NRI Banking

  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...

  Loan Against Property is a secured loan for both Indian residents as well as NRIs. In Loan Against Property, you can mortgage your property to the bank or lender and borrow money against the property. The loan amount will depend upon the property value. If you’re planning to move abroad, then opting for Loan Against Property might be the best time for you to seek an NRI loan against property . There are top banks in India such as SBM Bank, IDFC, HDFC and others that offer NRI loans against the property at low-interest rates. In this article, you will know about some of the best times to use a loan against property for meeting your requirements. Moving To Abroad Country If you’re moving to an abroad country, then there are chances that you may need money, so a loan against property can fulfil your financial needs. Several banks in India are offering lucrative value of your property by considering the repaying capacity of the individual. The banks check your profile before processi...

  FCNR (Foreign Currency Non-Resident) is a fixed deposit account that is offered by several banks of India to the NRIs. This account operates with foreign currencies and is one of the most popular investment elements for the NRIs with higher interest rates. The banks of India are offering higher interest rates for USD to NRIs for these accounts as compared to their resident country. In this article, you will know about some of the top banks in India that are offering best FCNR Deposit rates for USD . HDFC Bank HDFC Bank is offering FCNR interest rate for US Dollars as follows: ● 1.93% for 1st year. ● 1.54% for 2nd year. ● 1.22% for 3rd year. ● 1.17% for 4th year. ● 1.15% for 5th year. SBM Bank The FCNR deposit interest rate for HDFC bank are: ● 2.22% for 1 year and above but less than 2 years. ● 2.26% for 2 years and above but less than 3 years. ● 1.00% for 3 years and above but less than 4 years. ● 1.00% for 4 years and above but less than 5 years. ● 2.96% for 5 years and is th...

The NRE and NRO accounts are meant for NRIs to deposit abroad money into Indian accounts. There are many banks which offer NRO/NRE Savings account Services. They hold utmost importance when NRIs want to invest their money or send funds back to India. Here are some of the features to help you understand the importance of NRE and NRO savings accounts for NRIs. Importance Of NRO Account For NRIs NRO savings account is destined to serve the purpose of depositing foreign money onto Indian accounts by converting it into Indian currency. You will have to inform your bank about your NRI status to help them process the required documentation to give you access to this facility. Some of the points that explain the true efficacy of NRO accounts are: ● NRO savings account allows you to deposit any amount onto the account before moving to an abroad country. ● NRO accounts can also accept and deposit the money that you earn from Indian resources such as rents, dividends or investment returns. ● You ...

NRI account s can be opened by Non-Resident Indian who reside outside the geographic territory of India. This account facilitates account holders to manage transactions in the currency of their country of residence. There are types of NRI saving account one can opt to open: NRE Account NRO Account NRE Account: NRE (Non-Resident External) account is accessible to deposit overseas savings as rupee dominated. It is an account opened in India in the name of NRI. One can open a joint account between two Non-Resident Indians or a Person of Indian Origin with the SBM NRE savings account . Benefits of NRE account: Interest 6% p.a. with monthly payout of interest Tax-free returns Fully repatriable Competitive forex rates Dedicated Relationship manager Preferential pricing on a host of products and service Premium privileges with Personal concierge NRO Account: NRO (Non-Resident Ordinary Rupee) is an account opened in India by the name of NRI to manage the income earned in India. That earning c...

As per the taxation policies in India, the NRIs get similar tax benefits just like the residents of India. All the tax benefits are identical for them associated with the interest and principal repayment aspects. For housing loans, it is essential for NRIs to have an income source which is taxable in India. There are select legal acts under which it is provisioned for the NRIs to claim tax deductions for housing loans such as Section 80EE, 80C and 24 under the Income Tax Act. In this article, you will get to know about some of the tax benefits for NRI housing loan s in India. Most Commendable tax benefits for NRI Housing Loan Most of the banks and financial institutions in India are readily offering home loans for NRIs. But as per the select criteria, the tenure of home loan repayment might vary, and The interest rate is usually high for such loan candidates. However, there are loads of tax benefits. These include: 1. Tax Deduction On Registration, Stamp Duty & Principal Repayment ...

  PIS (Portfolio Investment Scheme) allows NRI to invest in different securities. NRIs can invest/trade on repatriation basis. Portfolio investment helps in dividing risk over different securities. Account holders can trade in shares and debentures of Indian companies, Invest in options and futures and also Invest in Mutual Funds. SBM NRE Portfolio Investment Scheme Account have it’s own benefits: · Invest in India from any part of the World · Buy, Sell, Repatriate at a click · Enjoy Smooth Transactions · 3-in-1 Account with Competitive Pricing · Competitive Brokerage and Value Added Subscription Plans · Award winning Research Team · Dedicated Support team