Types of NRI accounts that you can explore with Standard Chartered in India

Non-Residential Indians (NRIs) and Person of Indian Origin (PIO) have several banking needs that are difficult to be served by any regular bank account. Since these people reside abroad, they generally have their savings and income in foreign denominations such as US Dollars, Euros, etc. Therefore, such individuals need a different account to suit their requirements.

NRI accounts have distinctive facilities for amount transfers, tax-related issues, currency denominations, and more. Before one dives deeper into these facilities, one needs to understand the basics of a Non-Residential Indian (NRI) Account.

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The term NRI Account stands for an account that is opened by a Non-Resident Indian or a Person of Indian Origin (PIO) for availing various banking facilities. This account is opened with a bank or a financial institution that has been authorized by RBI.

Standard Chartered is one such bank that provides a range of banking accounts for its Non Resident Customers. The bank has an extensive pool of services to serve its Global Indian customers. NRI accounts are necessary for individuals who want to invest their money in India or manage their incomes from various geographies.

The types of NRI accounts by Standard Chartered in India are:

1. NRE Savings Account

The Non-Resident External account provided by Standard Charted bank serves a dual purpose. Customers can access their funds in Indian Rupees while they are in India and can convert those funds into foreign currency and access them anytime as they wish.

Here are a few features and benefits of an NRE Account:

1. Funds in the account and the interest earned on those funds, both are fully repatriable
2. Customers get a globally valid VISA Platinum Debit Card that offers multiple benefits such as higher ATM withdrawal limits, no fuel surcharges in India, and attractive discounts on dining
3. There is no TDS on the income received from the interest
4. Customers can transact in Standard Chartered Bank in India without any additional cost
5. Customers get multicity cheque books free of charge that enable them to issue cheques across India
6. Customers can access the account anytime through the secure internet banking and phone banking services

2. NRO Savings Account

The Non-Resident Ordinary Account offered by Standard Chartered comes with an option to deposit and manage funds in local rupee as well seamlessly. Many Non-resident Indians have a portion of their income coming from India as rent, pension, dividends, and others. Some of the exclusive features of an NRO Account are:

1. The interest earned on the funds is fully repatriable after the tax
2. Customers can transact in Standard Chartered Bank in India without any additional cost
3. Customers get a VISA Platinum Card for their spends in India at zero cost
4. Customers get multicity cheque books free of charge that enable them to issue cheques across India
5. Customers can access the account anytime through the secure internet banking and phone banking services
6. Customers can also subscribe for regular account statement via mail at no additional cost to keep track of their transactions

3. NRE Employee Banking Account

For employees based in overseas locations, Standard Chartered offers an NRE Employee Banking Account. Some of the essential features of this account are:

1. Customers are not liable to keep any minimum balance in the account
2. Customers get an Employee banking platinum cards at zero additional cost
3. Customers can withdraw cash from any VISA ATM in India for free
4. Customers also have a facility of getting preferential FOREX conversion rates
5. This account can be opened instantly
6. Customers can access the account anytime through the secure internet banking and phone banking services
7. There is no TDS on the income received from the interest

4. RFC Account

For NRIs returning to India, Standard Chartered’s RFC accounts are the best solution. This type of account lets the customers keep the funds in foreign currency even after their return. Customers have an option to either keep a terms deposit account or a savings account.

5. NRI 3 in 1 Account

This account is an excellent mix of a savings account with Standard Chartered and a Demat and Trading Account with SCSI (Standard Chartered Securities India). Herein customers can either open an NRE 3 in 1 account or an NRO 3 in 1 Account or both. Some of its benefits are:

1. Customers can transact in Standard Chartered Bank in India without any additional cost
2. Customers get a globally valid VISA Platinum Debit Card that offers multiple benefits such as higher ATM withdrawal limits, no fuel surcharges in India, and attractive discounts on dining
3. Customers get multicity cheque books free of cost that enable them to issue cheques across India
4. Customers can access the account anytime through the secure internet banking and phone banking services

6. Portfolio Investment Scheme (PIS) Account

Customers can open an NRO PIS Savings Account, or an NRE PIS Savings Account, or both to avail the following benefits:

1. It provides efficient reporting to RBI and compliance of statutory regulations
2. The bank offers calculations of capital gains tax liability and presents the issue of the certificate of tax deduction
3. Customers have the facility to transfer the funds from the linked NRE/ NRO account in case the PIS account faces a shortfall

Standard Chartered Bank provides its NRI customers with a wide range of facilities to choose from. Its global presence, seamless banking opportunities, and efficient wealth growth solutions make it one of the most trusted banks for financially smart individuals.

Also published on Medium.