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Why open NRI accounts? |
Being away from India, you can conduct your financial dealing in India in a convenient way. You may also enjoy certain benefits extended to NRI’s like no tax on interest earned in India which makes investing in India an attractive proposition.
| Who are eligible to open NRI accounts? |
A) Non Resident Indian (NRI)
An NRI is an Indian citizen who stays outside India
- for purposes of carrying out employment, business or vocation
- with an intention to stay outside India for an uncertain duration;
- posted in U.N. Organizations or officials deputed abroad by the Government or Public Sector Undertakings on temporary assignments.
B) Person of Indian Origin (PIO)
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan or Bangladesh who
- At any time held an Indian Passportfor carrying on a business in India, or
- He or any of his parents or grand parents was a citizen of India
- Is a spouse of an Indian Citizen or a person referred to above
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Who cannot open NRI accounts? |
- A visit for health and medical check up abroad
- Any tour or short visit or business promotion
- Indian nationals residing in Bangladesh, Pakistan, Nepal and Bhutan
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Which account is right for me? |
Non Resident External (NRE):
Best suited for:
To park overseas savings remitted to India by converting to INR
Exclusive features:
- Can open as a Savings Account and earn interest on your balance
- Can be held jointly with other NRIs
- Exempt from tax deducted at source
- Cheque Book for Savings Account available
- International Debit cum ATM card
Know more
Non Resident Ordinary (NRO):
Best suited for:
To park Indian earnings like rent, Indian salary, dividend, etc
Exclusive features:
- To park Indian earnings like rent, Indian salary, dividend, etc
Know more
FCNR Account
Best suited for:
To park overseas savings in the foreign currency of choice
Exclusive features:
- Can open as a Fixed Deposit
- Can be held jointly with other NRIs
- Exempt from tax deducted at source
Know more
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Why Barclays? |
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 156,000 people.
Barclays moves, lends, invests and protects money for 49 million customers and clients worldwide.
Barclays has developed an extremely diverse and robust portfolio of financial services to help our customers manage their money in the way that benefits them most.
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How to Open an account? |
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Can some one represent me on my behalf for my banking needs in India? |
- Yes you can opt for mandate holder facility
- Mandate facility means the same as POA for bank account operations. More convenient than POA.
- NRIs can give Mandate to operate their a/cs.
- Mandate holder:
- Can't open / close the new a/cs (exception transfer to FD)
- Can repatriate the funds only to the customer
- Can't gift to others
- Mandate holders can make local payments
