The follow power point presentation is a synopsis of a study conducted for the Non-Residential Banking Services in India. It comprises of the Objective of the Study, Research Methodology, Secondary Data Questionnaire, Findings & Suggestions and Conclusion of the study.

1. A STUDY OF NRI
BANKING
SERVICES IN INDIA
Presented By:
Qazi M Faheem

2. • To get an overview of NRI BANKING SERVICES
• To analyse the growth of NRI banking services
• To study the innovative concepts emerging in the banking
industry for NRI’s
• To observe the facility provided to NRI by Indian banks
• To analyse the response of the NRI given to the computerization &
new invention in an Indian bank.
OBJECTIVES OF THE STUDY

3. • Secondary data was taken from the different published articles,
books, journals, and the relevant websites
• The questionnaire was initially prepared in tough sketch at the
first instance
• These questions were discussed with our internal guides and our
teaching faculty
• Thus, methodology relied on both primary and secondary data
with the help of questionnaires, discussions, observations as well
as published work and unpublished work.
RESEARCH METHODOLOGY

4. SECONDARY DATA QUESTIONNAIRE
• Can I break my deposit before the maturity period?
• If I am visiting India can I use traveller’s cheque or currency to open
an account or credit my existing NRE account?
• Can any person in India be authorized to operate the NRI’S account?
• Can an FCNR deposit in one currency be converted to a deposit in
another currency?
• Can FCNR/NRE deposits be value dated?
• How much money can an NRI remit abroad annually from his NRO
account?

5. CONTINUED…
• Can an NRI repatriate sale proceeds of his property purchased by
him by remittance from abroad?
• What is the frequency of interest payment in an NRE savings
account?
• What is the limit on the international ATM-cum-debit card for NRI
customers?
• What are the changes applicable for debit card?
• Can I repatriate money out of balances held in my NRO accounts?

6. FINDINGS AND SUGGESTIONS
• Deposits can be broken before the maturity, but the interest payable
would be the applicable interest rate prevailing for that period at the
time of opening the deposit. Minimum period for NRE and FCNR would
be 1 year.
• Travelers cheques can be used to credit/open the account. If one
brings foreign currency notes & travellers cheques, they will have to
submit a Currency Declaration Form (CDF) at Customs authorities on
arrival in India.
• If the foreign currency notes exceed USD 5,000 or traveller’s cheques
and notes exceed USD 10,000. You must produce the CDF for
endorsement by the bank when you submit the money for
opening/credit to an account.

7. CONTINUED…
• The mandate form duly completed (with Form 60 or PAN card, proof of
identity, proof of address, and photo) when the account is opened to
authorise a person in India to operate the account (in the case of
savings accounts only).
• A NRI can remit up to USD 1 million (or equivalent) per calendar year
for any bonafide purpose subject to payment of tax and furnishing the
required documents
• The International ATM-cum-Debit card offers Rs 50,000 of cash
withdrawal per day and transactions worth Rs 50,000 at merchant
establishments.

8. CONTINUED…
• There are no withdrawal charges for cash withdrawn from any VISA
ATM network across the world.
• For purchases and ATM transaction(s) outside India there is a 2.5%
currency conversion charge, at all VISA enabled POS and ATM
machines. Service Tax (currently 12.36%) on these charges will be
levied.
• Interest earnings can be repatriated. In addition to this, remittance/s
up to USD 1million per calendar year from balances in NRO accounts
subject to payment of applicable taxes is allowed.

9. CONCLUSION
• NRI banking today stands as one of the most profitable business for
banks
• With India having one of the largest NRI populations and a very
prosperous one too. NRI banking is one hot business no bank can
afford to ignore today
• India needs foreign exchange reserves for its developing economy
• Realizing this bank are shaping up their strategies in order to attract
this NRI money further with India pushing for capital account
convertibly and the success of Pravasi Bhartiya Divas prospectus for
NRI banking has never been so good than today

10. Any Questions?