COMMONWEALTH BANK LAUNCHES NRI BANKING IN AUSTRALIA

It is estimated that over 400,000 people of Indian origin live in Australia. This number is constantly growing as Indian students and migrants relocate to Australia. Whether it is Australian citizens of Indian origin, permanent resident visa holders, Indians arriving in Australia on business or 457 visas or the large number of Indian students, the Indian community in Australia has significant links back home. Many Non Resident Indians (NRIs) in Australia have family back home and need to remit money frequently for family expenses, gifts or their own commitments in India. Most of the Indian community members travel to India frequently. Increasingly, a number of NRIs see real estate investments or participation in the Indian equity markets as an opportunity to grow their wealth. For all of these needs, banking services in India are required.

Commonwealth Bank of Australia provides NRI Banking Services in Australia to service the needs of the Australian Indian community to make banking in India easy.

Recognising the growing significance of India as an economic powerhouse and the significant trade ties between Australia and India, Commonwealth Bank of Australia was the first Australian bank to open a branch in India in 2010. The branch in Mumbai is now fully operational and is located in the financial heart of Mumbai - Nariman Point. To service the large Indian community in Australia, the Commonwealth Bank has also established a NRI Banking Service in Australia, which is an extension of the Bank’s India branch. The NRI Banking Service aims to make banking services in India easily available to the Indian community in Australia and eliminates the need to travel to India or talk to call centres in India for their banking requirements in India. A range of banking accounts and deposit options are now available through the Commonwealth Bank’s India branch. The experienced and multilingual team at the NRI Banking Centre can explain the services offered and the key features of Non Resident External (NRE), Non Resident Ordinary (NRO) and Foreign Currency Non Resident (FCNR) accounts which are important to understand before you commence banking in India. You can also walk into any one of our many nominated branches across Australia to complete the account opening formalities. This makes the account opening process very convenient and hassle free.

To make the money transfer process easy and cost effective, Commonwealth Bank now offers FEE FREE online International Money Transfers from your Commonwealth Bank account in Australia to your Commonwealth Bank account in India. Moreover, you can also transfer Rupee funds from your Indian account with us to other bank accounts in India FREE of cost through the RTGS and NEFT payment systems.

Commonwealth Bank also offers MasterCard Debit Cards linked to your accounts in India which allow you to access over 67,000 ATMs across India having the MasterCard logo. You can now withdraw cash at these ATMs free of cost for up to 5 withdrawals in a month. These Debit Cards can also be used at merchant terminals and for online purchases in India, thus saving you fees normally payable if you use your Australian Credit / Debit cards in India.

To know more about these services, simply contact the NRI Banking Team on Toll Free 1800 108 756, weekdays from 8am to 8pm AEST or email nri@cba.com.au or log on to www.commbank.co.in

ARIES March 21 - April 19