All You Need To Know About NRI Banking Services At Indusind Bank

Choosing the right bank for overseas banking is a tedious and confusing process. There are several banks in India that provide NRI banking facilities. Indusind bank is one of them. They offer premium banking services to NRIs. This blog will tell all there is to know about Indusind bank, the account types, termed deposits, remittance platforms, and the interest rates.

1. Types of Accounts
2. Opening an account
3. Premium Banking
4. Type of Deposits
5. Remittance Services
6. Loans
7. Forex Card
8. Customer Care
9. FAQs
10. Useful Links

1. Types of Accounts

Indusind Bank offers two kinds of account, they are :

NRE Regular Savings account:

Both NRIs and PIOs are eligible for this kind of account. You can use this account to save your overseas earnings. Some of the features and benefits of this kind of account are low minimum balance of Rs. 10,000, international debit card, and access to cheque book and internet banking. The funds will be maintained in Indian rupee. They also offer interest rates up to 5.5%.

Features of NRE Regular Savings Account:

• Low Quarterly Average Balance of Rs. 10,000.
• Free Cheque Book
• International Debit card
• Net banking or Internet Banking

Eligibility Criteria:

• NRIs and PIOs.
• Seafarers of Indian nationality / origin employed by overseas shipping companies
• Students pursuing studies in foreign countries.

Repatriation:

Both Interest and Principal are repatriable.

Tax and charges:

This account is exempted from taxation in India. Quarterly charge of 10% of shortfall of the minimum balance with a maximum of Rs.750. For more details, yOu can refer to the schedule of charges.

Joint Account:

The bank allows you to open joint accounts with close relatives and family

NRO Regular Savings account:

Both NRIs and PIOs are eligible for this kind of account. You can use this account to save your overseas earnings. Some of the features and benefits of this kind of account are low minimum balance of Rs. 10,000, international debit card, and access to cheque book and internet banking. The funds will be maintained in Indian rupee. They also offer interest rates up to 5.5%.

Features of NRE Regular Savings Account

• Low Quarterly Average Balance of Rs. 10,000
• Free Cheque Book
• Domestic Debit card
• Net banking or Internet Banking
• Digital Banking

Eligibility Criteria

• NRIs and PIOs.
• Seafarers of Indian nationality / origin employed by overseas shipping companies
• Students pursuing studies in foreign countries.

Repatriation:

Interest is repatriable after tax payment.

Tax and charges:

This account is subject to taxation in India. The interest earned is subject to 30% tax. Quarterly charge of 10% of shortfall of the minimum balance with a maximum of Rs.750. For more details, yOu can refer to the schedule of charges.

Joint Account:

The bank allows you to open joint accounts with close relatives and family.

2. Opening an account

To open an account, you need to visit the bank’s website. The online application form requires you to enter name, email, and mobile number.

The bank’s representative will contact you for further processes. Once you are done with the application formalities, you can open an account in the bank. You can also visit the bank to open an account.

Documents Required:

The documents required to open an NRI banking account at IndusInd are:

• Passport photo
• Copies of passport
• Copy of VISA
• Copy of PAN/Form 60 (in absence of PAN)
• Document confirming either overseas or Indian address.
• In case of Seafarers, copy of CDC and Employment contract is mandatory
• Copy of valid proof of NRI status - Resident permit / Work permit/ Employment Visa/ others

You need to submit these documents to the bank.

3. Premium Banking

Indus Exclusive

This is one of the premium banking products which gives better benefits and features to its customers. With savings worth up to Rs. 25,000, 25 % discount on locker, and free movie tickets and other vouchers, this truly is premium banking.

Features of Indus Exclusive:

• Dedicated Relationship manager
• Doorstep banking
• Family grouping facility
• Locker discount
• Cheque book
• Free ATM Cash Withdrawal

Eligibility Criteria:

• Must be an existing customer.
• Minimum balance of Rs. 1,00,000/ 2,00,000* in the case of a single savings account.
• Minimum balance of Rs. 2,00,000 in the case of a family grouped savings account.
• Minimum balance of Rs. 5,00,000* in the case of a savings + current account.
• Minimum balance of Rs. 20,00,000 in the case of a savings plus fixed deposit account.
• Minimum balance of Rs. 6,00,000 in the case of a savings plus mutual funds account

* Varies depending on the location.

