NRI Banking

  Fixed Deposits have always been a safe and profitable way of investing money. Indians have been using Fixed Deposits for decades to save and get more returns on their money, and now, even Non-Resident Indians can do the same with a range of NRI Fixed Deposit Accounts. There are three major categories of NRI deposits, each serving a different purpose. Let us understand what these deposits are and what purpose each of them serves. NRE Fixed Deposit Account A Non-Resident External (NRE) Fixed Deposit helps NRIs deposit their earnings in the currency of their country of residence. However, the currency is then converted into INR at the prevailing exchange rates. Once the money is deposited, it starts earning interest as per the applicable FD rates for a fixed tenure. Withdrawals from these deposits are made in INR. The best part about this account is that the interest earned on an NRE Fixed Deposit Account is not taxable in India. This deposit is especially suitable for NRIs with fa...

  Just like there are various types of bank accounts for Indians living in the country, there are different types of NRI accounts for Indians living abroad to help manage their money back home in India. To understand the different types of bank accounts an NRI can open in India, first, let us understand who qualifies to be an NRI. When an individual stays out of the country for at least 120 days in a year and less than 365 days in the previous 4 years, their residential status changes to Non-Resident Indian (NRI). Any NRI is qualified to open an NRI account with various banks in India. Banks such as SBM Bank India offers a range of NRI Savings Accounts with competitive interest rates and many more benefits that help make managing funds back home easy. Based on their investment and financial needs, NRIs can opt for any of the following accounts. NRE Savings Account A Non-Residential External Savings Account or NRE Savings Account is opened by NRIs to maintain earnings from their...

  Digital and mobile banking have been on a steep rise for the last couple of years. Needless to say, mobile banking has made life easier and banking transactions faster and much more convenient. But with the global pandemic in 2020 and social distancing norms and stay-at-home orders, mobile banking became a need of the hour, and in 2021, the demand for it has only grown. Gone are the days of standing in long queues outside ATMs to withdraw cash. So are the days of visiting the bank often to get transactions done. Mobile banking has revolutionized the way we bank, and the services are only going to get better with every passing year. If this isn’t enough for you to ditch the traditional ways of banking, here are some more benefits of mobile banking in 2021 that you need to look out for. 24X7 Access to your Account A decade ago, you would have to go to the bank and fill in your passbook to check your account balance, but now you can do so by just logging into an app. That’s the conv...

  The Indian stock market offers many opportunities to invest in stocks and debentures and earn immense profits. Non-Resident Indians (NRIs) and Persons of Indian Origin (POIs) can also enjoy these perks through the Portfolio Investment Scheme. Under this scheme, NRIs can buy and sell shares and convertible debentures by Indian companies registered under a recognized stock exchange through their NRI bank accounts. RBI has come up with this scheme so that NRIs can easily invest in the Indian stock market and reap the benefits of the same. For NRIs to buy and sell shares through a recognized stock exchange, they need to set up an account with a bank that has a global presence. SBM Bank India in association with India Infoline provides this service to NRIs. An NRI can invest either on a repatriation basis or on a non-repatriation basis. An NRI requires an NRE Savings Account (Non-Resident External) for foreign inward remittances through an overseas account for investments on a repatr...

  The New Year is about new beginnings. While most of us are planning the things we want to achieve in the year 2021, we also need to think about our finances and make crucial financial resolutions to ensure we have better years to come.  This blog will walk you through some crucial financial resolutions that you need to adapt to your new year’s resolutions. Financial resolutions for NRIs that will make your life better. Invest in health insurance Health insurance is an essential part of NRI financial planning . Getting adequate health insurance for you and your family is probably the most important financial decision that you will make. Health insurance costs very little, and it is a safety net that takes care of you and your family in times of need.  Be careful about the plans you choose; consider your family’s health requirements.  Get a contingency fund. After health insurance comes to a contingency fund, but what is a contingency fund? A contingency fund is your...

  Sending money to India from abroad seems difficult as one has to wait for the right exchange rates, the transaction/operational costs associated with the money transfer, along with the duration within which the money should reach the recipient. But with the advent of technology, money transfer has now become way more hassle-free and much easier. Now remitting money back home can be done through convenient modes offered by the SBM Bank.  Some of these avenues are: SBM Remittance Services  SBM Bank provides an online transfer facility through SBM Remit, which enables the NRIs to send money to India from Mauritius, Europe, UK, Japan, the United States, and Australia. Moreover, the remitters can also transfer money to their NRE savings account in India. The transactions are fully secure and encrypted and the data is protected by advanced firewalls.  Online Transfer Probably the easiest way to transfer money is through online mode using your local bank’s inte...