“A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.” ~ Robert Frost
My previous article on how to open an NRI Bank account has most of the information that you need to get started, and to open an NRI account. This is a follow-up and complement to the information in that article. To maintain the continuity of the topic, there is some overlap between the two articles.
Home-work: Make sure to think it through ahead of time. Do you really need an NRI account ? While opening an NRI account provides many conveniences, it also increases the paper-work. It is one more account to track with possible complications to tax situations in multiple countries. So, evaluate your needs; open an account only if your business or personal situation demands it. Keep it simple!
Frequently asked Questions (FAQ): Most of the NRIs have many basic questions to start with, including:
1. What are different types of NRI accounts available?
2. Who can open an NRI account?
3. When can we open a joint Account and what are the nomination options?
4. What are the different loans permitted? Read the rest of this entry »
