NRI Banking

  The Indian market is ripe with various investment opportunities for residents and non-resident Indians alike. NRIs from across the world have made the most of this opportunity and invested in India to gain lucrative returns on their funds. While most NRIs have NRE Savings Accounts , NRO Savings Accounts , or FCNR Accounts to manage their money in India, some NRIs go beyond and invest in a lot more to expand their portfolio. NRIs can invest in debentures, government securities, listed non-convertible debentures, mutual funds, and more either on repatriation or non-repatriation basis. NRIs enjoy many benefits when they invest in India, however, there may be questions about how these investments are taxed.  The taxation on NRI investments depends upon whether India has signed a Double Tax Avoidance Treaty (DTAA) with the NRIs country of residence. If yes, then the NRIs need not pay double tax on their investments in India. However, if the DTAA is not signed, the NRIs are expec...

  2020 may have been a challenging year for the Indian market, but the economy has started to revive in 2021. India is one of the largest and fastest-growing economies in the world, and one must fully leverage this opportunity to invest in the Indian markets for a diversified portfolio that provides high returns. An Indian stock market is always a good option for NRIs to invest in. The Foreign Exchange Management Act (FEMA) allows Non-Resident Indians and Persons of Indian Origin (PIOs) to invest directly in the Indian stock market, however, investing through mutual funds is considered to be a safer and smarter option. NRIs and PIOs are allowed to invest in all kinds of mutual funds in India, except for NRIs based in the US and Canada who may not have the luxury to do so due to the dreary paperwork required by Foreign Account Tax Compliance Act (FATCA).    If you are NRI planning to invest in mutual funds in India, here are some things you need to keep in mind. Open an Ac...

  While most NRIs have NRE Savings Accounts /NRO Savings Accounts/FCNR Accounts in India and even invest in the Indian markets, many may not consider buying life insurance in India. However, there are many benefits of maintaining a life insurance policy in India, especially if you have a family to take care of the back home. While NRIs support their families financially through various stages of life, life insurance policies help them look after their families in case of unforeseen events.    The Foreign Exchange Management Act (FEMA) allows Non-Resident Indias (NRIs) and Persons of Indian Origin (PIOs) to get life insurance in India. If you are an NRI or PIO, here are the eligibility criteria you need to meet for buying life insurance in India.   - You or your parents or grandparents have been citizens of India as per the Citizenship Act, 1965 - You possess or have possessed an Indian passport at some point - You are married to an Indian citizen   Here are some...

  NRIs have many investment options in India. From mutual funds to invest in the Indian stock market, NRIs have many lucrative options to make the most of their hard-earned money. But while most of these options come with risks of their own, Fixed Deposits don’t. Fixed Deposits may be a traditional way of saving money, but they are the safest way to earn steady and guaranteed returns, especially in volatile market conditions.  Most NRIs have their money lying idle in NRE Savings Accounts or NRO Savings Accounts in India, but they can earn better returns if they invest in Fixed Deposits. Here are the eligibility criteria for NRIs to open an FD in India Passport – The passport should display the name, date of birth, address, photograph, and signature of the applicant. Visa/Work permit – This includes the applicant’s permanent resident visa, work permit, resident permit, employment visa, and any other documents which may be asked to present by the bank. SBM Bank India offers at...

  While Indians go abroad for better careers and financial opportunities, many of them dream of returning home someday. Many of these NRIs have families in India that they financially support. These NRIs are constantly looking for newer ways to invest their money in Indian markets in an attempt to help with some extra finances at home and also to save for their future when they return to India. There are many options like NRE Savings Accounts , NRE Fixed Deposits , FCNR Deposits , and more that NRIs can start to keep some funds saved for the future in India, but there are more options that may offer better returns in the long run, and mutual funds are one of them. Much like resident Indians, NRIs are allowed to invest in mutual funds in India, however, they need to adhere to the Foreign Exchange Management Act (FEMA).   Here’s the procedure NRIs need to follow to invest in mutual funds in India:   Set up a bank account Indian Mutual Fund Asset Management Companies do not ...

  There are many NRIs who send a part of their income back home to India regularly. Be it for family expenses, investments, or payment of bills, many NRIs open an NRE Savings Account to manage expenses back home in Indian rupees. Non-Resident Indians can open an NRE Savings Account, deposit money in the currency of their residence and it can be withdrawn in Indian currency from the account. What’s more, the amount is fully repatriable. An NRE Savings Account is one of the best ways to send money to India because there are many benefits attached to it. Here are some of them.   Tax-free returns One of the best benefits of an NRE Savings Account is that the interest earned on the principal amount is non-taxable in India. You can earn lucrative returns without having to pay extra tax. It’s a win-win!   Easy transferability to a foreign account The principal amount and the interest in an NRE Savings Account are easily transferable to an account in any foreign bank without any...

  No matter how far you go, a part of you will always yearn for home. No wonder there are so many NRIs who are constantly looking for investment opportunities in India. The country has been through major industrial development in the last 20 years, and hence, many NRIs are looking to invest in Indian markets. It helps them provide financial stability for their families back home and also earn some profits for themselves. While there are many NRI Savings Accounts such as NRE Savings Account, NRO Savings Account to park money and generate some earnings, there are more lucrative opportunities for NRIs to invest their wealth in India. Here are some popular options: Fixed Deposit If you’re looking to invest your money and get decent returns, Fixed Deposits are a safe and promising bet. FDs are popular among residents as well as Non-Resident Indians because they help diversify your portfolio and you get guaranteed returns notwithstanding market fluctuations. You can invest in NRE Fixed...