A Bank Account is at the core of all your banking activities. Hence, you need a Bank Account to conduct banking in India, whether offline or online. There are different types of Bank Accounts you can open. Consider your eligibility and financial and banking requirements to open a suitable type of Bank Account. If you are a Non-Resident Indian, you would have complex banking requirements.

Mainly, you would want to ensure the safekeeping of your money. Remittance and investments would also be among your primary banking requirements. The most viable way to meet these banking requirements is to open an NRI Account. It is your one-stop solution for NRI banking.  NRI Accounts are of two types: Non-Resident Ordinary and Non-Resident External Accounts. Here are reasons to open an NRO Account:

Secure and grow your INR income

While you move overseas, you will continue to hold income-generating investments and assets in India. Fixed Deposit interest income, stock/ Mutual Fund dividends, and residential/ commercial property rental are common examples of INR income you may earn. Since your INR income would be significant, you would want to secure it. Given this, opening an NRO Account is practical.

It not only allows you to deposit your INR income securely but also keeps it working by earning you a competitive interest rate.

Take care of dependants

Let’s say you plan to move overseas to pursue your dream employment opportunity. However, your parents wish to continue to stay in India. Due to this, you feel worried about how they will manage things in your absence. Consider opening an NRO Account to take care of parents in India. The reason why you should consider opening an NRO Account is because you can hold it jointly with another Indian resident.

This means you hold the account with either of your parents. Every month, deposit a lump sum amount in the account, which your parents can readily access to manage their monthly expenses.

Make profitable investments

The Indian banking and financial system are thriving. There are many conventional and market-linked investment options available to realise incredible profits. As an NRI, you can invest in an NRI Fixed Deposit, stock market, Mutual Funds, and several other investment options. Open NRO Account online to invest in these investment options. As an NRO Account holder, you enjoy higher NRI Fixed Deposit interests, helping you maximise your investment returns.

You can access innumerable Mutual Fund schemes through a single dashboard. This allows you to make profitable investments in a hassle-free manner. You can also avail investment banking services to expert management for your investments with your account. This simplifies your investment journey and may make it a fruitful one.

You can open an NRO Account with any leading bank by visiting their nearest branch or online. Typically, consider opening an account with a bank offering the most competitive Savings Account interest rate and a host of banking benefits.