Feature Post

NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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Non-Resident External Rupee Account



-> Permitted Currency - Indian Currency

-> Deduction of Tax at Source - Fully Exempted

-> Eligible to Open Account

1. National Resident Indian (NRI) and Person of Indian Origin (PIO)

2. Students gone abroad for higher study and continuing to stay there

3. Indians who are on deputation in abroad by Central or State government or public sector undertakings or working with an international agencies on assignments with foreign govt, IMF, WHO or economical/ social council.

4. Crew members of Indian Nationality or Indian Origin employed in foreign airlines or shipping companies, who are based at foreign ports and reside abroad

5. Crew members of Indian Airlines or Shipping companies who are posted abroad for performing duties

NB - Person of Indian Nationality or origin resident in Nepal are eligible for NRE account only if the remittance for opening and funding the account are remitted in any of the permitted currency expect Indian and Nepalese Rupees.

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