What are the benefits of Nominees in an NRI bank account?
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are:
- Ease of transfer of account ownership to nominee after the death of current owner
- Settlement of other claims after death of the account owner can be done by nominee
- No Dues certificates for loans can be handed over to the nominee
Refer to the following table to understand the process to update a nominee in the top banks in India if you haven’t added one yet:
All Major Banks | Process | |
| ONLINE | OFFLINE | |
|
| |
Who can be a nominee in an NRI Bank Account?
After understanding about the benefits of Nominees in an NRI bank account. We must also discuss who can be a nominee in an NRI Bank Account.
The following people can be a nominee in an NRI Bank Account:
- Any Resident of India
- Any Non-Resident Indian
- A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf
Also Watch: Latest Definition of NRI (2020)
Minimum Balance to open an NRI Account
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts. The average AQB/AMB of most of the top banks for opening a NRE/NRO Account is Rs.10,000/-:
Bank | NRE/NRO |
IndusInd (AQB) | Rs.10,000/- |
Federal (AMB) | Rs.5,000/- |
Kotak (AQB) | Rs.10,000/- |
| RBL (AMB) | Rs.10,000/- |
| ICICI (AMB) | Rs.10,000/- |
| HDFC (AMB) | Rs.10,000/- (Metro/ Urban branches) Rs.5,000/-(Semi-Urban/Rural Branches) |
SBI (AMB) | Rs.3,000/- (Metro/ Urban branches) Rs.2,000/-(Semi-Urban) Rs.1,000/- (Rural Branches) |
| DCB (AMB) | Rs.10,000/- |
AXIS (AMB) | Rs.10,000/- |
| SBM | 0 Balance |
IDFC (AMB) | Rs.25,000/- |
Related Questions
SBNRI Team
answered on 05/03/2021
In your case, it would be preferable to convert your funds from NRE Account to an FCNR Account before you return to India. Doing that will give you the benefit of converting the FCNR into an RFC account post your return to India. After the conversion of an FCNR Account to an RFC Account, […]
SBNRI Team
answered on 25/02/2023
Yes. Nomination is allowed in NRE/NRO Accounts. The following people can be a nominee in an NRE/NRO Bank Account: Any Resident of India Any Non-Resident Indian A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf Refer to the following table to understand […]
SBNRI Team
answered on 23/03/2020
Yes, NRIs can apply for Pan Card online through either of the processes: Instant PAN Allocation in 10 minutes through Aadhar Card: Go to Income Tax Department’s e-filing portal Click on “Instant Pan through Aadhar” section under “Quick Links” Enter and Validate Aadhar Details and otp received on the registered mobile number Download […]
SBNRI Team
answered on 17/08/2023
The benefits of opening an NRI Account are as follows: An NRI (Non-Resident Indian) account is a bank account designed specifically for Indians living abroad. There are several benefits of an NRI account, including: 1. Easy repatriation of funds: NRI accounts allow easy transfer of funds to and from India. This makes […]
