4 Financial goals that NRIs should set in 2022.

The best way to predict your future is to create it. With the New Year ticking in with optimistic trends trying to bring in a closure to the pandemic, all that an NRI should do is plan well how he wishes to shape his financial future. Goals set at the beginning of the year give people a positive momentum to achieve their financial goals.

Reallocate your funds

The pandemic has changed the dynamics of all financial markets and industries exponentially. Some industries have flourished while most sectors have been hit badly. New areas where you can allocate your funds have also cropped it. It is a wise decision to look into your current finances and rebalance your asset allocation to minimise risks and maximise returns.

Chart out a well-diversified Investment Plan

The Indian markets are considered as one of the most lucrative options to invest one’s hard-earned money. With the highly rewarding service sector and rapidly developing industrial sectors, India is highly popular among foreign investors when it comes to parking and profiting their hard-earned money. Due to heavy foreign direct investments and NRI funds, the Indian markets give distinctive facilities to the NRIs of the country. Special NRI accounts, FCNR and NRE fixed deposit accounts, NRI bonds and gold schemes, premium NRE savings account interest rates and much more. The government also facilitates NRIs to invest in various Pension Schemes, Mutual funds and real estate as well.

Design your Retirement Plan

Your retirement is the sweet fruit of all the hard work you have put in all these years. Most NRIs plan their retirement well in advance to spend the rest of their life in comfort and luxury. However, instead of saving or tomorrow, they often sacrifice their today. This 2022, chart out a retirement plan that not only helps you lead a dignified and convenient life after retirement but also generates an income after you retire. This will reduce your burden of saving money today. Choose from a wide range of investment instruments like Pension Schemes for NRIs, save in FCNR fixed deposit accounts or invest in mutual funds. A well-thought retirement plan can not only provide for your retirement needs but also leave you with a surplus.

Choose your Insurance well

Medical or fatal contingencies can jeopardise all the planning that we may have done for our future. An unforeseen ailment or natural calamity may wash away funds kept aside for your retirement or higher education of your children or that much thought of property you wish to buy. Signing up on an insurance policy will take care of all these uncertainties without becoming heavy on your pocket.

Various financial institutions provide you with NRI life insurances, NRI health insurances, fire and safety insurance, general insurance and many other industry-specific insurances. SBM Bank India assists you with experts who can help you choose insurance plans that suit you best.

Not all new year resolutions are meant to be broken. Fulfilling your financial goals will give you an impetus to plunge into many more future financial endeavours. However, fulfilling the above-mentioned goals may seem to be a lot of struggle. All that you will need is a little help from country-specific financial experts who can guide you towards all the available investment instruments and best practices in India. With SBM Banks NRI services, enjoy the process of planning your new year with ease and confidence. Open an NRI account that helps you transfer and transact with your international savings in India. SBM India is always happy to support you in case of any assistance that you may require. Also, visit SBM India to know more about our NRI accounts.