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New Delhi [India], June 13: The rise of globalization has enabled individuals to work and live abroad, creating the need for cross-border financial management. For example, non-resident Indians (NRIs) face a complex financial landscape that requires careful planning and adherence to rules both in their country of residence and in India. Bank of Maharashtra recognizes this challenge and steps in to support the NRI community with its comprehensive suite [url = https://bankofmaharashtra.in/nri-banking?utm_source=Article&utm_medium=ANI_NRIBanking&utm_campaign=Article_ANI_NRIBanking]NRI Banking Services[/url].
Bank of Maharashtra offers a diverse portfolio of deposit accounts, namely NRE, NRO, FCNR and RFC accounts, each designed with precision to meet different aspects of NRI banking needs. Additionally, compliance with global financial regulations such as FATCA and CRS provides secure banking to its NRI customers.Streamlining Income: NRE and NRO Accounts
NRE Accounts – For NRIs aiming to manage their earnings in Indian Rupees, the Non-Resident External (NRE) account is an ideal option, offering various deposit formats such as savings, current, recurring and fixed deposits. The interest on these accounts is free from income tax, and the account balance is free from wealth tax, ensuring a hassle-free banking experience. Additionally, the availability of fund repatriation along with order to operate account and nomination facilities adds to the appeal of NRE accounts.
NRO Accounts – In contrast, Non-Resident Ordinary (NRO) account addresses the need of managing income earned within India, such as rent, dividends, pensions, etc. This account allows savings, current and fixed deposit options with the same interest rate.Offers limited repatriation with domestic rates and a limit of up to US$1 million per financial year.
Searching forex: FCNR and RFC accounts
FCNR Accounts – For NRIs wishing to invest in foreign currency, FCNR accounts provide a convenient option. These are fixed deposit accounts. The bank offers competitive interest rates, flexible maturity periods and full repatriation of funds with interest earned. These are denominated in specified foreign currencies, providing peace of mind and stability.
RFC Accounts – To serve NRIs returning to India for permanent settlement, RFC accounts allow them to maintain funds in specified foreign currencies.Adherence to legal standards
The Bank ensures strict compliance with international financial reporting standards including the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS), reflecting its dedication to transparent and lawful banking practices.
In an era defined by technological advancements, the Bank is constantly improving its services to provide greater convenience and efficiency to its customers. The Bank's mobile banking platform – MahaMobile Plus and internet banking platform – MahaConnect helps you streamline your transactions seamlessly. We encourage our NRI clients to use these platforms, which offer a range of benefits including 24/7 access, real-time transaction monitoring and instant fund transfers. With our mobile and internet banking platform, you can easily manage your accounts eliminating the constraints of time and geographical limitations.For more detailed information about NRI banking services of Bank of Maharashtra, please contact the dedicated WhatsApp number: +91-8956032176 and Email ID: -nriservices@mahabank.co.in Contact us at . ,
New Delhi [India], June 13: The rise of globalization has enabled individuals to work and live abroad, creating the need for cross-border financial management. For example, non-resident Indians (NRIs) face a complex financial landscape that requires careful planning and adherence to rules both in their country of residence and in India. Bank of Maharashtra recognizes this challenge and steps in to support the NRI community with its comprehensive suite [url = https://bankofmaharashtra.in/nri-banking?utm_source=Article&utm_medium=ANI_NRIBanking&utm_campaign=Article_ANI_NRIBanking]NRI Banking Services[/url].
Bank of Maharashtra offers a diverse portfolio of deposit accounts, namely NRE, NRO, FCNR and RFC accounts, each designed with precision to meet different aspects of NRI banking needs. Additionally, compliance with global financial regulations such as FATCA and CRS provides secure banking to its NRI customers.Streamlining Income: NRE and NRO Accounts
NRE Accounts – For NRIs aiming to manage their earnings in Indian Rupees, the Non-Resident External (NRE) account is an ideal option, offering various deposit formats such as savings, current, recurring and fixed deposits. The interest on these accounts is free from income tax, and the account balance is free from wealth tax, ensuring a hassle-free banking experience. Additionally, the availability of fund repatriation along with order to operate account and nomination facilities adds to the appeal of NRE accounts.
NRO Accounts – In contrast, Non-Resident Ordinary (NRO) account addresses the need of managing income earned within India, such as rent, dividends, pensions, etc. This account allows savings, current and fixed deposit options with the same interest rate.Offers limited repatriation with domestic rates and a limit of up to US$1 million per financial year.
Searching forex: FCNR and RFC accounts
FCNR Accounts – For NRIs wishing to invest in foreign currency, FCNR accounts provide a convenient option. These are fixed deposit accounts. The bank offers competitive interest rates, flexible maturity periods and full repatriation of funds with interest earned. These are denominated in specified foreign currencies, providing peace of mind and stability.
RFC Accounts – To serve NRIs returning to India for permanent settlement, RFC accounts allow them to maintain funds in specified foreign currencies.Adherence to legal standards
The Bank ensures strict compliance with international financial reporting standards including the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS), reflecting its dedication to transparent and lawful banking practices.
In an era defined by technological advancements, the Bank is constantly improving its services to provide greater convenience and efficiency to its customers. The Bank's mobile banking platform – MahaMobile Plus and internet banking platform – MahaConnect helps you streamline your transactions seamlessly. We encourage our NRI clients to use these platforms, which offer a range of benefits including 24/7 access, real-time transaction monitoring and instant fund transfers. With our mobile and internet banking platform, you can easily manage your accounts eliminating the constraints of time and geographical limitations.For more detailed information about NRI banking services of Bank of Maharashtra, please contact the dedicated WhatsApp number: +91-8956032176 and Email ID: -nriservices@mahabank.co.in Contact us at . ,