Demonetisation deadline: Banks a 'holiday destination' for NRIs

While footfall at banks have reduced as long as regular customers are concerned, NRIs visiting banks has increased recently

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This holiday season, banks in India seem to have become the most preferred holiday destination for Non resident Indians. Over the last one week, banks have seen a surge in number of NRIs making a beeline to transact. With the demonetisation deadline drawing to a close in two days, NRIs are utilising the holiday season to wrap up their banking.

"Over the last three days I have seen many NRIs come to deposit money, update their KYCs and other formalities that will ease banking for them. Since this is the holiday season, more NRIs seem to have the time to wrap all banking business. A lot of seniors who are now NRIs have been visiting the bank. This wasn't the phenomenon earlier," said Victoria, a branch manager with SBI in Bengaluru.

Banks

[Also Read: Demonetisation drives senior citizens to digital payments]

While footfall at banks have reduced as long as regular customers are concerned, NRIs visiting banks has increased recently. Apart from NRIs personally visiting banks to deposit cash to their accounts, customers wanting to deposit cash into NRI accounts have also risen.

The cash crunch, however, doesn't seem to concern them too much since deposit is their priority. "I live in Canada and will be going back in January. I have deposited all the cash that was here. I come to India to spend holidays but this time bank was a priority", said Sudarshan who hold an NRI account.


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