Best NRI Service in India

This article helps you to know more about the best NRI bank account service available in India and the major features associated

It's been three years since my husband's career shift to the very celebrated United States of America. Though the news brought a wave of happiness in my family; it came as an incident with mixed feelings for me. The Visa was denied to me; which meant that I had to stay back with my in-laws. Within a few months of his departure, I got used to the fact. The video calls replaced the daily banter and unlimited talks were limited by the different time zones. After 3 months of his departure, we started the renovation of our house for which my husband wanted to send the money. But we were not able to find any bank with the policies that suited our requirements.

The long list of documents, formalities, paperwork, policies and terms and conditions that bounded each and everything we wished for – the list of troubles were endless. I grew depressed after talking to more than 7 banks when my college friend visited me. She was a working woman who was also living without her spouse. She told me about the South Indian Bank and it was the answer to all my troubles.

Best NRI Service in India

South Indian Bank has the best policies and services for all its customers inclusive of the NRI customers. Be it opening a new account or money deposits; be it a loan or money transfers; be it Mutual funds or Insurance – The South Indian Bank provides the best banking solutions of all kinds and scales.

From opening the bank accounts to completing the monetary transactions, every step of banking with the South Indian Bank is online which makes the banking easier and better.

After hearing lot of praises from my friend, I visited the bank website and found that personal visit was not required to initiate the banking. The policies, benefits and services were customer oriented and everything seemed specially drafted for the customers. No confusing paper-work; no stringent terms and conditions for document submission; no difficulties in creating a nominee and no difficulties at all for managing the bank accounts. The deductions via taxes and other government policies that vary from nation to nation were minimal and in short, I had found my dream bank.

Today, after being associated with the South Indian Bank for more than 3 years, I find myself more than satisfied and recommend every NRI or person needing a Bank Account for NRE, NRO or NRIs, to open a NRI bank account in the South Indian Bank only.
This post, I am dedicating, to outline all the features of NRI Banking with the South Indian Bank as a customer speaks to another customer transparently and honestly.

Bank Account Opening:
The NRI bank accounts are of three types – NRI, NRO and NRE. To open a bank account with the South Indian Bank, one can fill the form online as well as download the form from the official website for offline filling.

Documents required for opening an account in all the categories, namely – NRE, NRO and NRI:

  • Approved ID Proof

  • Approved Address Proof

  • Proof of NRI or PIO Status

  • Copies of Passport, Visa or PIO Card

  • Payment Instrument for Initial Contribution

These documents require attestation from Indian Consulate, Overseas Bank or by any foreign notary. Apart from that, the KYC or Tax related documents are to be submitted. After that, the completed form, the above-mentioned documents and photographs etc are to be mailed to the bank branch.

Right after the document submission, the bank activation was completed within 2 days and I was able to operate the bank account for different purposes after that. The behaviour of all the bank employees was extremely cooperative and the online support via chat and E-Mails etc was also commendable.

NRE Banking with the South Indian Bank:

The NRE bank accounts can be opened in three categories, namely – Term Deposit, Savings and Current. The accounts can be owned as well as managed jointly. The process of opening a bank account in the NRE category is similar to the one mentioned above. The different types of documents that are required for the same are as follows:

  • PAN Card Copy or Form 60

  • Latest copy of VALID Passport

  • Passport sized photos

  • Address Proof

  • Completely filled Application Form

  • Initial fee that can be remitted via DD or any other permitted mode

The NRE Current Bank Accounts in the South Indian Banks can be opened in two categories namely – Miza and Raha.

The South Indian Bank Policies for the NRE bank accounts are even better and are mentioned in the following section:

  • The interest on the balance maintained in the Bank Account was free of Income Tax and the balance is free of the wealth tax.

  • Nomination facility is there

  • Direct remittance from abroad is allowed in foreign currency

  • No income tax is charged at the source

Similarly, the policies for the NRO Bank Accounts are also customer-oriented. The policies that appealed to me are as follows:

  • The NRO Bank Accounts can be managed and owned jointly

  • Restriction Repatriation is permitted by the bank

  • The rate of interest is subject to the nation-wise income tax policies

  • For the benefit of the local people, the accounts are maintained in the Indian Currency

Other Services offered by the South Indian Bank for the NRI Customers are as follows:

  • Accounts and Deposits that can be operated as well as managed in any manner by the holders

  • Online NRI Bank Account Opening

  • Loans and Money Transfers that are easy, efficient and customer oriented

  • Mutual Funds and Insurance Schemes that are customer oriented and promise good returns on maturity as well as in running

After having read the above-mentioned details of the South Indian Bank anyone will be convinced of its customer-oriented policies and will not have any confusion.

An incident worth sharing:

I would like to share an incident that made my faith in the bank even stronger. It was after I joined mu husband in America. We were living there for around one year when I decided to pursue higher education. It was mandatory to have some higher education degree from US College or University in order to get a job there. While I had just enrolled in a college, our landlord gave us a one week notice to leave the apartment we had rented.

It was a hard time for us as I had just paid a huge sum in the form of college fee and other dues such as securities and funds and we didn't have enough money to rent out another place in a decent location. My husband took credit from his firm and I thought that the problems were resolved. But my miscarriage came as another shocker. To the ones that don't have any knowledge of the medical expenses in US, let me tell them that the medical expenses are extremely high for the ones that don't have medical insurance.
At that time, we applied for a personal loan at the South Indian Bank which was finalized within a few days owing to our good financial record, the customer-oriented services and highly professional work ethic of the South Indian Bank. The loan was issued without the attachment of any collateral and we were able to get out of the sticky situation we were in. The easy processing, easy money availability and easy prepayment policy were huge relief factors that made us even more loyal towards the South Indian Bank

Other perks of banking with South Indian Bank as an NRI:

  • You can transfer the money internationally, within India as well as avail financial advising from the Foreign Exchange Advisory Cell.

  • The customers can also have Life Insurance, General Insurance, Health Insurance and Online Insurance.

  • The attractive Value Added Services such as Mobile Banking, Internet Banking, Demat Services, and ATM etc.

South Indian Bank has been the best banking companion for me and my family for past 3 years and I always refer to the NRI I meet to get associated with the bank and avail benefits that are unparalleled.


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