The Indian diaspora constitutes the largest overseas community in the world. In the UAE – Indians make up the largest ethnic community– comprising 30 per cent of the country’s total population. As per the UAE records, there are approximately 3.5 million Indians in the country as of 2021. Among the Indian states, Kerala represents the greatest number of people working and living in the UAE, followed by Tamil Nadu and Andhra Pradesh. Decades ago, it was the petroleum industry that attracted Indians to move and work in UAE, and the tide has shifted now with millions of Indians working in medicine, construction, retail, banking, professional services, and more.
Total remittances by NRIs from UAE
With a huge Indian diaspora, it’s no wonder there is a comprehensive remittance to India by the UAE NRIs which stands at 18 per cent of the total remittances received by the country as of 2021. With a responsibility to look after the family in India, NRIs from the UAE must know the difference between an NRE and an NRO Account. A Non-Residential External Account (NRE) helps park your foreign earnings in your Indian account and subsequently earn attractive interest rates on savings and also on FDs. With a Non-Resident Ordinary Account (NRO) you can deposit your domestic earnings and spend accordingly either for your family at home or receive dividends and payments.
You may want to transfer funds from your NRO to your NRE account to avail its benefits on certain occasions. For instance, use your Indian earnings to manage your expenses abroad or save on taxes with the tax-free features of the NRE savings account.
NRI celebratory homecoming festival
A three-hour flight from Delhi takes you to Dubai. Even with a short international flight, millions of UAE expats from India couldn’t make it to India to be with their families in desperate times in the last three years. With the countries opening up to international travel, coupled with wedding season, New Year celebrations, and more, it’s the perfect time to visit your families again and celebrate everything you have missed so far in the last three years.
To cater to the unique financial needs of the NRIs from the UAE, IndusInd Bank not only provides savings account for NRIs but a bouquet of special banking services for them. After the first NRI homecoming festival last year to welcoming the returning NRIs to India with attractive offers on a savings account, the bank is relaunching the festival. To cater to the financial needs of three million UAE NRIs, IndusInd Bank offers special banking services to make the next Indian visit a memorable one.
The upcoming NRI homecoming festival by the bank entails attractive rewards and offers designed especially for the UAE NRI customers who open an NRI savings account. This grand celebratory welcome comes with attractive offers for NRIs from the UAE with best-in-class financial solutions from IndusInd Bank. For every customer on board to open a savings account with the bank during this festival, the bank will provide the following:
Existing IndusInd Bank NRI customers can enjoy complimentary heritage walk on their India visit across Mumbai, Delhi, Bangalore, Chennai, Kolkata, Ahmedabad, Hyderabad, Amritsar, Cochin, Jaipur and Pune. Interested participant are requested to register for the Heritage walk by sending a request to firstname.lastname@example.org from their registered email id with the Bank at least four days prior to the scheduled tour along with the following details –
If you have banking needs to manage your income originating in India in the form of rent, pension, etc., or if you need to deposit your earnings in India for your family expenses, then opening an NRE or NRO account is the best choice. These accounts serve as de-facto savings accounts for you to manage your financial transactions in India.
So, if you too are returning from the UAE this winter, partake in this grand welcome offer and open an NRI Savings Account. Give a missed call on 8820 111 333 or visit the bank at www.indusind.com/NRI.
— Deepak Jain is an independent blockchain publicist.
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