NRI Banking

  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...

  Retirement is a big milestone that every person dreams and plans for much earlier than they retire. Retirement is an emotion. You have worked hard all your life, fulfilling responsibilities, providing for every need of the hour. Retirement is your time. You can spend it in peace and content or choose a life of fun and frolic, it’s completely up to you. With advanced NRI banking services in India, many NRIs choose to come back to their homeland to settle after their 50s. Settling in India is a wonderful decision only if you choose your location wisely. NRIs, today, do not hesitate when it comes to settling in varied locations in India rather than going back to their roots and staying in the same location for the rest of their lives! Dehradun Located at the Himalayan foothills, Dehradun is a perfect retirement adobe for NRIs who wish to settle in the cooler and quieter places in India. Well connected by air and rail, Dehradun is the biggest city of Uttrakhand. Pleasant weather all-...

  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 ...

  As an NRI, you have achieved a lot in your life and have made a mark for yourself in the world with your skills, acumen, and flair. The wealth that you have accumulated is a result of your hard work. You have not only made a name for yourself but the country of your origin as well. However, to see substantial growth in the wealth that you have accumulated you will need to deposit them in a savings account that gives you returns that you truly deserve. At the same time, you may also have certain goals and requirements to fulfil in India. Your parents or other family members in India might be dependent on you to some extent for which you may want to keep up a certain portion of your wealth in Indian currency and are aware of the growth potential this country has which is why it makes sense for you to invest in this country. For all these reasons you must have an NRI saving account . Apart from having high NRI savings account interest rates , the bank provides 24/7 customer support,...

  Non-Resident Indians do not get the chance to visit India as often as they’d like. The trips are almost always rushed and brief. In the middle of meeting all the relatives, attending family events, and taking a break to relax, important financial appointments take a backseat. The rules and regulations of investments for NRIs are ever-changing and, it is important for NRIs who wish to invest in Indian assets to keep track of these changes. Since most NRIs do not get the time to look after their financial portfolio in India as carefully as they’d like, they end up facing financial pitfalls that can be easily avoided if they are mindful.  Here are some things NRIs investing in India should take care of: Investing as a resident Once an individual gets the NRI status, they need to convert their existing savings accounts into NRO Savings Accounts or start a new NRE Savings Accounts to manage their savings in rupees. The rules and regulations of other investment instruments like ...