Four Things Every NRI Investor Should Consider
NRIs who often return to India for good or for a short duration often face the issue of storing funds. Though there are international banks available in India, accessing and utilizing their services is at times difficult. Moreover, seldom do these banks gratify investor benefits to such investors. Thus, NRIs are found in search for banking services on homeland.
To cater the banking requirements of NRIs, which are different from those of regular customers, banks have launched NRI banking services. Before you avail any such product or service from the bank, here are a few tips that you should follow:
Do Your Research
NRI banking is slowly evolving in the country. Thus, different banks tend to offer a variety of services that vary in terms of service, convenience, and credibility. However, each of these services carry different terms and conditions. To seek a better service, review the terms and conditions of the different offerings.
Refer to FAQs
FAQs should be read before you select any kind of banking service. For instance, YES bank offers different kinds of NRI banks accounts, to know more about their banking services, click here.
Approach the Banker
If you are not keen to read the FAQs, then it is advisable to contact the banker or help desk. Whenever you approach the help desk, here is a list of valid questions that you should ask:
Which are different types of NRI accounts available with the bank?
Who is eligible to open an NRI account?
Is it possible to open a joint Account? If yes, then what are the nomination options available?
What are the different kind of savings products available for NRIs?
Check the charges
As these services are offered to NRI customers only, a few may carry charges. Inquire about the charges, regulations, and mandates about holding. Check the rules and regulations associated with repatriation and currency to be maintained.