Paving the Path to Financial Ease: Bank of Maharashtra's NRI Banking Services

In a world where geographic distances are becoming an important factor to focus on for financial management, Bank of Maharashtra is a pivotal financial institution for Non-Resident Indians (NRIs) looking for efficient banking solutions. Their suite of services is specifically designed to cater to the unique requirements of the NRI community. Its facilities underscore the significance of hassle-free banking, offering services for individuals residing overseas.

Tailored Deposit Solutions: Catering to the Diverse Needs of NRIs

At the heart of Bank of Maharashtra's NRI offerings lie their deposit products. The bank comprehends the diverse needs of NRIs and provides deposit account options like NRE (Non-Resident External), NRO (Non-Resident Ordinary), FCNR (Foreign Currency Non-Resident) and RFC (Resident Foreign Currency) accounts-

NRE Accounts: A Comprehensive Solution for NRIs to Manage INR Earnings

Designed for NRIs keeping their earnings in INR, NRE accounts are offered in various forms: Savings, Current, Recurring, and Term Deposits. Interest is exempt from income, and balances are free from wealth tax. Account holders have the flexibility to repatriate all funds in this account, along with any interest they've earned. It's an effective way to manage their funds. Operations by a Power of Attorney are permissible, allowing one person to operate the account for local payments, and maintaining flexibility in account management. Nomination facilities add a layer of convenience for account holders.

NRO Account: Managing Indian Income

The NRO account bestows a solution for NRIs to manage current income earned in India, such as rent, dividends, or pensions. This account is maintained in Indian Rupees, offering facilities such as Savings, Current, and Fixed Deposits. While primarily non-repatriable, exceptions are in place for specific financial requirements, such as educational or medical expenses abroad, with a limit of up to US$1,00,000 per Financial year. Interest rates are at par with domestic rates.

FCNR: Foreign Currency Non-resident account presents an avenue for non-residents NRIs to maintain term deposit accounts in specified foreign currency, These accounts provide peace of mind with their flexible maturity span with full repatriability, as well as tax benefits, and nomination facilities.

RFC: Resident Foreign Currency: For NRIs who return to India for permanent settlement, RFC accounts provide a valuable option to maintain funds in designated foreign currencies. Money can be easily remitted from abroad or transferred from existing NRE/FCNR accounts.

Navigating Compliance: FATCA and CRS

The bank also ensures compliance with global financial reporting standards by adhering to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), underscoring its commitment to legal and transparent banking practices.

Seamless Account Opening

Opening an account for NRO requires documentation such as a PAN, passport, photo, copy of a valid visa, an initial payment cheque and relevant forms, all of which can be conveniently managed.

This service suite caters to every Indian residing abroad who works, does business, or pursues goals that take them away from the motherland. It simplifies the banking experience, addressing the requirements of every NRI with efficiency and reliability.

Once NRO account is opened, after travelling abroad & fulfilling the mandatory period of stay, an NRE account can also be opened upon submission of account opening form to branch.

For NRIs searching for a secure yet uncomplicated way to manage their finances in India, Bank of Maharashtra offers a reliable and comprehensive suite of services. With an emphasis on flexibility, compliance, and security, the Bank addresses the financial needs and concerns of the global Indian community, ensuring that distance is no barrier to effective financial management.

Author: Bank of Maharashtra
Date of Publish: 18 Mar, 2024