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Union Bank NRI Account: Guide for Non-Resident Indians

Wise
06.03.24
Read time 2 minutes

As a Non-Resident Indian (NRI), staying financially connected to your homeland is crucial. Union Bank of India offers a variety of NRI banking services designed to cater to your specific requirements. Let's explore the different account options available and how they can benefit you.

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NRI Accounts offered by Union Bank of India

Union Bank recognizes the unique financial needs of NRIs and provides a well-rounded suite of NRI accounts:

  • NRE (Non-Resident External) Savings Account: This account is ideal for managing income earned abroad, such as salaries or business earnings. The key benefit? Funds deposited in this account can be freely repatriated outside India, offering flexibility in managing your finances globally.

  • NRO (Non-Resident Ordinary) Savings Account: Manage income arising in India, like rental income or pensions, through this account. While repatriation of funds from this account is generally restricted, exceptions exist for specific needs like medical expenses or educational costs for dependents in India.

  • Union Bank NRO FD (Fixed Deposit): Looking to grow your savings in India? This fixed deposit scheme offers attractive interest rates and flexible tenures ranging from 15 days to 10 years. Interest earned on the deposit can be repatriated after tax deductions.

  • FCNR (B) Deposit Account (Foreign Currency Non-Resident (B) Deposit Account): This account allows you to deposit your foreign currency earnings and enjoy competitive interest rates. The term of the deposit can vary from 1 to 5 years. An attractive feature is that the interest on FCNR deposits is generally exempt from Indian income tax.

Benefit of Union Bank of India NRI Accounts

  • Extensive Network: With a wide network of branches across India and a presence in several countries, Union Bank of India ensures that NRIs have easy access to banking services, no matter where they are.

  • Dedicated NRI Desk: Union Bank of India has a dedicated NRI desk to cater to the specific needs of NRIs. The bank's experienced staff provides personalized assistance and guidance to NRIs for all their banking requirements.

  • Technology-driven Services: Union Bank of India leverages advanced technology to offer NRIs a seamless and secure banking experience. From online banking to mobile apps, NRIs can manage their finances with ease and convenience.

  • Attractive Interest Rates: Union Bank of India offers competitive interest rates on NRI deposits, helping NRIs maximize their savings and achieve their financial goals.

Beyond Transfers: Simply your NRI financial life with Wise

Wise offers an ideal alternative to banks for global expats with roots abroad. Take a look at the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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Wise
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