Things NRIs must keep in mind before investing in India
NRE Account: - Non-Resident External Rupee Account or NRE account is a type of bank account where the foreign currency will be converted into Indian currency at the prevailing rates in the international market. An NRE account can be a savings accounts, recurring deposit or a fixed deposit account. Moreover, the principal and the interest amount of an NRE account is completely repatriable.
NRO Account: - Non-Resident Ordinary Rupee Account or an NRO account can be conveniently used by the NRIs to deposit their money in India. However, it has a limit of 1 million USD and the interest rates are subject to income tax deduction in India. This account should be primarily used to manage your earnings in India.
FCNR Deposits: - Foreign Currency Non-Resident Bank Deposits are used by NRIs to avoid the fluctuations in the exchange rates of foreign currencies. This account can also be jointly opened with a resident Indian. Also, the interest earned in this type of account is completely tax free. This account can also be jointly opened with an Indian resident. The deposits can be made for a minimum of one year and a maximum of five years.
Certain banks also offer a combination of NRE and NRO accounts for a more flexibility and convenience. In India, this facility is provided by YES BANK. YES BANK’s objective is to provide a comprehensive and holistic banking solution to Non Resident Indians through Global Indian Banking (NRI Services) program
If you are an NRI who is already living abroad, you can send the required documents to the bank branch in India after attesting them with the Indian Embassy or the signing authority of a scheduled commercial bank branch registered in India. However, this process becomes much easier if you complete the formalities before you leave India.
To know more about YES BANK’s NRI offering, Click here
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much moreRead More