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Indian banks offer various saving schemes for NRIs

DUBAI - Post-reforms, the Indian economy is doing exceptionally well. The stock markets are on the upswing. Foreign exchange reserves have touched an all-time high of $ 97 billion and in this scenario, India has become a favourite investment destination for people and corporates the world over, according to a senior official of State Bank of India.

SBI is one of the largest commercial banks in India with a network of branches in 28 countries. State Bank NRI services offers various deposit schemes for NRIs and its hi-tech products and world class services caters to customers from all market segments. According to V Bharadwaj, assistant general manager, SBI, Bangalore branch, "The deposit schemes for NRIs includes Non-Resident (External) Rupee Account (NRE), Foreign Currency Non-resident (Bank) Account and Non-Resident Ordinary account (NRO). The NRE account can be opened as current account/term deposit/ special term deposit/ recurring deposit and can be opened jointly. The FCNR account can be maintained in USD, GBP and Euro for a period of 12 months up to 3 years and both interest and principal are payable in foreign currency only.''

Other facilities, includes housing and other loans for NRIs. Housing loan facilities can be taken for purchase, construction, repair and renovate a house/flat and purchase a plot of land meant for construction of a dwelling unit. The loans are available at competitive interest rates, between 7.50 per cent and 8.25 per cent on daily/monthly reducing balances with low equated monthly instalments (EMI).

ICICI Bank also offers various products which includes NRI Easy Rupee Account, Non Resident Ordinary Account, Foreign Currency Non-Resident Account, and Resident Foreign Currency. According to an official of the bank, "The bank also offers NRE Fixed Deposits/Recurring Deposits effective from June 1 this year and the interest rates for 12 months and above but less than 18 months is 2.05 per cent, for 18 months and above but less than 24 months is 2.49 per cent , for 24 months and above but less than 36 months is 2.92 per cent and 36 months to 120 months will be 3.50 per cent.'' ICICI bank also offers retirement solutions package with various benefits such as flexibility in savings for future pensions, regular pension after retirement and legacy for the family.