Fees and Charges:

If you fail to meet the minimum balance then a penalty fee of 10% of the shortfall amount subject to a maximum of Rs. 900 will be charged.

For more details on the charges and fee, please refer https://www.indusind.com/content/dam/indusind-platform-images/home/pdf/sob-exclusive.pdf

Indus Select

Like Indus Exclusive, this is also one of the premium banking products which gives good benefits and features to its customers. With savings worth up to Rs. 21,000, 25 % discount on locker, and free movie tickets and other vouchers, this truly is premium banking.

Features of Indus Select:

• Dedicated Relationship manager
• Doorstep banking
• Family grouping facility
• Locker discount
• Cheque book.
• Free ATM Cash Withdrawal

Eligibility Criteria:

• Must be an existing customer.
• Minimum balance of Rs. 50,000/ 1,00,000* in the case of a single savings account.
• Minimum balance of Rs. 1,00,000 in the case of a family grouped savings account.
• Minimum balance of Rs. 3,00,000* in the case of a savings + current account.
• Minimum balance of Rs. 10,00,000 in the case of a savings plus fixed deposit account.
• Minimum balance of Rs. 3,00,000 in the case of a savings plus mutual funds account.

* Varies depending on the location.

Fees and Charges:

If you fail to meet the minimum balance then a penalty fee of 10% of the shortfall amount subject to a maximum of Rs. 900 will be charged

For more details on the charges and fee, please refer https://www.indusind.com/content/dam/indusind-platform-images/home/pdf/Schedule-of-benefits-IndusSelect.pdf

4. Type of Deposits

There are three type of Fixed deposit accounts:

1. NRE Fixed Deposit
2. NRO Fixed Deposit
3. FCNR Deposit

NRE Fixed deposit:

This type of deposit for NRIs and PIOs. The scheme offers good interest rates which are fully repatriable and exempted from any kind of taxation. The minimum tenure is 1 year and the maximum tenure is 10 years. The interest is compounded quarterly. The funds are maintained in Indian rupee.

Features of NRE Fixed deposit

• Repatriable interest and principal
• Tax exemption
• Quarterly compounded interest
• Tenure ranging from 1 to 10 years.

Below are the interest rates for the NRE fixed deposits:

NRO Fixed deposit:

This is for NRIs who wish to start a deposit with local currency. The interest is subject to 30% tax. The minimum tenure is 7 days and the maximum is 10 years. The RBI allows repatriation up to 1 million USD per financial year. The interest is compounded quarterly.

Features of NRO Fixed Deposit:

• Repatriation up to USD 1 million
• 30% tax.
• Quarterly compounded interest
• Tenure ranging from 7 days to 10 years.

Below are the interest rates for the NRO fixed deposits:

Interest rates for principal amount less than 2 Crore INR in which Premature withdrawal is allowed:

Interest rates for principal amount more than 2 crores and less than 5 Crores INR in which Premature withdrawal is allowed :

Interest rates for principal amount more than 1 crore and less than 5 Crores INR (for non-individuals only) in which Premature withdrawal is NOT allowed:

Premature withdrawal is not allowed.

FCNR deposit:

FCNR Deposit allows you to hold your overseas earnings in foreign currency without converting them into Indian Rupees and protect it from exchange rate risk. The funds are maintained in 6 currencies - AUD, USD, CAD, Euro, JPY, and GBP. The interest is exempted from taxation in India. Both principal and interest are fully repatriable. Interest is compounded every 180 days. The tenure can be a minimum of 1 year and a maximum of 5 years.

Features of FCNR Fixed Deposit

• Repatriable funds
• Tax exemption
• Interest compounded every 180 days
• Tenure ranging from 1 to 5 years

Below are the interest rates for FCNR deposit

5. Remittance Services

NRI -Remit to India:

If you wish to remit money to India, the bank offers the following remittance options:

Indus Fast Remit:

If you wish to send money from the US or Canada to India, you can use this option. All you have to do is register in www.indusfastremit.com , and add your beneficiary details, type the amount you wish to send, and the funds will be transferred. In US as well as in Canada, it uses the Automated Clearing House (ACH) which is paperless and 100% online remittance platform to transfer funds to India.

