For people who live outside India, there are different kinds of banking options available with leading banks. A non-resident Indian, commonly known as an NRI citizen, may have different interests in the country and may require suitable banking solutions to cater to the needs of the NRI residents.

Rupee checking account

It is a facility provided by one of the biggest global banks. It lets NRIs hold an interest-bearing account, whose balance is held in Indian rupees. The facility is aimed solely at NRI residents, as this is a simpler less complicated way to get money inside the country.

How does a rupee checking account work?

Rupee checking accounts can be opened by NRIs. They just have to follow the bank’s procedure for account opening and once that is done, they will be able to transfer money from anywhere in the world to their rupee checking accounts. These accounts can be handled by an Indian resident, designated as the person to operate the account on their behalf.

The concept is under the mandate of the Reserve Bank of India – so even if the service is offered by an international bank, it comes under the RBI’s guidelines. By supporting rupee checking accounts, the RBI has taken a huge step towards winning NRIs’ trust.

What are the key features of the rupee checking account?

The account was launched to offer the best banking services to NRI citizens. These services include transfer of funds from anywhere in the world to the Indian account. These accounts also aim to provide account holders with superior foreign-exchange rates, so that they can enjoy additional benefits, and a dedicated platform to handle their financial interests in their home country. Rupee checking accounts incur lesser charges for banking facilities and NRIs can also receive customized banking options through these accounts.

How does one operate a rupee checking account?

NRI citizens using a rupee checking account have to provide their bank with copies of their ID, PAN Card, and certain documents considered proofs confirming and showing the origins of funds being transferred or deposited into the account.

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