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...

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...

  Most Non-Resident Indians have families back in India, especially elder parents. Taking care of them from a different part of the world might seem challenging, but it’s a lot easier if you have a good health insurance plan in place. Non-Resident Indians can buy health insurance for their parents in India even when they live overseas and can even manage various payments in India no matter where they are in the world. It is always recommended to get health insurance for your parents, especially in sensitive times like these, it’s always good to be prepared with a solid insurance plan which offers state-of-the-art healthcare facilities so that you can rest assured. Good health insurance will also protect you and your parents from exorbitant charges in case of hospitalization. However, it is important to choose the right insurance plan for your parents. You can go for an individual plan or could also opt for a family health plan and add your parents as dependents. A senior citizen he...

  Be it for personal expenses or business requirements, properties have been the most valuable tangible assets people own. And Home Loans or Loans Against Property (LAP) are the most commonly availed loans by people living in India and Non-Resident Indians (NRIs). The NRI Loan Against Property can be used for many purposes, unlike home loans- for business, renovation of your workplace or home, buying commercial property, for higher education, etc. Things you need to know as an NRI, about NRI Loan against property Each bank offers different interest rates, tenure, lending terms and conditions, repayment options, etc. with the NRI Loan Against Property . Following individuals can avail of this loan: Salaried individuals who are above 24 years of age and are in permanent service at the time of loan commencement and up to the age of superannuation. Self-employed business persons filing Income Tax Return (ITR) and are over 24 years of age at the time of loan commencement and up to 6...

   NRIs are willing to invest in India after possessing a modest amount of income in abroad countries. There is 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. But still, the NRIs need to be aware of the essential factors before they can go ahead and invest in India.  In this article, you will know about some of the investing tips for NRIs that one must keep in mind to make better decisions while investing in India. Look For The Ideal Investment Method You must look for the options available for NRIs to invest in India. There are numerous banks and financial institutions such as SBM Banks, HDFC, IDFC and others who are keen to provide investment options for the NRI finances. Some of such options include mutual funds, real estate, equity market and many more. Real estate, mutual funds and equity market are the most popular investment ...

  One of the most critical challenges that NRIs face over time is to manage their accounts and finances while they are abroad. They need to adopt some special measures to make the money transfer aspects smooth from abroad to Indian accounts.  For keeping it secure and safer, NRIs try looking for all their available options. The banks and financial institutions can be the first point of contact to let the NRIs know about their available options. To help NRIs learn about their safe and secure money transfer process, here are some of the money transfer tips for NRIs that they must keep in mind.  Create NRE & NRO Savings Accounts On Priority An NRI must open NRO Savings account or NRE savings account in India on priority. These accounts will help the NRIs credit their abroad income into Indian accounts. Not just that but they can also credit the income that they get from Indian resources into NRO Savings accounts . The Indian income resources can be from local salaries...

  NRIs (Non-Resident Indians) who want to keep their India based earnings in India, usually hold either NRE or  NRO savings accounts . These are fairly popular deposit options exclusively available to them which give them a good rate of return and place their funds in India. An  NRO savings account  is a Non-Resident Ordinary Rupee Account, usually opened by an NRI to manage the income in any form (like rent, pension or other types of dividends) that is earned in India. Hence, such an account helps them in two ways: they can send their earned money to India from the resident country, and retain their income earned through other assets in India. How to open an NRO savings account The candidate (here, NRI) has got two options to open his  NRO savings account : He/she can either convert his/her existing resident account in India to  NRO account , Or he/she can open a new  NRO account . These options would require the candidate to submit the documentary pr...

  If you’re moving to a foreign country and are worried about managing your banking services in India, then SBM Bank has got your back. They offer a wide range of  NRI banking services  which cover everything from banking to investment to loan. SBM Bank aims to offer convenient and rewarding investment schemes and products to its customers whether you are in India or anywhere else. They offer attractive interest rates and world-class privileges on their deposits and accounts, along with 24*7 strong customer support and hassle-free management. NRI saving account SBM Bank offers NRIs the best options for banking and wealth management opportunities so that they can work stress-free while SBM takes care of their banking needs. With SBM  NRE Savings Account ,  you get to deposit your funds and get free access to them in INR and earn profitable returns. Or, you can also convert the same funds into the currency of your resident country and repatriate it any time you wa...