NRI Banking

  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-...

  Planning your retirement is as important as planning your current financial implications and investments. A well-defined retirement plan can make your yesteryears peaceful, doubtful free and debt-free. Charting out a retirement plan is essential for everybody, especially an NRI who may wish to come back to India after retirement. Though deciding upon how you want to spend your retirement years may come naturally to you, there are certain practices that you may consider before funding your retirement plans. Define the when, where and how Factoring upon different aspects of your retirement can make your transition into your retirement easy. First things first, define the when, where and how of your retirement. Answering the when question means determining at what age or what strata of your professional career do you wish to retire. Where defines the place where you want to settle. It may the country of your residence, your homeland India or any other country which fulfils how the q...

  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...

  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...

Sophisticated corporate earnings have made the Indian stock market a lucrative opportunity for every NRI investor. Any Non-Resident Indian (NRI) willing to tap this prospect may directly invest in stocks given he has the expertise and time. However, investing in Indian mutual funds instead is both a smarter and more cost-effective decision. Moreover, it's the perfect time to invest in mutual funds! Mutual funds are available in 3 main categories – Equity fund that deals in mutual funds of stocks, debt funds that deal in mutual funds of debentures, bonds and other debt funds and Hybrid funds that are formed by keeping a certain percentage of both debt and equity funds.  Bank account – According to the Foreign Exchange Management Act (FEMA), an NRI must open an NRI account in India to carry out any financial transaction in the country. An NRI can choose to open an NRE savings account or an NRO savings account based on his requirements.  NRE savings account – If he wants to inv...

Homeland is what our feet may leave, but not our hearts! Even as NRIs we are linked to our homeland in one way or the other. You may have a relative staying in India, an old house, your alma mater, friends and many other linkages back home. Connecting you emotionally, mentally and even financially. So, why not make this engagement beneficial?! Here are some tips to help you maximise your financial benefits in India… Choose an appropriate NRI account For an NRI to carry out any financial transaction in India, first and foremost he or she needs to open an NRI bank account. He can choose from either an NRE account, NRO account or an FCNR account. NRE accounts let you deposit into your account your foreign currency earned outside India. NRO accounts let you deposit any income earned in India like rent, dividend, pension etc. Both these accounts are Indian currency dominated. While, FCNR account which deposits your income earned outside India, is held in foreign currency. Based on your requ...