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In a pleasant surprise in the new year, Government now allows NRIs to exchange or deposit demonetized Rs 500 and Rs 1000 notes until 30th June 2017. Earlier the deadline was 31st March 2017 on RBI offices for NRIs but this is now extended until 30th June 2017 to allow NRIs to better plan their trips to India. This is a much-needed relief to NRI community who was very disappointed with the way the government  handles this demonetization exercise as many of them left with old cash ranging from 5K to 25K due to no legal option to convert them at overseas. Read more »

Mandate Holder is a unique facility many private sector banks like ICICI and HDFC bank provides to NRI customers. According to this faculty, NRE/NRO account holder can appoint a resident Indian (a family member only) to manage your account on your behalf. Since, being an NRI, you cannot physically be present in India to handle your financial matters for most of the year, having a mandate holder really helps. Read more »

Should you Invest in FCNR fixed or term deposit? FCNR (Foreign Currency Non Resident) deposit is another way NRI can invest money in fixed deposit, this is the third option for Indians staying abroad along with more popular NRE and NRO Fixed deposit. Since deregulation of the interest rate on FCNR deposit earlier this year, In an attempt to arrest Rupee slide against USD and attract more dollars from NRI customers, FCNR deposit has become an attractive alternative for NRI. Read more »

NRE or NRO savings account, which should I open is first doubt comes in mind of any Non Resident Indian (NRI), who wants to open saving accounts in India on Indian banks like ICICI bank, SBI bank, HDFC Bank, Kotak Mahindra Bank and several other public sector banks which offer this facility like Bank of Baroda. NRE and NRO are two kinds of accounts any NRI can open in India, NRE stands for Non Resident External while NRO stands for Non Resident Ordinary account, though both can be held by Indians there are many differences between them and based upon your need you need to choose to open either NRE or NRO account in India. Almost all major banks both public sector and private sector like SBI, HDFC, ICICI, Kotak Mahindra allow NRI Indian to open both NRE and NRO account. Read more »

Why Invest in NRE Fixed Deposit in India? NRE Fixed Deposit is very hot at this moment with soaring interest rate and very lucrative Exchange rates from USD to INR, SGD to INR and from other foreign currencies. For all those Indian who are living abroad or working abroad mostly my fellow IT Professionals, it’s good to invest in NRE Fixed deposit in India. As we know the successful key of Savings and Investment is diversification and Fixed Income forms a big part of it and always say that at least have your 50% money in Fixed deposits because of liquidity, security and ease of investment as an option it provides. NRE Fixed Deposit is even more special because all principle and interest earned on this account are TAX-FREE in India. So it’s the best way to bring foreign currency in India. The earlier rate of Interest on NRE Fixed deposit was quite low as compared to Resident savings account but now it's even at par of Resident account and many private banks are offering rates in the

Recurring deposit for NRI customers NRI recurring deposit is a new investment option offered by many Indian banks like HDFC Bank, SBI, ICICI and Kotak Mahindra, after their successful run with NRI fixed deposit . With almost 25-30% rise in exchange rates of USD to INR during the span of one year has made remitting money to India and investing in recurring and fixed deposit a lucrative option. Recurring deposit for NRI is available on HDFC bank and it may also available through other banks like Kotak Mahindra which I yet to check. I liked recurring deposit for NRI because it doesn't require you to invest wholesome amount and you can still take advantage of high-interest rate combine with super exchange rate before it’s too late. As it's quite clear that interest rates in India will only go down in near term, they are already fallen from their peak and exchange rate is also fluctuating I think locking money in recurring deposit is the best one can do if he wants to keep money in

NEFT and RTGS are two main ways of electronically transferring money between two banks in India using net banking accounts. Suppose you have a resident, NRI or NRO account from ICICI bank and want to transfer money to your family member or third party, which has account in HDFC bank, then you can either use NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) depending upon, how much money you want to transfer. A third way, rather new way of money transfer between banks is IMPS (Interbank Mobile Payment Service or Immediate Payment Service) was introduce in 2010 by the National Payments Corporation of India to empower customers to transfer money instantly. Read more »

NRIs are always in doubt with taxation and many times they end up by paying double tax on same income, both in the foreign country they are currently working and staying and on India. In order to avoid this double taxation of income , the home and the source country mutually enter into tax treaty generally known as DTAA . India has signed DTAA treaty with more than 80+ countries, which includes the USA, UK, Canada, Singapore, Malaysia, UAE, Germany, Australia etc. Read more »

Yes , you can add any family member or close relatives as a nominee in your NRE account . Almost all the banks, both public sector e.g. SBI, Bank of Baroda and private sector banks e.g. ICICI, HDFC, Axis Bank provides nomination facility. This is one thing many NRI customers either avoid doing it or they just don't know about it, but I strongly suggest you have a nomination in all of your bank accounts, not just the NRE, NRO or FCNR account . Read more »

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies e..g USD, CAD, EURO or GBP for NRIs who have returned to India for good but has some foreign currency fund to park. One of the main reason of opening RFC account is that you can also open the RFC account as term deposit to park your foreign currency, which you can later transfer into NRE or FCNR accounts when you gain your NRI status back e.g. when you moved to abroad again. Read more »

If you are an NRI, currently outside India and your passport's expiry is near then you might be thinking about re-issue of passport, but if you are confused between renewal and re-issue of an Indian passport then you have come to right place. There is a difference between Re-issue and Renewal of a passport. Passports are Re-issued after the expiry of their 10-year validity period. Read more »

Yes, NRIs can take personal loans in India, nothing stops them except the bank which are giving Personal loans. Unfortunately, even though, all the public sector banks e.g. SBI, Bank of Baroda, Punjab national bank, private sector e.g. ICICI, HDFC, Axis bank, YESBank, Standard chartered, Federal bank, and even non-banking financial institution like Tata Capital, LIC finance are offering home loans to NRI but no one is providing personal loans to NRIs. Read more »

In my last post, can NRI invest in National Pension Scheme , I told you that NRIs are now allowed to open NPS accounts , it's time to share more information about NPS e.g. why an NRI should invest in National Pension Scheme. One of the main reason NRI should open NPS account is to build their retirement or pension corpus in India. Since many NRI working abroad don't have any kind of social security, especially those who are working in middle east and gulf country. For all Non-resident Indians, this is now a golden chance to plan for their old age income. Read more »