Inward Remittance (Swift Transfers):

This type of transfer method is considered the most safe. It is reliable and globally accepted. You can send money to your IndusInd account from anywhere in the world. You can pay in anyone of the 17 bank recognized currencies. You can initiate the transfer with the help of your local bank online/offline. Complete the transfer form by mentioning beneficiary details, beneficiary bank details and IndusInd correspondent bank details. Mention charges as "OUR" in the wire (swift) remittance form. The payment will be processed in 24 hours.

Exchange House/ Money Transfer Operator:

IndusInd has tie up with exchange houses in Singapore, UAE, USA, UK, New Zealand, Canada, Honk Kong, Oman, Malaysia, Qatar, and Australia. You can visit these exchange houses to make the money transfer

NRI - Remit From India:

If you wish to remit money overseas from India, then you can repatriate funds from your NRE or NRO account. Individuals with NRE accounts can repatriate funds freely. However, those with NRO accounts can repatriate up to USD 1 million or its equivalent per financial year.

Documentation required for Repatriation:

• Application form (Form A2)
• Original copy of Form 15 CB (in case of NRO account)
• Original copy of 15 CA (in case of NRO account)
• Signed copy of your PAN card (in case of NRO account)
• Copy of Income Tax returns filed in India (in case of NRO account)

6. Loans

IndusInd offers following loans to NRIs: Fort students, who would like to avail loan for overseas education, they can choose from Loan against property loan, Personal loan etc.

Loan against property

You can get a loan against a property you own under this scheme. The loan amount has to be repaid within 15 years. The bank offers loans against commercial and retail properties too. They offer attractive interest rates. Both individuals and corporations are eligible for this loan.

The documents required for the application of this loan are:

• Application form with photograph
• KYC documents
• Proof of income
• Bank statement
• Property documents
• Processing fee

You can contact the bank for more details such as interest rates and charges.

Loan against securities:

This scheme allows you to get a loan against securities like Shares, Mutual Fund Schemes / Units, Govt & PSU Bonds including Sovereign Gold Bonds (SGB). Some of the benefits of this scheme include higher loan amount, single scrip lending, no charge or penalty, and no prepayment charges. NRIs above 18 years of age and below 70 years are eligible for this scheme.

The documents required for the application of this loan are:

• Application form and loan agreement
• KYC documents
• Demat account statements
• Annexure W / lien request letter for pledging of securities
• Valid passport and visa

You can contact the bank for more details such as interest rates and charges.

House Loan:

This scheme is in collaboration with HDFC bank. They offer loans for getting houses. NRIs and PIOs are eligible for this loan. Some of the benefits include no hidden charges, attractive interest rates, simplified documentation, bank transfer facility and funding up to 30 years of tenure. Minimum age is 21 years and maximum is 60. The minimum salary must be Rs, 25000 per month, and you must be employed for at least 2 years and must have finished one year in your current organization.

The documents required for the application of this loan are:

• Application form with photograph
• Proof of identity
• KYC
• Income proof

You can contact the bank for more details such as interest rates and charges.

7. Forex Card

The forex card offers a safe, easy, and cashless way to carry foreign currency on your travels abroad. You can withdraw cash from any ATM that supports VISA cards all over the world. To get this card you can either visit your nearest IndusInd branch or apply online on their website.

You can reload and use this card multiple times. Track your spends or check the balance of your Indus Multi Currency Forex Card through their website. Every transaction information is provided on your registered mobile number/email id instantly to prevent misuse and tracking is made easy with periodic regular statements. The card is also safe and secure.

While traveling abroad, you can apply for forex cards from IndusInd’s IndusForex portal as mentioned below.

Buy Forex:

You can buy a forex card online by choosing the currency you wish to load in your card. They are widely accepted worldwide, protect you from foreign exchange fluctuations and are available in 14 currencies.

