Emirates NBD and HDFC Bank NRI account
Benefits: Maintain an account at home in India. The account allows you to transfer funds freely to India and overseas, pay zero tax on the interest earned on your non-resident external account in India, earn higher interest rates and invest in mutual funds by linking your NRE savings account to an investment savings account. Watch out for: Prepare for the paperwork. You will need every possible document.
Bank of Baroda NRI Account
Benefits: The bank is the only Indian lender to offer fully fledged banking services overseas. It also has six branches in the UAE – Abu Dhabi, two in Dubai, Al Ain, Sharjah and Ras Al Khaimah. The bank also maintains an India desk in Dubai for its NRI clients. Watch out for: The bank insists that all documents such as proof of residence be attested. Clients need to provide documentary proof of residence at their address in India.
Citibank Preferred Rupee Checking Account
Benefits: Account holders earn interest of 4 per cent on their bank balance. Customers can also pay their bills for more than 80 institutions in India. The bank maintains a 24/7 customer service to allow for speedy resolution of complaints. Watch out for: Prospective customers need US$5,000 to open an account. UAE clients must have a "face to face" meeting with a bank representative.
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