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.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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