NRI Banking

  FCNR Account  have become a popular tool for investment for NRIs in India, especially after the Union Budget 2019. The revised interest rates and merging of foreign portfolio investments (FPI) with NRI portfolio investments have made these accounts the topmost investment options for NRIs. What is the FCNR Account? FCNR is an acronym for Foreign Currency Non-Resident (FCNR) bank (B) account, which is a term deposit account that allows the Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) to transfer their foreign income to India in the same currency in which they are earning. This protects them against exchange rate risks. Features of FCNR account FCNR is a foreign currency-denominated account, where you can invest in your resident currency. FCNR deposit accounts  are not a savings account and have a minimum tenure of 1 year and a maximum of 5 years. No need to pay income tax on interests earned from FCNR accounts. Both principal and interest are freely repatr...

  NRIs (Non-Resident Indians) who want to keep their India based earnings in India, usually hold either NRE or  NRO savings accounts . These are fairly popular deposit options exclusively available to them which give them a good rate of return and place their funds in India. An  NRO savings account  is a Non-Resident Ordinary Rupee Account, usually opened by an NRI to manage the income in any form (like rent, pension or other types of dividends) that is earned in India. Hence, such an account helps them in two ways: they can send their earned money to India from the resident country, and retain their income earned through other assets in India. How to open an NRO savings account The candidate (here, NRI) has got two options to open his  NRO savings account : He/she can either convert his/her existing resident account in India to  NRO account , Or he/she can open a new  NRO account . These options would require the candidate to submit the documentary pr...

  If you’re moving to a foreign country and are worried about managing your banking services in India, then SBM Bank has got your back. They offer a wide range of  NRI banking services  which cover everything from banking to investment to loan. SBM Bank aims to offer convenient and rewarding investment schemes and products to its customers whether you are in India or anywhere else. They offer attractive interest rates and world-class privileges on their deposits and accounts, along with 24*7 strong customer support and hassle-free management. NRI saving account SBM Bank offers NRIs the best options for banking and wealth management opportunities so that they can work stress-free while SBM takes care of their banking needs. With SBM  NRE Savings Account ,  you get to deposit your funds and get free access to them in INR and earn profitable returns. Or, you can also convert the same funds into the currency of your resident country and repatriate it any time you wa...

  Being an NRI or Non-resident Indian you might worry regarding your investments and savings in India. SBM Bank understands your needs and offers  NRI savings accounts  to suit your requirements and convenience while you’re living abroad. NRIs are allowed to open NRE and NRO accounts, either savings or fixed deposit accounts, as per their wish. However, since you’re living outside India, it is obvious that you will find it difficult to visit the bank in India to complete the account opening formalities. Here’s where SBM Bank comes to the scene and offers you a simple way to open your  NRE  or  NRO savings accounts  just by sitting at home. Though both these accounts are specially catered to NRIs, NRE (Non-Resident External) accounts and NRO (Non-Resident Ordinary) accounts differ in many ways from each other. Like in  NRE savings account , you cannot deposit your earnings in Indian currency, but in  NRO savings account , you can. You are also...

Crisis period comes and go, but as an investor, you stare at huge losses, especially, if the portfolio is not well spread out and is restricted to a particular asset class. Even if the economic health remains hunky-dory for a few years, one should always be wary of the impending crisis that may emerge in any form and any time and completely shake the optimism. Take for instance the current scenario, where the outbreak of coronavirus pandemic has not just roiled the world equity markets but also dragged the commodity and bullion prices sharply. One should stay calm and not get perturbed in such situations and spot opportunities and invest in different asset classes that will fetch decent returns once the market revives.   Here are some quick tips to keep in mind and use investment intelligence to invest in different asset classes and to build a diversified portfolio .   1) Invest in companies with low risk While the economic activity has come to a standstill due to fast-spreadi...

The pace at which some of the banks and shadow lending firms have gone burst in recent years has completely shaken the faith of many depositors and savings account customers. Their hard-earned money has simply vanished in thin air, leaving them at the mercy of the RBI or seek government intervention for some monetary help. In October last year, several depositors and customers lost their money after PMC bank went bust. Even as the common man was yet to come to terms post the debacle of PMC, another bank, this time a much bigger private lending firm (Yes Bank) was on the brink, leaving its customers in total disarray. While RBI’s timely intervention to bail out Yes Bank did provide some hope to the customers, the fact that many banks facing the financial stress in a tough business environment has left customers in a quandary about the safety of their funds in banks. While the sudden announcement of the closure of a bank comes as a rude shock to many, there are several indicators a custo...

  NRIs who want to keep their India based earnings in India, usually hold either NRO or NRE accounts. These are fairly popular deposit options exclusively available to them which give them a good rate of return and place their funds in India. In this article, we will look at what NRE Fixed Deposit and NRO Fixed Deposit accounts are and how they are different from each other. NRE Account - NRE is an acronym for the Non-Resident Rupee/External account. An NRE Fixed Deposit Account is where the Indian residing overseas makes deposits from there and sends the same in an Indian account. The money after reaching gets converted into Indian currency (Rupees). NRO Account: - An NRO Savings account is a Non-Resident Ordinary Rupee Account, usually opened by an NRI to manage the income in any form (like rent, pension or other types of dividends) that is earned in India. How are NRE and NRO accounts similar/different? 1. Tax Exemption The interests earned from NRO fixed deposits and credi...