Why NRIs should invest in fixed deposits?

 Fixed deposits aid your long-term financial planning safeguarding sufficient funds while beating inflation. Many NRIs are willing to invest in India to diversify their savings plan and build a financially secure future. India has emerged as one of the fastest-growing economies in the world and an attractive investment destination. Fixed deposits are 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.

NRI fixed deposits are considered as one of the risk-free ways to financial growth in India. This eventually aids in wealth creation that can be reinvested or can be used to meet your requirements.


As an NRI you can opt for an NRI fixed deposit with 2 types of SBM’s NRI account:

·       Non-Resident External (NRE) Account

·       Non-Resident Ordinary (NRO) Account

NRE SAVINGS ACCOUNT

NRE savings account is used to deposit your foreign currency earnings in India from any part of the world.

NRO SAVINGS ACCOUNT

NRO savings account is used to manage all savings, earnings, payments, rentals, pensions, and businesses in India from anywhere in the world.

THE REASONS FOR AN NRI TO INVEST IN FIXED DEPOSITS

India is an attractive investment destination as it is a growing market with enabling environment and a transparent open policy regime. India has become a preferred location for NRIs as it offers higher interests when it comes to fixed deposits.

Fixed deposits help create wealth while offering diversification for your financial portfolio. Here are the benefits of opening an NRI fixed deposit:

1.     Assured returns: Fixed deposits are the safest method of investment in India. The returns on NRI fixed deposits are pre-decided and are free from market volatility. With guaranteed returns, you can be sure of the returns.

2.     Online facility: Opening NRI fixed deposits is easy and hassle-free. You can open, renew or close your FD in just a few clicks with a seamless and secured online service. You can open an FD in India using your mobile from anywhere in the world.

3.     Flexible tenure: NRI fixed deposits give you the option to choose your convenient tenure.

4.     Liquidity: You can withdraw and break your FD as per your requirement. This option makes it an ideal source of funds in case of an emergency. Depending on the bank the penalty charges may vary in case of premature withdrawal.

5.     Taxes: Interest earned on NRO accounts is taxable while it is tax-free for NRE accounts. In the case of NRO accounts, interest income will be added to your total income in India in that financial year and taxed as per the income tax slab applicable.

6.     FD calculator: You can use an FD calculator to plan your principal and tenure by matching your future expectations & returns.

There is a wide range of NRI fixed deposit options that you can choose from:

·       NON-RESIDENT EXTERNAL (NRE) FIXED DEPOSIT: The NRE Fixed Deposit is used for parking the funds that you earn outside India. You can plan your short- and long-term financial goals with NRE Fixed Deposit. It gives you higher returns and free repatriability on all your foreign earnings in India.

·       NON-RESIDENT ORDINARY (NRO) FIXED DEPOSIT: The NRO Fixed Deposit is used to maintain the income for an NRI that is generated in India. It can come from any property that you have in India in the form of rent or maybe your pension etc. It helps you grow your savings with competitive interest rates while you live overseas with risk-free processes.

·       NRI SUPERIA DEPOSIT: NRI Superia fixed Deposit is available in multiple currencies to invest and save in India. Get assured returns, guaranteed savings & security of money for a secured future with the NRI Superia Deposit.

·       FOREIGN CURRENCY NON-RESIDENT FIXED DEPOSIT: The FCNR Fixed Deposit is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months, or 60 months that can be chosen by you at the time of account opening.

It gives you great opportunities to save money in India when you work in a foreign country and are looking to dedicate more of their finance to Indian and other markets.

SBM Bank fixed deposits offer a wide range of investment options and exclusive benefits that perfectly fit into your expanding needs and evolving expectations. Enjoy high-interest rates, minimum risk, and attractive returns for your Indian and overseas earnings through a range of our fixed deposits.

Our range of Fixed Deposits is tailor-made for you to maximise the return on your money and where you can allocate your Indian earnings through a hassle-free and secure process. Move forward towards a financially stable and secured future with SBM’s fixed deposits.


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