Introduction India's growing economy and the ever-increasing number of non-resident Indians (NRIs) working and living abroad has led to a significant rise in the demand for specialized banking services catering to their needs. NRI banking in India is tailored to meet the financial requirements of NRIs by offering a wide range of services, from remittances and investment options to loans and deposit schemes. In this blog, we will discuss the various aspects of NRI banking in India and how it benefits the NRI community. Types of NRI Accounts Non-Resident External (NRE) Account: An NRE account allows NRIs to hold and manage their income earned outside India in Indian Rupees. The account can be opened as a savings, current, or fixed deposit account, and the funds can be easily repatriated. Additionally, the interest earned on NRE accounts is tax-free in India. Non-Resident Ordinary (NRO) Account: An NRO account is designed for NRIs to manage their income earned in India, such as rent, ...