If you are a non-resident Indian and will be shifting to a foreign country in the future, you need to manage your finances properly. You may need an account to work your income in India and overseas, but the rules for an Indian resident do not apply to NRIs. For this, you need to open an NRI Account.

When you apply for an NRI Account, you get Online Banking facilities, too. Make sure you activate them immediately. The following are the reasons you need them:

Handle home finances

NRIs who move to an international country might not move with their families. You need to consider the financial needs of your spouse, children, and parents while relocating to another country. However, with the NRI Savings Account services like Online Banking, you can easily handle the financial needs of your loved ones.

You can transfer funds from your account to the account in India. The foreign currency gets converted to INR, and your loved ones can easily withdraw the money.

Apply for chequebooks and bank cards

When you open an NRI Account, the bank generally offers a chequebook and ATM or Debit Card, which you can use internationally. When you run out of cheque leaves, or the card nears expiry, apply for them through Online Banking facilities provided under the account.

Invest in Indian investments conveniently

The fact that the Indian economy is booming is no hidden secret. This makes investments in the Indian market lucrative. Even if you are an NRI, you can act and invest in the Indian share market directly through the NRI Account. You can buy shares, invest in Mutual Funds as Lumpsum or Systematic Investment Plans, or consider Exchange-Traded Funds and other money market instruments directly when you open NRI Account online.

Apply for Loans anywhere

You may want to buy a vehicle or home in your resident country. At the same time, you need funds to sustain in the foreign land. It may not be easy to get Loans in the resident country. However, the NRI Bank Account allows the Indians living overseas to apply for Loans online. They get sanctioned against your savings and Fixed Deposits in the NRI Accounts.

Open Fixed Deposits

Most people go abroad owing to the good lifestyle and employment opportunities there. Most NRIs wish to hold enough savings, which you can convert into a significant amount in INR. If unsuccessful, use your foreign currency savings and open an FD. This FD opening is possible through Online Banking, and NRI interest pay-out is in the deposit currency, further promoting savings. Moreover, you need not worry about currency fluctuations upon maturity.