NRI Banking

  Non-Resident Indians do not get the chance to visit India as often as they’d like. The trips are almost always rushed and brief. In the middle of meeting all the relatives, attending family events, and taking a break to relax, important financial appointments take a backseat. The rules and regulations of investments for NRIs are ever-changing and, it is important for NRIs who wish to invest in Indian assets to keep track of these changes. Since most NRIs do not get the time to look after their financial portfolio in India as carefully as they’d like, they end up facing financial pitfalls that can be easily avoided if they are mindful.  Here are some things NRIs investing in India should take care of: Investing as a resident Once an individual gets the NRI status, they need to convert their existing savings accounts into NRO Savings Accounts or start a new NRE Savings Accounts to manage their savings in rupees. The rules and regulations of other investment instruments like ...

  Non-Resident Indians are always looking to invest in Indian assets, and one of the best investments is investing in real estate. While there are many options for NRIs to invest in, such as NRI Fixed Deposits, FCNR Deposits , and even NRE Accounts and NRO Accounts, real estate in India is booming, and hence, a good option for investment. Most NRIs like to settle in India after retirement, so buying property in India is always a good idea. Even NRIs who don’t wish to settle in India consider Indian real estate as a secure investment. In recent times, property rates have dropped significantly in India. Moreover, the dropping rupee rate, lower interest rates on home loans, lower deposit rates, and discounts by builders are also encouraging NRIs to invest in real estate in India. Apart from the monetary benefits, the implementation of RERA has made it very convenient for NRIs to invest in real estate without any hassles. The rules and regulations for NRIs to invest in Indian real esta...

Before moving abroad, Non-Resident Indians are advised to convert their resident savings accounts into NRO Savings Accounts. As an NRI, you cannot hold resident savings accounts, however, you can convert your bank account into an NRO Savings Account and enjoy lucrative interest rates. You can also deposit earnings from India into an NRO Savings Account. This usually includes money earned as rent from property in India or interest earned on investments. While most NRIs tend to convert their resident savings accounts, they may have Fixed Deposits in India. One might wonder what they can do once their Fixed Deposit matures. In such cases, NRIs can choose to convert their regular Fixed Deposit into an NRO Savings Account (Non-Resident Ordinary). There are 3 types of non-resident accounts namely- NRE Savings Account (Non-Resident External), FCNR Account (Foreign Currency Non-Resident), and NRO Savings Account (Non-Resident Ordinary). Let us understand each of these NRI Accounts, their tax...

  Studying abroad is something most students dream of, and parents do everything in their capacity to help make this dream come true for their children. In the first two months of 2021, more than 70,000 Indian students went abroad to study in various foreign universities. The enhanced standard of living, quality of education, the experience of a foreign campus, and starting a new life are all very exciting for students. However, there are many important things to consider before students fly off to their new homes overseas. Students who migrate abroad to finish their education are considered NRIs, and hence, the same rules as any other Non-Resident Indian apply to them. Money management is one of the most important challenges faced by NRI students. Before leaving the country, students need to convert their already existing resident savings account into an NRI Account or open a new one. NRI Accounts allow easy movement of money between India and the student’s country of residence. T...