NRI Banking

  Homecoming is a sentiment! Love, Nostalgia, Joy and Apprehensions. Apprehensions of resettling in a place that may have changed over the years. Shuffling from one country to another can be overwhelming, packing your belongings, winding up your work, settling your bills to closing your accounts. The ecosystem of the Indian economy is quite different from that of the western nations. It is always advisable to do a little homework about the place before you start your journey. Plan your Finances Since you will be settling in a new country, your incomes, expenses, investments everything will change. The first thing you need to do is rework your financial plan. Special attention needs to be given to asset allocation and parking of your current funds in the right places. Set your long term and short term goals beforehand, make provision for contingencies and set aside some budget for any extra expenses which you may incur at the beginning of your tenure. Study the Indian Tax System Tax...

  Any Non-Resident Indian who wishes to carry out financial transactions in India needs to open an NRI bank account. Continuing to transact with your regular Indian resident savings account is considered illegal once you attain an NRI status.  An NRI can open an NRE account or an NRO account . According to his or her needs.  What is an NRE Account? NRE, Non-Resident External account is a rupee dominated bank account opened to deposit an NRI’s foreign income in India. This account is available in the form of current, savings, recurring or fixed deposits.  An NRE account comes with attractive features such as NRE savings account interest rates , minimum required account balance, internet and mobile banking services and much more.  However, an NRI cannot deposit domestic funds generated in India into his NRE account other than transfers from his NRO account for which separate documentation is required. An NRI can be held jointly by two eligible NRIs or a resident I...

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...

Industrial development in India has been commendable in the last few years. New businesses are flourishing in India which has attracted many foreign direct investments. Non-Resident Indians are always looking for lucrative opportunities to grow their wealth and the Indian stock market offers many options to expand their portfolio. However, shares and securities are always subject to market risk. Fixed Deposits on the other hand are a more secure and laidback approach to saving money. The market conditions do not affect your investments, however, the rate of interest on Fixed Deposits is way lower than stocks. So, what should a Non-Resident Indian who’s looking to put some extra funds away invest in? Let’s dive deeper into what stocks and Fixed Deposits have to offer, and you can decide for yourself. Fixed Deposits One of the oldest and the most secure way of investing your money is putting them away safely in Fixed Deposits. One has to open a Fixed Deposit with a bank of their choice, ...

  Sending money to India from abroad seems difficult as one has to wait for the right exchange rates, the transaction/operational costs associated with the money transfer, along with the duration within which the money should reach the recipient. But with the advent of technology, money transfer has now become way more hassle-free and much easier. Now remitting money back home can be done through convenient modes offered by the SBM Bank.  Some of these avenues are: SBM Remittance Services  SBM Bank provides an online transfer facility through SBM Remit, which enables the NRIs to send money to India from Mauritius, Europe, UK, Japan, the United States, and Australia. Moreover, the remitters can also transfer money to their NRE savings account in India. The transactions are fully secure and encrypted and the data is protected by advanced firewalls.  Online Transfer Probably the easiest way to transfer money is through online mode using your local bank’s inte...

  Non-Resident Indians who are keen to invest in the Indian stock markets can now get it done seamlessly. There are few ways by which they can handle the procedure and paperwork essential for the same. These efficient ways allow NRIs to make their investment in the stock markets of India efficiently. In this article, We've shared some effective ideas for NRI investment in India. Make use of a Mandate Holder If you opt for portfolio investment services Investment, Then having a mandate holder is the best assistant to operate the NRE accounts . All the NRI investors can seek to appoint a mandate holder to take care of their wealth. The respective appointment is to be signed by obtaining the form from the bank. KYC documents are a must to verify the credentials of NRI. The mandate holder will also sign the form for proceeding with the registration process. Now, the mandate holders can issue cheques, draw cheques, handle payments, and use the cards on behalf of NRI. There are banks an...