The moment you step out of your country, you have to find a different way to manage your funds. This mainly includes taking care of bank accounts, investments, assets, etc. Also, you have to prepare yourself, if you are sent to India due to any unforeseen circumstances. Investing in India has become simpler and hassle-free, thanks to the variety of services offered by the Indian banks. Moreover, RBI has special investment schemes in place for NRIs.
Apart from opening an NRI bank account, which are the other options that an NRI can look up to?
1) Open an NRE/NRO account: One of the key options that bank officials offer is an NRI account. Under this category, you have two options to choose from NRE and NRO account. If you still have some source of income flowing in India, you can deposit them in your NRO account. Else, you can store your foreign curre ncy in India through an NRE account after converting the same in the rupee.
2) Look out for other means of investment: The other options that you can opt for apart from an NRI bank account are real estate, the stock market, mutual funds, fixed deposits, etc. However, there are some restrictions for NRIs from the United States of America (USA) and Canada who select the mutual funds' option. Only a few mutual funds companies accept investments from these countries.
3) Look for Indian bank branch in the residing country: If you are comfortable operating with an Indian bank, then research about the banks around the place you will be staying. Managing funds through an Indian bank is more comfortable , especially if you have plans to move to India in the future.
4) Ponder upon before going for loans: One of the biggest advantages of being an NRI is that you can take a loan from both India and overseas. Consider the best one before freezing on an option regardin g interest rates, inflation rate, currency rate fluctuations, etc.
5) Beware of currency fluctuations: The biggest drawback for an NRI is the currency fluctuations as that could affect his/her investment plans. A slight change in the Indian currency can impact your returns.
6) Keep yourself posted with economic conditions: If you own properties or have money in India, then be aware of the economic conditions in India. Change in taxes and economic reforms could affect your funds.
7) Buy health insurance: One of the major concerns for NRIs is health treatment. Medical expenses overseas are expensive. They often prefer to get their treatment in India. So, purchasing health insurance in India is always a welcome idea. However, do check the geographic coverage your policy has to provide.
Which options do you find feasible? An NRI bank account or other investment options?
Apart from opening an NRI bank account, which are the other options that an NRI can look up to?
1) Open an NRE/NRO account: One of the key options that bank officials offer is an NRI account. Under this category, you have two options to choose from NRE and NRO account. If you still have some source of income flowing in India, you can deposit them in your NRO account. Else, you can store your foreign curre ncy in India through an NRE account after converting the same in the rupee.
2) Look out for other means of investment: The other options that you can opt for apart from an NRI bank account are real estate, the stock market, mutual funds, fixed deposits, etc. However, there are some restrictions for NRIs from the United States of America (USA) and Canada who select the mutual funds' option. Only a few mutual funds companies accept investments from these countries.
3) Look for Indian bank branch in the residing country: If you are comfortable operating with an Indian bank, then research about the banks around the place you will be staying. Managing funds through an Indian bank is more comfortable , especially if you have plans to move to India in the future.
4) Ponder upon before going for loans: One of the biggest advantages of being an NRI is that you can take a loan from both India and overseas. Consider the best one before freezing on an option regardin g interest rates, inflation rate, currency rate fluctuations, etc.
5) Beware of currency fluctuations: The biggest drawback for an NRI is the currency fluctuations as that could affect his/her investment plans. A slight change in the Indian currency can impact your returns.
6) Keep yourself posted with economic conditions: If you own properties or have money in India, then be aware of the economic conditions in India. Change in taxes and economic reforms could affect your funds.
7) Buy health insurance: One of the major concerns for NRIs is health treatment. Medical expenses overseas are expensive. They often prefer to get their treatment in India. So, purchasing health insurance in India is always a welcome idea. However, do check the geographic coverage your policy has to provide.
Which options do you find feasible? An NRI bank account or other investment options?
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