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The rise of globalization has enabled individuals to work and live abroad, creating a need for cross-border financial management. Non-Resident Indians (NRIs), for instance, face a complex financial landscape that requires careful planning and adherence to regulations in both their resident country and India. Bank of Maharashtra recognizes this challenge and steps in to support the NRI community with its comprehensive suite of NRI banking services.
Bank of Maharashtra offers a varied portfolio of deposit accounts, namely NRE, NRO, FCNR, and RFC accounts, each designed with precision to cater to different facets of NRI banking needs. Additionally, its adherence to global financial regulations like FATCA and CRS provides secure banking to its NRI customers.
Streamlining Earnings: NRE and NRO Accounts
NRE Accounts – For NRIs aiming to manage their earnings in INR, the Non-Resident External (NRE) account is an ideal choice, offering various deposit formats such as Savings, Current, Recurring, and Term Deposits. Interest on these accounts is exempt from income tax, and the account balances are free from wealth tax, ensuring a hassle-free banking experience. Additionally, the availability of fund repatriation along with mandate to operate the account and nomination facilities enhances the appeal of NRE accounts.
NRO Accounts – Conversely, the Non-Resident Ordinary (NRO) account addresses the need for managing income earned within India, like rent, dividends, pensions, etc. This account allows Savings, Current, and Fixed Deposit options with an interest rate aligned with domestic rates and provides a limited repatriation, with a limit of up to US$ 1 million per financial year.
Exploring Foreign Currencies: FCNR and RFC Accounts
FCNR Accounts – For NRIs seeking to invest in foreign currency, FCNR accounts provide a convenient option. These are term deposit accounts. The bank offers competitive interest rates, flexible maturity periods, and full repatriation of funds along with interest earned. They are denominated in designated foreign currencies, providing peace of mind and stability.
RFC Accounts – Catering to NRIs returning to India for permanent settlement, RFC accounts allow them to maintain funds in designated foreign currencies.
Adherence to Legal Standards
The bank ensures strict compliance with International Financial Reporting Standards, including the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), reflecting its dedication to transparent and lawful banking practices.
In an era defined by technological advancements, Bank is continuously enhancing its services to provide greater convenience and efficiency to its customers. Bank’s Mobile Banking platform – Mahamobile Plus and Internet Banking platform – Mahaconnect helps you to streamline your transactions seamlessly. We encourage our NRI customers to utilize these platforms, offering a range of benefits, including 24/7 accessibility, real time transaction monitoring, and swift fund transfers. With our mobile and internet banking platform, you can conveniently manage your accounts eliminating the constraints of time and geographical boundaries.
For more detailed information on Bank of Maharashtra’s NRI banking services, please contact dedicated WhatsApp No: +91-8956032176 and email id: –[email protected].