Have you had a bad time with Indian banks when you tried to open an account or buy property? Did you get taken for a ride by
unscrupulous agents? Can you, as an NRI, bank on Indian financial institutions? Here’s one NRI’s take on it.
Do Indian banks ignore NRIs? The answer to this question was most certainly a resounding yes – till about a decade ago. About ten years ago Indian banks were busy ignoring even people living on the same street as the bank!
So has anything changed?Yes, plenty. Reforms have been slow and fitful, but the results are beginning to show. The rupee has stabilized, the Reserve Bank issues contemporary guidelines to attract your investment, banks have evolved a plethora of schemes for you and practically every major international bank has or will shortly have a footprint in India, giving you access to their facilities at home and in India.
Have you heard of the Ministry of Overseas Indian Affairs? Well, they’re trying hard to provide a single window to address all NRI/ PIO related issues. The web site could do with a facelift, and the Pravasi Bharatiya Divas could try and treat all NRIs/ PIOs equally, but the information is good and the intent is there.
In this spirit of change, even the Reserve Bank of India has got a new age facelift! India’s Central Bank has a comprehensive web site with links to useful resources and FAQs. It details the Foreign Exchange Management Act, and the steps taken to liberalize the investment environment. Most importantly, it spells out all the regulations you need to follow to protect yourself and your money.
But are you wondering about how all this changes how you bank? Over 50 Indian banks now have international presence and online banking. The competition between them is good for you – banks now offer a wider range of services and are working to improve service quality.
Savings, Current and Fixed deposits are available to you in India as well as your new country of residence, accounts can be held in several currencies, investments including equity, commodity, forex and real estate are taken care of in several countries.
Loans for real estate and business ventures are much easier, and many banks have extremely attractive interest rates especially for you.
All this may sound great on paper but is your key concern whether your money is safe?You can deposit, invest, remit and exchange more than ever before. So your worry regarding safety is valid. The Deposit Insurance and Credit Guarantee Corporation insures your account. But if you want to be careful, read the RBI and MOIA guidelines; find out about the bank before you deposit your money. If you’re remitting money online choose reliable and well established channels like those provided by Remit2India.
