Best Digital Banking Services for NRIs (Non-Resident Indians)

 Over the last 2 decades, there has been a high increase in the number of Indians moving abroad for education, jobs and business. According to the Ministry of External Affairs’ data, there are over 1.36 crore Indian nationals living abroad. These individuals, popularly known as Non-Resident Indians (NRIs), often need to do several banking and financial transactions in India, such as NRI accounts opening, investment in Indian market, applying for bank loans, remittance, etc. Since visiting a bank branch is not possible, NRIs are greatly dependent on digital banking services while staying abroad. Here are the best digital banking services for NRIs.

SBNRI Team

· 17,536 views

NRI Account Opening in Saudi Arabia: Features & Benefits

 Indians in Saudi Arabia are the largest community of expatriates in the country that includes Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Indians living in Saudi Arabia can open an NRI account to avail a host of banking facilities. Some prominent Indian banks operate in Saudi Arabia through their branches/ representative offices or online to offer banking facilities for NRIs. Indians living in Saudi Arabia can apply for NRI account opening in Saudi Arabia with Indian banks like SBI, ICICI Bank, HDFC Bank, Bank of Baroda, Union Bank, etc. They can apply for NRI account opening online or visit a branch or representative office of the bank.

Manoj Negi

· 36,213 views

Credit Card Forex Payments under LRS

 With the advent of credit cards and their widespread acceptance, individuals have increasingly relied on them for making purchases abroad. Recognizing this trend, the finance ministry has introduced amendments to the FEMA, specifically targeting credit card forex payments under the Liberalised Remittance Scheme (LRS). In this blog post, we will delve into the details of credit card forex payments under LRS, exploring the implications, benefits, and guidelines for individuals looking to engage in international spending.

Charu Dhasmana

· 3,078 views

What is Liberalised Remittance Scheme (LRS)?

 Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to USD 2,50,000 or its equivalent per financial year to another country for investment and expenditure. They can also open and maintain foreign currency accounts abroad for executing transactions. As a part of Foreign Exchange Management Act (FEMA) 1999, LRS was introduced on 4th February, 2004 with an outward remittance limit of USD 25,000 during a financial year.

Manoj Negi

· 24,370 views

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