India is one of the fastest growing economies in the world. The financial scenario of the country has undergone a paradigm shift over the last few decades, thereby helping it emerge as one of the most promising markets for investment growth. Interest rates in India are at an all-time high as compared to the other emerging markets of the world. Due to this reason more and more Non-resident Indians are turning to India to park their surplus earnings. There are a number of investment options available In India that will leave an NRI spoilt for choice.
In order to invest fruitfully, an NRI must be aware of all the various investment options available to him/her.. An NRI can invest in various investment schemes such as money market mutual funds, fixed deposits, treasury bills, Government securities, real estate, certificate of deposits, company deposits and many more.
Before an NRI proceeds with any form of investment, it is imperative for him/her to hold a bank account. While many banks offer NRI services, YES BANK leverages its human capital, technology, speed and financial capital to be the Banker of First Choice for NRI customers by delivering high quality, customized, state-of-the-art products and services.
Some of the different types of NRI Accounts that helps NRIs in savings are:-
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