It has been a matter of remote past when people living abroad finds it difficult to maintain connections with their loved ones. Today, the world has become a smaller place where you can easily transfer money to your loved ones with the aid of banking services offered especially for NRI’s. Today, there are lots of Indians living in overseas like USA, UK, and Canada and in many other nations in order to gain a better living.Those persons residing in any other country feel obliged with the benefits offered by the banking services through which they can easily make investments and remittances to their families in India.
If you are a non-resident Indian and you want to take advantage of the banking services offered, then you need to meet the eligibility criterion which goes well with the qualification hold with you as a person of Indian origin (PIO).To get yourself acknowledged as PIO, you need to hold an Indian passport i.e.your parents or grandparents must be of Indian origin or if you had married an Indian soul.Only those individuals who are native of Bangladesh or Pakistan are required to get special authorization from Reserve Bank of India to take advantage of such services.
The process to avail of the banking services for NRI’s is quite uncomplicated or you can read a bit more easily than anything else. With the holding of mere PIO position, you can easily avail of the benefits of loans, payments, remittances and even investments. Such banking services are mostly highlighted due to the feature of online remittance which allows the non-resident Indians to send money to their families living in India.
With the banking services made for NRI’s, it doesn’t matter from where you send the money. Your family or loved ones will receive the amount in Indian currency only. This facility helps the recipient a lot by saving his precious time and money which he usually spends on running from door to door to get it concerted into Indian rupees. Previously, when such banking services are not so prevalent, transferring the money to your loved ones from another country seems to be a daunting task. It almost takes several days to reach the amount to your family. With the emergence of such banking services, things have become quite easy and fast too. With the speedy payment facility, you can send the money to your family in the least possible time. It means despite of your location at a far place, you are here to help your loved ones in their urgency.
Previously, such banking sector was also in the grip of a limited round up which is summoned with agents who tends to charge hefty commissions to make money transfer. But at present, the economy strengthens and works towards making convenient money transfer without making delays or incurring hefty payouts.Being an NRI, you can pick whatever type of NRI banking services from the Non-resident External (NRE), Foreign currency non-resident (FCNR) or even the non-resident ordinary (NRO).
From the list of services, you can pick that one which allows quick connection with your loved ones at the time of their need.