NRI Banking

  Being able to go back to a well-established house in your homeland which you can call your own – is a dream come true for many NRIs living abroad. But is it really advisable to block a huge chunk of your funds into building a house which you will use, at least in the near future, only as a second home? To resolve this dilemma, the Indian financial institutions provide NRIs with a well-designed financial system known as NRI housing loans.  What exactly is NRI Housing Loan? NRI Housing Loan is a loan provided by banks to NRIs for purpose of purchasing a land/ building/ house or property for residential purposes. NRI housing loan can also be taken for renovating or remodelling an old property or constructing a new building altogether. These loans are typically called home improvement loans.  In order to avail of an NRI housing loan, an NRI has to first and foremost open an NRI account with an authorised bank. Secondly, he or she has to partner with an Indian resident who w...

  First things first – Let us all understand what investing is exactly? Investing for any person having a stable income means setting aside a portion of this income that you think you may not require in the short-term future. While you are working hard in another country to earn the luxuries of life, this extra money of yours if invested well, helps you generate an additional income apart from your regular business.  As an NRI, the Indian markets give you a vast opportunity to invest your money and reap the lucrative benefits of your investments. The government also gives NRIs special preferences and facilities when it comes to investment in the Indian markets. All you have to do is open an NRI savings account with a bank in India. You can opt for an NRE account, NRO account or an FCNR account according to your needs and requirements.  NRIs can invest in various Indian asset classes like NRI mutual funds, Stocks, Pre-IPOs, Indian bonds, Real estate and many more. If you t...

  Providing NRIs with lucrative returns without much hassle was the main objective with which the FCNR account was first introduced. This primary objective still holds.  What is an FCNR Account? FCNR stands for Foreign Currency Non-Resident Account. It is a term deposit account popularly known as an FCNR deposit . These fixed deposit accounts are opened for depositing foreign currency income earned overseas. The account is maintained in the same foreign currency as deposited.  NRIs (Non-Resident Indians) and PIOs (Person of Indian Origin) are eligible to open an FCNR account with an authorized bank or dealer.   FCNR account is more beneficial to those NRIs who are sure to repatriate their funds from the account on maturity. Also, FCNR deposits are a good option for NRIs who are looking for a secure hassle-free fund deposit option in India. You can book your FCNR Account in  US Dollars Canadian Dollars Australian Dollars Pound Sterling Swiss Franc Euro Japan...

  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...

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 i...

  NRI account refers to a Non-Resident Indian’s bank account with an Indian Bank. This is mandatory for an NRI to carry out financial transactions in the country. Continuing financial transactions in India with your old resident bank account is considered illegal. Today, the digitization of India’s banking system has made it extremely convenient for NRIs to open an NRI account sitting miles away in the country of their residence. Procedure To open an NRI account, an NRI has to first and foremost visit the nearest branch of the bank in India (if you are in India). If you are overseas, then all you have to do is provide your contact details and a time bracket when the bank officials can contact you to help you open an NRI account online.  You can also opt for the online Paperless Account Opening procedure wherein you will have to download the account opening application form from the bank website, duly fill and sign the same.  Keep all the required documents ready in the p...

  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 ...