NRI Banking

  Being able to go back to a well-established house in your homeland which you can call your own – is a dream come true for many NRIs living abroad. But is it really advisable to block a huge chunk of your funds into building a house which you will use, at least in the near future, only as a second home? To resolve this dilemma, the Indian financial institutions provide NRIs with a well-designed financial system known as NRI housing loans.  What exactly is NRI Housing Loan? NRI Housing Loan is a loan provided by banks to NRIs for purpose of purchasing a land/ building/ house or property for residential purposes. NRI housing loan can also be taken for renovating or remodelling an old property or constructing a new building altogether. These loans are typically called home improvement loans.  In order to avail of an NRI housing loan, an NRI has to first and foremost open an NRI account with an authorised bank. Secondly, he or she has to partner with an Indian resident who w...

  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...

Coming to the management of your funds, always trust an expert. You may be a field expert, high-end professional or an accomplished businessman, but when it comes to investing your funds in a different country do not forget to engage industry experts of the country. India, though, may not be an NRI, however, you may need help when it comes to making financial decisions in the country. This is all because both the financial and economic demographics of a country change periodically. Investing in fixed deposits may sound ancient, but is still the most popular practice among Indians and NRI investors. An NRI who wishes to park his funds in India needs to first open an NRI account with an authorized Indian bank. He can choose from either an NRO (Non-Resident Ordinary) account, NRE (Non-Residential External) account or FCNR (Foreign Currency Non-Resident) account.  NRI fixed deposits are similar to term deposits. NRIs use an NRE account to open an NRE fixed deposit while they use their ...

  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-...

  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...