With India's global economic expansion, many of the Indian banks have turned towards various means of making their banking facilities accessible to a larger audience – the global audience.
Global Indian banking refers to the process whereby national banks extend their services to a global audience. These facilities can be utilised in a number of countries across the world and their service in not limited by geographical location. Some of the main services include accessing one's bank account, withdraw money, deposit funds or perform any other financial transaction from different countries. All of these services are available through internet banking, whereby customers can perform all their transactions online without leaving their homes/offices, etc.
This in turn also enables banks to compete on a global scale.
Many banks in India have started to actively practice these global strategies to ensure that their customers receive the most superior quality services and distance does not form a barrier for communication.
This has also leveraged banks who can reach out to a larger number of people. By comparing the practices performed by many leading financial institutes the world; Indian banks can improvise their services and develop meaningful strategies to their customers.
With a number of Indians residing abroad, it has become extremely important to extend facilities of the financial sector. Many of the monetary institutions offer their financial transactions to the NRI community.
Through this method, NRI's can enjoy all the services and facilities that they would otherwise use if they were staying in India. Many of these Indians who have settled abroad may need to finance their parents or family members who are living in India. A quick method of ensuring easy transfer of funds is through this mode. These people can open and maintain savings accounts, recurring accounts, fixed deposit accounts etc.
NRI Banking basically refers to those facilities that are offered to the NRI customer whereby he can open accounts such as NRE (Non-Resident External Accounts), NRO (Non-Resident Ordinary Accounts) and FCNR (Foreign Currency Non Resident Accounts).
An NRE account refers to Non-Resident External account where the account is opened by depositing certain foreign currency (at the time of opening the account). Various methods of depositing the money can be through traveller's cheques or notes.
The other account, an NRO account refers to a Non-Resident Ordinary account which basically is a regular bank account. Usually those Indians who have the intention of becoming an NRI open these kinds of accounts and the funds can be transferred from India (home country) to the account.
Usually in the form of fixed deposits, a Foreign Currency Non-Resident Account (FCNR) is an account which can also be opened jointly with close relatives. It can be opened in the following currencies: US Dollar (USD), Great Britain Pound (GDP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), and Swiss Franc (CHF).
Therefore, the global Indian can make use of international banking facilities and yet benefit!
Global Indian banking refers to the process whereby national banks extend their services to a global audience. These facilities can be utilised in a number of countries across the world and their service in not limited by geographical location. Some of the main services include accessing one's bank account, withdraw money, deposit funds or perform any other financial transaction from different countries. All of these services are available through internet banking, whereby customers can perform all their transactions online without leaving their homes/offices, etc.
This in turn also enables banks to compete on a global scale.
Many banks in India have started to actively practice these global strategies to ensure that their customers receive the most superior quality services and distance does not form a barrier for communication.
This has also leveraged banks who can reach out to a larger number of people. By comparing the practices performed by many leading financial institutes the world; Indian banks can improvise their services and develop meaningful strategies to their customers.
With a number of Indians residing abroad, it has become extremely important to extend facilities of the financial sector. Many of the monetary institutions offer their financial transactions to the NRI community.
Through this method, NRI's can enjoy all the services and facilities that they would otherwise use if they were staying in India. Many of these Indians who have settled abroad may need to finance their parents or family members who are living in India. A quick method of ensuring easy transfer of funds is through this mode. These people can open and maintain savings accounts, recurring accounts, fixed deposit accounts etc.
NRI Banking basically refers to those facilities that are offered to the NRI customer whereby he can open accounts such as NRE (Non-Resident External Accounts), NRO (Non-Resident Ordinary Accounts) and FCNR (Foreign Currency Non Resident Accounts).
An NRE account refers to Non-Resident External account where the account is opened by depositing certain foreign currency (at the time of opening the account). Various methods of depositing the money can be through traveller's cheques or notes.
The other account, an NRO account refers to a Non-Resident Ordinary account which basically is a regular bank account. Usually those Indians who have the intention of becoming an NRI open these kinds of accounts and the funds can be transferred from India (home country) to the account.
Usually in the form of fixed deposits, a Foreign Currency Non-Resident Account (FCNR) is an account which can also be opened jointly with close relatives. It can be opened in the following currencies: US Dollar (USD), Great Britain Pound (GDP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), and Swiss Franc (CHF).
Therefore, the global Indian can make use of international banking facilities and yet benefit!
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