NRI Banking

Sending money to India from abroad seems difficult as one has to wait for the right exchange rates, the transaction/operational costs associated with the money transfer, along with the duration within which the money should reach the recipient. But with the advent of technology, money transfer has now become way more hassle-free and much easier. Now remitting money back home can be done through convenient modes offered by the SBM Bank. Some of these avenues are: 1. SBM Remittance Services SBM Bank provides an online transfer facility through SBM Remit, which enables the NRIs to send money to India from Mauritius, Europe, UK, Japan, the United States, and Australia. Moreover, the remitters can also transfer money to their NRE savings account in India. The transactions are fully secure and encrypted and the data is protected by advanced firewalls. 2. Online Transfer Probably the easiest way to transfer money is through online mode using your local bank’s internet banking facility. How...

Indians living abroad or Non-Resident Indians (NRIs) send money back home for a variety of reasons, but for those who have moved abroad recently, determining the best way to remit money to India can be a daunting exercise. Because transferring money home comes with a set of options and doubts — is this the best exchange rate, what is the most convenient and efficient way of transferring money, what is the fee charged, is this service provider trustworthy, and so on. If you are an NRI and have some similar questions, then let’s discuss some of the most popular methods to transfer money to India . International Wire Transfers Wire transfers or telegraphic transfers are one of the most common ways to transfer money to India from abroad , and they usually take the form of bank-to-bank transfer. The sender (NRI in this case) has to go to an institution like a bank or other agencies like Western Union, or Remit2India and can transfer funds from his local overseas bank to his NRI bank account...

Home loans have been the greatest way of making the dream come true of owning a house. However, the coronavirus pandemic has brought many of our plans and financial decisions on halt. If you belong to the same group and can’t apply for an NRI housing loan considering your economic setbacks, let us tell you why applying for an NRI housing loan in the present scenario is beneficial.  The First benefit you get tax benefits on the interest paid and loan amount repaid; you can avail the homeownership today instead of waiting for the future; you also get assistance from the home loan provider to assess the builder’s credibility and track record and the legal documents about the building. Here are three key benefits of applying for an NRI housing loan in the present situation Low property prices As the prices of the real estate have decreased, including the residential properties, the homebuyers have got multiple options in the affordable home segment. Applying for Housing loan in the pr...

India continues to be an attractive destination for the investors, and form a huge part of the world’s fastest-growing economies. Indian residents and Non-Resident Indians(NRIs) are actively looking to earn money by Investing in India. Also, if the investments are made by NRIs then it is treated as ‘foreign investments’ as per the Indian foreign exchange regulations, making India one of the top recipients of  foreign remittances   from its diaspora. Here are some reason why India is a good place for investment:- Indian economy is one of the world's fastest-growing economies According to the Department of Promotion of Industry and Internal Trade, India has crossed the $70 Bn mark in the Fiscal Year 2019-20 and recorded a total FDI inflow of $73.45 Bn, ranking amongst the top countries for investments by leading investors. Indian infrastructure story More than $1.5 trillion investments have been planned for Indian infrastructure for the next two decades across the key government...