foundational to your peace of mind and long-term goals. One of the first and most impactful steps is choosing the right NRI bank account.

In this section, we walk you through your options with clarity and care — helping you understand which type of account best aligns with your needs — whether it’s for saving, investing, repatriating funds, or managing income in India.

Navigating the Indian banking system as an NRI requires careful planning to ensure seamless financial management, regulatory compliance, and tax efficiency. Understanding different account types, remittance rules, and investment opportunities is essential for hassle-free banking in India.

Types of NRI Bank Accounts

- NRE Account (Non-Resident External)
  - Tax-free interest.
  - Repatriable (funds can be sent abroad freely).
  - Ideal for earning income in foreign currency and converting to INR.
- NRO Account (Non-Resident Ordinary)
  - Used to manage income earned in India (rent, dividends, etc.).
  - Interest is taxable in India.
  - Limited repatriation (up to $1 million per financial year).
- FCNR Account (Foreign Currency Non-Resident)
  - Fixed deposit account in foreign currency.
  - Protects against exchange rate fluctuations.
  - Tax-free interest in India.

Please click here for a detailed comparison of the above acounts that you can open and operate.

Remittance & Fund Transfers

NRIs can transfer funds to and from India through:

- - SWIFT & Wire Transfers – Secure global fund transfers.
  - NRE to Foreign Bank Transfers – Freely repatriable.
  - NRO to Foreign Transfers – Subject to Form 15CA & 15CB certification.
  - UPI & Digital Banking – Many Indian banks now allow NRIs to use UPI-linked accounts.

Taxation & Compliance for NRI Banking

- Key Tax Rules for NRIs:
  - NRE & FCNR Accounts – Interest is tax-free.
  - NRO Accounts – Interest taxed at 30% TDS (can be reduced via DTAA).
  - FEMA & RBI Compliance – NRIs must follow RBI’s Foreign Exchange Management Act (FEMA) guidelines.

Loans, Investments & Credit Facilities

- NRIs can avail
  - Home Loans & Property Loans – For purchasing real estate in India.
  - Fixed Deposits & Mutual Funds – NRI-specific investment options.
  - Credit Cards & Personal Loans – Based on Indian financial history.

Key Banking Regulations for NRIs (Important Considerations)

- NRIs cannot maintain a regular savings account (must convert to NRE/NRO).
- Investments in stocks and mutual funds must comply with Portfolio Investment Scheme (PIS).
- Tax residency rules impact banking benefits.