What are the benefits of Nominees in an NRI bank account?
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
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/-:
Rs.10,000/- (Metro/ Urban branches)
|Rs.3,000/- (Metro/ Urban branches)|
Rs.1,000/- (Rural Branches)