NRI Banking

  Planning your retirement is as important as planning your current financial implications and investments. A well-defined retirement plan can make your yesteryears peaceful, doubtful free and debt-free. Charting out a retirement plan is essential for everybody, especially an NRI who may wish to come back to India after retirement. Though deciding upon how you want to spend your retirement years may come naturally to you, there are certain practices that you may consider before funding your retirement plans. Define the when, where and how Factoring upon different aspects of your retirement can make your transition into your retirement easy. First things first, define the when, where and how of your retirement. Answering the when question means determining at what age or what strata of your professional career do you wish to retire. Where defines the place where you want to settle. It may the country of your residence, your homeland India or any other country which fulfils how the q...

  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...

  FCNR Accounts have become a popular tool for investment for NRIs in India, especially after the Union Budget 2019. The revised interest rates and merging of foreign portfolio investments (FPI) with NRI portfolio investments have made these accounts the topmost investment options for NRIs. What are the FCNR Accounts? FCNR is an acronym for Foreign Currency Non-Resident (FCNR) bank (B) account, which is a term deposit account that allows the Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) to transfer their foreign income to India in the same currency in which they are earning. This protects them against exchange rate risks. Features of an FCNR account FCNR is a foreign currency-denominated account, where you can invest in your resident currency. FCNR deposit accounts are not a savings account and have a minimum tenure of 1 year and a maximum of 5 years. No need to pay income tax on interests earned from FCNR accounts. Both principal and interest are freely repatriable...