Types of AU NRI Accounts
The AU NRI Account is not limited to only those moving abroad but extends to all existing non-resident Indians or Persons of Indian Origin & Overseas citizen of India. Depending on your banking needs, there are two types of NRI Savings Account to choose from:
- NRE Account (Non-Resident External Savings Account): This is a fully repatriable account for your foreign income. With an NRE account, you can convert your income to Indian Rupees while earning interest and get tax exemptions.
- NRO Account (Non-Resident Ordinary Savings Account): If you are looking for a Savings Account, we offer you an NRO Account to pay all your bills with ease.
We also offer NRE & NRO Non Interest-bearing accounts for our NRI customers.
Features of an AU NRI Account
- High-interest rates: Earn up to 7.25%* p.a. on your Savings Bank Account & receive monthly interest payouts. For details, visit Savings Account Interest Rates
- Video Banking Service: Now get all your service request executed from the comfort of your home with the help of our Video Banking facility. Connect with us via AU 0101 App/NetBanking. For list of services Click here
- We care for your parents in India: Get a free of cost Hospicash facility to cover your family members in India
- Banking at your convenience: No need to visit a branch; now get all your banking transactions & other service requests executed from the comfort of your home with the help of our customer care team. Simply email your request at [email protected]
- Dedicated Relationship Manager: Enjoy the services of a dedicated Relationship Manager who will act as your single point of contact across all your banking and financial needs.
- State-of-the-art Digital Banking: Enjoy 24x7 access to your funds through AU 0101 App or AU 0101 NetBanking. What’s more, you can even book flights, hotels, & cabs, recharge your mobile, and apply for a host of products and services.
- Free Tax Advisory: Get FREE Tax Advisory service in India with our NRE or NRO Savings Account and manage your money better.
Benefits of an AU NRI Account
- Free PO Box Facility: Now send your service requests using PO Box facility, simply drop your documents to PO Box address, click here for PO Box address.
- Wide range of products & services: Our wide array of products includes lockers, Insurance, & Asset products. We are a one-stop-shop for all your needs
- Mandate holder facility: Make use of the Mandate Holder facility and let a family member in India manage your account.
- Feature-rich Debit Card: Get a Visa Platinum NRE Debit Card that provides enhanced insurance coverage and 1000+ offers and discounts across leading brands in India.
- Beyond banking: Stay updated on the latest happenings with our monthly newsletter.
- Unlimited digital payments: Transact hassle-free with free digital payments (RTGS/NEFT/IMPS).
- An Indian citizen residing overseas for employment, studies, business, or vocation.
- An Indian posted in the UN, or an official deputed abroad by the Government of India, or a public sector undertaking.
- An Indian national who is a mariner, or is stationed on an oil rig, or works with a foreign-registered airline.
For PIOs or OCIs:
- An individual holding a foreign passport (conditions apply), who may have been issued with an Indian passport in the past.
- Someone who has a grandparent or parent of Indian citizenship lineage.
- A spouse of an Indian citizen or spouse of a PIO.
You need to have the following to open an NRI Account:
- Duly Filled Application Form
- Passport Size Photographs
- Identity Proof: Indian/Foreign passport
- Proof of NRI/PIO Status: Valid VISA, Work/Residency permit, OCI Card, PIO declaration
- Proof of Address: Indian and overseas address proof
- FATCA/CRS declaration
How to open an AU NRI Account?
You can open your NRI Account in either of these ways:
- Visit your nearest branch: Walk into your closest branch with your KYC documents and passport-sized photographs. You can fill in the application form at the branch to get the process started.
- Call Customer Care: You can also apply for an AU NRI Account by calling our customer care number 0141 7141000 (if you’re calling from outside India, charges may apply).
- Document pick-up services: We also offer Non-Face-to-Face account opening and offer complimentary pick-up of your KYC documents abroad. For more details contact: [email protected]
Service Fees for an AU NRI Account
We believe in complete transparency and provide you with a list of charges for the services we offer. These include charges for your Debit Card, payment and collection services, transactions, and delivery fees. For more details, please refer to our Service Fees Reckoner.
AU Royale World Account, AU Platinum World Account, Fixed Deposits
NRI Account FAQs
Q1. Can an NRI have a Savings Account in India?
NRIs cannot have a regular Savings Account
in Indian banks but can open a specialized NRI Account. This allows convenient transfer of funds to loved ones in India and the ability to invest in Indian assets at attractive exchange rates.
Q2. Can I transfer money from my NRI Savings Account?
If you hold both types of NRI Savings Account (NRO and NRE), you can transfer up to USD 1 million in a calendar year from an NRO to an NRE account. You can also transfer funds from one NRE account to other NRO and NRE Accounts in India.
Only foreign currency can be deposited in an NRE account, but it can be withdrawn in Indian Rupees. An NRE account facilitates the transfer of funds to a foreign account without restrictions. You can transfer foreign currency deposited and interest earned to your country of residence.
As far as NRO accounts are concerned, foreign and Indian currency can be deposited, but you can only withdraw in Indian Rupees.
Q3. Do NRI Account holders need to pay tax?
If you are the holder of an NRE Savings Account, you will not be liable to pay any income tax. However, if you have an NRO account, the interest accrued on the deposited balance in the account is taxable.
Q4. What are the interest rates for NRI Accounts?
NRI Accounts are a great way to earn high interest on your bank deposits. The interest rates are calculated daily, with payouts at the end of each month. To understand more about your NRI Savings Account interest rates, click here
Q5. How do I claim NRI status?
You can claim NRI status if you are an Indian citizen who resides outside of India for any of the following reasons:
- For purposes of carrying out employment, business, or vocation.
- Under circumstances that indicate an intention to reside outside of India for an uncertain duration of time.
- For a temporary period in connection with employment.
* Terms and Conditions apply. Rates are subject to change at the sole discretion of AU Small Finance Bank.