NRI Banking

  Retirement planning is essential whether you are an Indian citizen or NRI planning to retire in India. Retirement plans for NRI in India are somewhat similar to that of Indian citizens but with a few constraints. This blog will help you understand some important things to consider when planning your retirement, your investment options, and mistakes that you can avoid.  Retirement age There is no right age to retire; it depends from person to person. Some might want to continue working because they want to despite no financial constraints, some might want to retire early and live a peaceful retired life.  Retirement age is one of the most important factors in retirement plans for NRIs this will help determine your investment options.  Retirement location It is a known fact that different places come with different costs of living. If you plan on retiring in a big city, you might need more money than if you were retiring in a small town. This is a personal choice th...

India is an attractive destination for investment. NRIs can leverage this and put their money to good use. This blog explains why, where, and how you can make an NRI investment in India. Why should NRIs invest In India? India is one of the world’s fastest-growing economies. This is why India is an excellent country to invest your wealth in, at the same time help your homeland. Also, most Indians plan on getting back to India for their retirement or even before, which is why they engage and invest in the Indian economy.    Another reason to invest in India in the presence of a stable government and the flow of foreign investments. This has led to an immense scope of growth for your investments. The GDP growth rate of India is one of the fastest among major economies.  Here are 3 reasons why NRI investment in India is a good option: Growth Story Intact: Consumption in India is expected to triple to that of 2018 by the year 2025. India is set to be the fifth-largest economy...

  One of the most critical challenges that NRIs face over time is to manage their accounts and finances while they are abroad. They need to adopt some special measures to make the money transfer aspects smooth from abroad to Indian accounts.  For keeping it secure and safer, NRIs try looking for all their available options. The banks and financial institutions can be the first point of contact to let the NRIs know about their available options. To help NRIs learn about their safe and secure money transfer process, here are some of the money transfer tips for NRIs that they must keep in mind.  Create NRE & NRO Savings Accounts On Priority An NRI must open NRO Savings account or NRE savings account in India on priority. These accounts will help the NRIs credit their abroad income into Indian accounts. Not just that but they can also credit the income that they get from Indian resources into NRO Savings accounts . The Indian income resources can be from local salaries...

  India is one of the countries in the world with the largest number of people residing outside the country. The number is higher than you think- 16 million! Despite such a vast number, there are various myths about NRI home loans . Lack of information, awareness, and misinformation is to blame for this.  Let’s bust some of these myths and become financially educated. 1. Myth: NRIs cannot buy property in India. Fact: This is one of the most common myths among the NRIs. Since they are Indian citizens living in a different state, they are eligible for NRI housing loans and property ownership except for agricultural investments. You can very quickly buy property provided you have a proper loan application and documents.  2. Myth: You are not eligible for long term loans. Fact: The only factor that influences your loans would be your financial stability. You are eligible for loans just like everyone else, provided you have a stable income and a good credit score. The NRI hom...

  Are you planning on moving to a different country for better career opportunities? It is evidently a right decision, but you must take some necessary financial steps before you can go ahead and make it a planned decision.  When you are well-versed with your finances before moving ahead in life, everything will be quite sorted. Therefore, this article is all about sharing some of the important financial steps to take before moving abroad . Review your Financial Bank Accounts The first and the most important thing that you must do is review the bank accounts. It is the primary step that you must take if you want to move abroad. Once you are done with it, all the existing accounts will be converted to NRI Savings account , namely NRO/NRE accounts as per your requirement. In case you have more than one account, you will have to convert each one of them into NRO account separately, which might be a hassle. Therefore, it is better if you consolidate the accounts.  Investment ...

FCNR Accounts have become a popular tool for investment for NRIs in India. With the coming of Union Budget 2019, many regulatory changes have taken place. The interest rates have been revised and a merger of NRI portfolio investments with foreign portfolio investments (FPI) has been proposed. This will encourage expanded NRI investments in equities and bank accounts with guaranteed returns. FCNR Account- What it is? FCNR is an acronym for Foreign Currency Non-Resident (FCNR) bank 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 secures them against the exchange rate prospects.   It is a rewarding choice for NRIs to attract foreign money. In any case, the interest rates offered by these accounts may fluctuate contingent upon the type of currency held and the bank.  Features of an FCNR account FCNR is a foreign c...

  Be it for personal expenses or business requirements, properties have been the most valuable tangible assets people own. And Home Loans or Loans Against Property (LAP) are the most commonly availed loans by people living in India and Non-Resident Indians (NRIs). The NRI Loan Against Property can be used for many purposes, unlike home loans- for business, renovation of your workplace or home, buying commercial property, for higher education, etc. Things you need to know as an NRI, about NRI Loan against property Each bank offers different interest rates, tenure, lending terms and conditions, repayment options, etc. with the NRI Loan Against Property . Following individuals can avail of this loan: Salaried individuals who are above 24 years of age and are in permanent service at the time of loan commencement and up to the age of superannuation. Self-employed business persons filing Income Tax Return (ITR) and are over 24 years of age at the time of loan commencement and up to 6...

   NRIs are willing to invest in India after possessing a modest amount of income in abroad countries. There is an easy and efficient process of investment in India for the NRIs as the returns are high. RBI has proposed special investment schemes for NRIs to promote more investments from their end. But still, the NRIs need to be aware of the essential factors before they can go ahead and invest in India.  In this article, you will know about some of the investing tips for NRIs that one must keep in mind to make better decisions while investing in India. Look For The Ideal Investment Method You must look for the options available for NRIs to invest in India. There are numerous banks and financial institutions such as SBM Banks, HDFC, IDFC and others who are keen to provide investment options for the NRI finances. Some of such options include mutual funds, real estate, equity market and many more. Real estate, mutual funds and equity market are the most popular investment ...