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Open NRI Account Online, NRI Bank Account


Both NRE Accounts and NRO accounts can be opened with an Indian bank but having different characteristics and features. Being an NRI, you should understand these difference between NRE and NRO account. Once you understand these basic differences then you can easily transfer foreign funds to India. Some of the factors like the nature of funds, repatriation of funds, the applicability of taxation are the few ones that make a large difference between these accounts. - – PowerPoint PPT presentation

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Date added: 7 July 2020
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Title: Open NRI Account Online, NRI Bank Account

Bank Accounts For NRI
If youre an Indian who is living abroad (or are
intending to move overseas soon), you will be
classified as an NRI by Indian tax authorities.
As per Indian law, you will need to have an NRI
bank account (NRE and NRO Accounts)
What Is NRI Accounts?
The NRI bank account consists of two different
bank accounts NRE and NRO. The NRE (Non-resident
external) is used for depositing your foreign
earnings, and is tax-free on the interest you
earn. The NRO (Non-resident ordinary) is used for
your Indian earnings (such as rental income).
Both accounts come with a debit card that you can
use when youre in India.
How To open NRE and NRO Accounts ?
Normal Process
Online Process
  • Gather all your documents (KYC information such
    as passport, address abroad, salary etc.)
  • Print out the banks account opening forms.
  • Fill in the forms and affix two photographs
  • Courier the documents to the bank (if youre
    abroad) or visit a bank branch
  • The account opening process can take up to 6

You can open NRI account online with North Loop,
the only digital NRO banking platform in the
world. Rather than spend countless hours, days,
(weeks even) opening an account by singing
neverending forms, attesting documents, visiting
embassies, making appointments etc - you get the
picture! Rather than this process, open an
account within 5 minutes with North Loop from the
comfort of your home.
Use Of NRI Saving Account
An NRI account has many purposes and uses. Here
are some of them
  • A bank account for your Indian earnings and
  • A bank account for your foreign deposits
  • Spend your rupees easily with the NRE or NRO
    debit card
  • Invest in Indian stocks and bonds
  • Invest in Indian mutual funds
  • Send money easily between accounts
  • Invest in Fixed Deposits and buy real estate

Benefits Of NRE Accounts
  • Can be savings, fixed term, current
  • Used only for foreign earnings (earnings outside
    of India)
  • Tax-free (interest earned in account is not taxed
    by India)
  • Freely repatriable to accounts globally
  • High-interest

Benefits Of NR0 Accounts
  • Can be savings, fixed term, current
  • Used only for domestic earnings (earnings inside
  • Can be used for mutual fund investments
  • Taxable as per Indian law
  • High-interest
  • Repatriable (up to 1 million annually)

Additional Benefit Offered By North Loop On
NRI(NRO/NRE) Account
North Loop will also give you some additional
benefits, including all the above-discussed
  • 10 Cashback at some of your favorite restaurants
    and shops
  • Investing opportunities across the US and India
  • Mutual fund investment in India 
  • Goal-based retirement advisory to ensure you
    retire with enough money 
  • US Bank Account
  • Free remittances to and from India

Difference Between NRE and NRO Accounts
Factors NRE Account NRO Account
Source of Funds If youre looking to deposit any income or earnings from India, you will need to deposit this money into a NRO bank account (Note - your money is held in rupees.) If you have foreign salary, earnings or income, you will need to deposit these foreign earnings into a NRE account. (Note - your money is held in rupees.)
Tax Status The NRE account is considered tax-free by Indian authorities, meaning that your earnings from the account arent taxed by India. The NRO account, however, is taxable and will be taxed as per relevant Indian tax slabs.
Cards Both NRE and NRO account have a separate debit card that you can use either when you're in India or abroad. Both NRE and NRO account have a separate debit card that you can use either when you're in India or abroad.
PIS Account For NRI
Portfolio Investment Scheme (PIS) accounts are
specially designated accounts that let NRIs
invest in India, and in particular let NRIs
invest in the Indian stock market. With a PIS
account, you can invest in
  • Shares and bonds of Indian companies (that are
    listed on the stock exchange)
  • Invest in options and futures
  • You can invest in mutual funds (but you can do
    this through a NRO/NRE account as well).
  • Companies such as North Loop let you invest
    digitally through a PIS account 24/7

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