The 14 currencies include:

• United States Dollar (USD)
• Euro (EUR)
• Great Britain Pound (GBP)
• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Arab Emirates Dirham (AED)
• Swiss Franc (CHF)
• Hong Kong Dollar (HKD)
• Japanese Yen (JPY)
• New Zealand Dollar (NZD)
• Saudi Riyal (SAR)
• Singapore Dollar (SGD)
• South African Rand (ZAR)
• Thai Baht (THB)

Reload Forex Card:

You can enter the amount you wish to load in the card and pay the equivalent amount in Indian rupee. For instance, if you wish to buy 10,000 USD, then you have to pay the equivalent amount after conversion in Indian rupee.

Send money abroad:

This feature allows you to send money abroad. You can use this feature to pay your bills and purchase merchandise.

8. Customer Care

You can call the bank on any one of the below mentioned toll-free numbers.

Indus offers a very unique customer experience by having a dedicated customer care to guide NRI customers related to their Taxation needs via Indus NEAT center.

This feature allows you to raise your queries on banking, taxation, repatriation, deposits and so on.

All you have to do is proceed to their portal, and

• Access their query form
• Provide your account number and contact details
• Post your query

You can also send an email to the bank : nri@indusind.com . If you have any grievances, then you can mail the bank at nriesclations@indusind.com

9. FAQs

1. How do I open an NRE/NRO account?

To open an NRE / NRO Savings Account, all you need to do is:

• Download the application form (Please note that you would need to have Adobe Acrobat Reader installed on your system)
• Complete the application form
• Attach a photograph
• Enclose photocopies of the passport showing your passport and person details*
• Attach a photocopy of your visa / resident permit / work permit*
• Attach one document indicating your mailing address as mentioned on the application form



2.Who is eligible to open an RFC account?

A person resident in India can open or hold an RFC account out of Foreign Exchange received.

3.What funds can be credited to RFC accounts of Returning Indians?

The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and FCNR accounts at the time of return can be credited to RFC accounts.

4.Are the balances in the NRE/FCNR account permitted to be credited to RFC account?

RFC deposit accounts can be opened by transfer of balances in FCNR deposits with banks in India.

5.Who can be a joint holder for an RFC account?

The account can be held jointly with another person resident in India who is eligible to open an RFC account.

6.In which currencies can the RFC accounts be opened?

RFC term deposit accounts can be opened in following currencies: USD, GBP and EUR.

7.Can an RFC account be opened any time after returning to India?

Yes, there is no restriction

8.Can funds in the RFC account be repatriated abroad?

Yes.

9.What is the interest rate and tenures for RFC deposits?

The interest rates offered for RFC Deposits is at par with FCNR deposits and the tenure ranging from minimum of 1 year to maximum of 3 years. Premature withdrawal will attract 1% penalty plus swap cost if applicable will be deducted.

10.How can I check for the available balance on my card?

You can check the available balance through any of the below options-

• By Logging into the online portal.
• By calling the Phone Banking Service.
• By doing a balance enquiry at VISA/ VISA Plus ATM. Balance of the wallet in local currency will only show at the ATM



11.Can forex card be used in India?

No, this card cannot be used in India, Nepal and Bhutan.

12.What should I do if my forex card is lost or stolen?

Please report the same to the Bank immediately through the Phone Banking Service. The bank will get your card hot listed immediately and you can walk into one of the branches for a replacement card.

13.What can I do if I forget my ATM PIN?

Call the bank’s 24 x 7 Phone Banking Service and request for reissuance of ATM PIN. They will send the ATM PIN to the communication address in India. Also please note that the card gets blocked for use at ATMs, if the card has been used with a wrong ATM PIN more than 3 times. This is for your own security and to prevent any fraudulent use on the card.

14.What is the expiry date of the Indus Forex Multi Currency Card?

Indus Forex Multi Currency Card is valid for 3 years.

This is official link for FAQs: https://www.indusind.com/in/en/personal/faq.html?value=#Cards-tab41

10. Useful links

• Customer care
• Apply for NRI banking
• Open a termed deposit
• Loans
• FastRemit
• Swift Transfer
• Money Transfer