Barclays launches Non-Resident Indian banking

Barclays has launched a suite of specially designed products for Non-Resident Indian (NRI) customers, becoming the first bank in the UK to offer these accounts directly through its branch network.

Two savings accounts and three term deposit accounts are now available at over 50 Barclays branches in and around London and will be available at a further 70 UK branches later in the summer.

Arvinder Bharath, Global Head of NRI Banking, said: “There are over one million non-resident Indians in the UK. Many with friends and family back in India want to share their earnings with them and continue to provide financial support. Thanks to our extensive branch network capability and our international expertise, we are able to provide services that meet their needs for effective, convenient and cost-effective banking.”

The Non-Resident External (NRE) Savings Account allows customers to maintain funds in India for basic Rupees transactions whilst the Non-Resident Ordinary (NRO) Savings Account enables customers to manage their Rupees income in India. Both come with a mandate facility to allow designated individuals in India to manage the account on behalf of the holder, free ATM cards for both the account and the mandate holder, free cheque books and pay orders from India. The interest on both saving accounts is 3.50% and will be paid half yearly.

Barclays is also offering Non-Resident External (NRE) and Non-Resident Ordinary (NRO) Term Deposits which can be opened with as little as 50,000 Indian Rupees earning interest of up to 5.45% with no penalties on premature withdrawal.

In addition, the Foreign Currency Non-Resident (FCNR) Term Deposit allows NRI customers to earn interest of up to 5.57% on foreign currency savings in Euros, British Pounds and US Dollars without needing to convert the funds into Rupees.

Funds in the NRE savings account, NRE term deposit and FCNR term deposit are fully repatriable with interest earned on NRE and FNCR accounts not taxable in India. Funds held in the NRO savings and NRO term deposit accounts will be subject to tax in India.

For more information call the 24-hour NRI contact centre on 0800 376 2355 (1800 233 7878 from India).