NRI & NRO Deposit Accounts with Online Banking in India!

Finances have always been of utmost importance and handling it with complete responsibility can be quite a task. At the end of it all, you need growth, sustainability and security for your money. When you are in a far-off land and you need to be connected with your homeland financially, then the bank you choose plays a crucial role in your wealth management. NRI Accounts in banks offer you a lot more than just parking space for your hard-earned money. They have on offer a bouquet of services including financial planning, investments, lockers, etc.

The government of India introduced the rules for holding a NRI banking account in the year 1970. Within that purview, individuals leaving their country have found great convenience in maintaining their finances. Non-resident Indians can open any of the below mentioned accounts with their Indian bank:

NRE (Non Resident External Accounts)It is an account by way of Savings, Current or Fixed Deposits in Indian rupees. The funds in this account are fully repatriable.NRO (Non Resident Ordinary Accounts)This account can be opened in the form of Savings, Current or Fixed Deposits in Indian Rupees. The only difference in this account is that the funds cannot be repatriated. However, the interest accrued over the deposits and investments is repatriable.FCNR (Foreign Currency Non Resident Accounts)All funds in this account are easily repatriable. You can only open a Fixed Deposit with this account in five major currencies of the world. The currencies are - US Dollars, Pound Sterling (GBP) and Euro.