If You are an NRI, you may not know that there are a lot of benefits of the bank accounts available for you. As such. To maintain your earnings and savings. If you open an NRI account, you will get many NRI benefits in India, and we will tell you the advantage of NRI accounts in India.
Tax Benefit:Â India’s NRE savings account and NRE fixed deposit are tax-free. But NRO saving account and NRO fixed deposit are taxable.
Minimum balance:Â We need not keep a high minimum balance in NRE and NRO accounts. Most banks have changed their policy about high minimum balance requirement now; only 2000 rupees are required as a minimum balance.
FCNR Deposit:Â Â If you want to save your abroad earnings in foreign currency, you open an FCNR account to maintain foreign currency in India. You will also earn interest on foreign currency deposits, and it is also tax-free.
Convenience Benefits: NRE and NRO accounts are convenient, and you can open them easily. Now you need not go bank in India to open an NRI account; you can open it online. You have to fill out the account opening form and upload scanned required documents.
