NRI Banking

  The Indian market is ripe with various investment opportunities for residents and non-resident Indians alike. NRIs from across the world have made the most of this opportunity and invested in India to gain lucrative returns on their funds. While most NRIs have NRE Savings Accounts , NRO Savings Accounts , or FCNR Accounts to manage their money in India, some NRIs go beyond and invest in a lot more to expand their portfolio. NRIs can invest in debentures, government securities, listed non-convertible debentures, mutual funds, and more either on repatriation or non-repatriation basis. NRIs enjoy many benefits when they invest in India, however, there may be questions about how these investments are taxed.  The taxation on NRI investments depends upon whether India has signed a Double Tax Avoidance Treaty (DTAA) with the NRIs country of residence. If yes, then the NRIs need not pay double tax on their investments in India. However, if the DTAA is not signed, the NRIs are expec...

  2020 may have been a challenging year for the Indian market, but the economy has started to revive in 2021. India is one of the largest and fastest-growing economies in the world, and one must fully leverage this opportunity to invest in the Indian markets for a diversified portfolio that provides high returns. An Indian stock market is always a good option for NRIs to invest in. The Foreign Exchange Management Act (FEMA) allows Non-Resident Indians and Persons of Indian Origin (PIOs) to invest directly in the Indian stock market, however, investing through mutual funds is considered to be a safer and smarter option. NRIs and PIOs are allowed to invest in all kinds of mutual funds in India, except for NRIs based in the US and Canada who may not have the luxury to do so due to the dreary paperwork required by Foreign Account Tax Compliance Act (FATCA).    If you are NRI planning to invest in mutual funds in India, here are some things you need to keep in mind. Open an Ac...

  While most NRIs have NRE Savings Accounts /NRO Savings Accounts/FCNR Accounts in India and even invest in the Indian markets, many may not consider buying life insurance in India. However, there are many benefits of maintaining a life insurance policy in India, especially if you have a family to take care of the back home. While NRIs support their families financially through various stages of life, life insurance policies help them look after their families in case of unforeseen events.    The Foreign Exchange Management Act (FEMA) allows Non-Resident Indias (NRIs) and Persons of Indian Origin (PIOs) to get life insurance in India. If you are an NRI or PIO, here are the eligibility criteria you need to meet for buying life insurance in India.   - You or your parents or grandparents have been citizens of India as per the Citizenship Act, 1965 - You possess or have possessed an Indian passport at some point - You are married to an Indian citizen   Here are some...

  NRIs have many investment options in India. From mutual funds to invest in the Indian stock market, NRIs have many lucrative options to make the most of their hard-earned money. But while most of these options come with risks of their own, Fixed Deposits don’t. Fixed Deposits may be a traditional way of saving money, but they are the safest way to earn steady and guaranteed returns, especially in volatile market conditions.  Most NRIs have their money lying idle in NRE Savings Accounts or NRO Savings Accounts in India, but they can earn better returns if they invest in Fixed Deposits. Here are the eligibility criteria for NRIs to open an FD in India Passport – The passport should display the name, date of birth, address, photograph, and signature of the applicant. Visa/Work permit – This includes the applicant’s permanent resident visa, work permit, resident permit, employment visa, and any other documents which may be asked to present by the bank. SBM Bank India offers at...