NRI Banking

  When resident Indians move abroad, there are many things to check off their to-do lists. From packing up your belongings, figuring out accommodation, booking tickets, sorting out visas and other permissions to meeting your family and friends one last time before you pack your bags for good, there are many tasks to be accomplished. But between the chaos and the excitement of it all, don’t forget to settle your finances in India. After all, you’d rather enjoy the sights and culture of your new home and not being buried in paperwork from your bank accounts back in India. One of the most important tasks you have to finish before leaving the country is taking care of your savings account. Many resident Indians feel stumped as to what to do with their already existing savings account as they won’t be valid once they become Non-Resident Indians (NRIs). Well, you don’t need to close your accounts, you can simply get them converted into an NRO Savings Account (Non-Resident Ordinary) or o...

  Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizenship of India (OCIs) are always looking for lucrative ways to invest in India. Real estate has always been a favorable option for NRIs due to the emotional connection they have with their homeland. Many NRIs aim at settling down in India after retirement, and for that purpose, investing in real estate in India is a good idea. Even looking solely from an investment point of view, it is an attractive proposition. NRIs can expect 7-8% appreciation annually over ten years. To encourage more Non-Resident Indians to invest in the Indian real estate market, the RBI and Foreign Exchange Management Act (FEMA) have laid down a few guidelines. Here are some more rules that NRIs need to keep in mind before investing in properties in India: Types of properties NRIs can invest in as many residential and commercial properties as they wish in India. However, agricultural land, plantation property, or farmhouses can...

  While many Indians leave their homeland to make a better living abroad, they usually aim to come back home after retirement. A lot of financial planning goes into ensuring that your retirement years are comfortable. If you’re a Non-Resident Indian aiming to return to India after retiring, here are some things you need to consider. Set a retirement age Most people choose to retire by 60, but you can aim to retire earlier if you set some financial goals for yourself and follow through. Your retirement age also depends on your country of residence. Expats in the UAE can work only till they are 65. However, in Saudi Arabia, Oman, and Kuwait the retirement age is 60 years. If you still wish to continue working in some capacity after retirement, you can always choose to work in India. An unspoken rule in retirement planning is that you spend two-thirds of your life working and accumulating wealth for retirement and the third is spent in the drawdown. There are 4 major factors to consid...

Many Indians dream of settling abroad, but only a few have the determination to make it happen. Moving abroad is almost like starting a brand new life as an NRI (Non-Resident Indian). According to Foreign Exchange Management Act (FEMA), an NRI is a prior resident of India who has moved abroad for professional reasons or an indefinite period. The idea of starting a brand new life in a new country may sound very exciting, but before you pack your bags and leave for good, it’s good to make sure that you have put your finances in order back home.  Here are some tips to keep in mind before you start your new life abroad: Convert your bank accounts If you have a source of income in India from your property on rent you will have to maintain an NRO Account (Non-Resident Ordinary). You can convert your Savings Account to an NRO Account before you leave the country so that you can manage your earnings in INR with ease. In case you have multiple resident Indian accounts, you can also consolid...