Long-term investing has several advantages, and even small amounts invested regularly can potentially grow into a decent corpus over time. Let us examine the long-term investment options before NRIs.
With a changed world of tech-enabled banking, secured payments and flexible country regulations, investment purchases in India transpire miraculously smoothly, all online in just a few clicks. Adding support in existing coronavirus era, an investors online journey concludes in a zippy along with digital documentation including FATCA (Foreign Account Tax Compliance Act), KYC/ video-based verification, etc.
Unique Features of NRI Savings Account by IndusInd Bank
7Newswire
30 Jul 2021, 06:17 GMT+10
As a Non-Resident Indian (NRI), with earnings both in India and abroad, managing finances can be tricky. From tracking various
NRI savings bank accounts to regularly repatriating money to your home account can be made easy with an NRO (Non-Resident Ordinary) account and an NRE (Non-Resident External) account. NRE and NRO accounts can be started as a current, savings, fixed, or recurring deposit account, allowing you to navigate nationally and internationally earned income.
Here, we look at the first type of NRI savings account: an NRE account.
What is an NRE Savings Account?
Dubai: One of the most common queries among Non-Resident Indians (NRIs) is whether or not he or she will get fined if a regular Indian resident savings account is not converted to a non-resident account after moving away from home and settling abroad in a country like the UAE.
If you are operating a normal savings or current account while residing outside the country for a prolonged duration, you could be in violation of India’s Foreign Exchange Management Act (FEMA) laws of the Reserve Bank of India (RBI). Let’s understand how. Image Credit: Reuters
While there is no clear mandate concerning the legality of a NRI holding a resident account in India, what you should be aware of is that one should not hold accounts with different tax statuses. Meaning, you should either hold non-resident accounts or resident accounts but not both, tax consultants caution.
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