November 9, at 1: It has covered all the details and all the aspects of being an NRI.
When I first moved abroad I have absolutely zero knowledge of any of these with respect to Non Resident Indian and I even thought that NRIs are those who are once a citizen of India but now they have citizenship of other countries, I was totally wrong.
Slowly I learned a lot of things about who is NRI and what changes when a resident Indian becomes an NRI and this post is a collection of those points. Each and every point is very important and I strongly believe every NRI must have some idea about it.
I am sure many of you already know these but I think there is value Nri banking putting these points together in one place as a handy guide for all young Indians who are working or settling down outside India. So, feel free to share important points you think every NRI should know and remember.
All the points are related to income tax, bank accounts, money, investment, tax saving and other finance-related matters. If you have anything to add to Nri banking list, please free to do so by commenting, whenever I come to know about some more important things I will add more points to this list.
Taxation laws are different for Resident and Non Resident Indians. So, when you travel to India or come back to Nri banking country you live, you can have almost 25K Indian rupee with you.
The NRI account then can be used to deposit Indian currency e. The big benefit of PPF account is that every year you can contribute around 1. There is also no tax on maturity amount. The scheme only allows Resident parents to open Sukanya Samariddhi yojna account for their 2 girl children aged less than 10 years.
For eligibility criteria and more details please see my post why and how to open SSY account in India. For more details, see this list of tax saving schemes which are not available for NRIs.
They have a different purpose and features, for example, you cannot deposit INR cash or via bank transaction on NRE account, it must be funded from the money earned overseas e. So you can use this account to keep your rental income, dividend earned and other income accrued in India in INR.
The third one, FCNR account is only available as fixed deposit and keep your money in foreign currency e. They usually provide more interest than the local foreign banks will provide and they are also not susceptible to exchange rate risk because money is always kept in foreign currency as opposed to Indian rupees in NRE and NRO account.
They can freely transfer this money to their children studying or living abroad and it also provides certain tax relaxation available to NRIs.
Or, if they only have income which generated from interest on the fixed deposit, or, as part of dividend or long-term capital gains and TDS is already deducted from them. Though, they may lose money because TDS is usually higher than for small income and they can ask for a refund by filling income tax return.
See here to learn more about when an NRI should file income tax return in India. This is a very good initiative by Government and if you have some income in India e. Aadhaar Card One of most important thing in last 2 years is Aadhaar card and many NRIs are facing a lot of problems with respect to Aadhaar card.
But, how many of you know that NRIs are not even eligible for Aadhaar card. One of the primary requirement for Aadhaar is that applicant should have lived for more than days in India and if that happens you are not an NRI. For all those requirements, an exception is made for NRIs and you should tell the same thing to your bank accounts, telephone operators, and insurance companies.
They must take delivery of the shares and give delivery of the shares. These things are quite common and I am sure many of you already know them but I have lots of friends and colleagues who things putting this information together can greatly help young software engineers and other professional going abroad.
They usually have very less knowledge of taxation and investment and these points will certainly help them and encourage to learn more.Get banking and financial investment services including internet mobile banking accounts, loans, money transfers and nri services online at HSBC India.
SBI NRI Services Disclaimer of State Bank of India, Chicago Disclaimer: "US banking regulations do not allow State Bank of India, Chicago to open, close or operate Non Resident Indian (NRI) Accounts which are offered by our branches in India.
NRI ACCOUNTS. NRI Newsletter; NRI QUERIES; Non-Resident Ordinary (NRO) Service Tax of % on Banking and Financial Services is being replaced by GST of %.
16/11/ Revised limits for exchange and withdraw. ©Indian Overseas Bank - - . In this article I will be writing about the different types of Non-Resident Indian (NRI) bank accounts and services.
It is the most common query which I receive from our readers. So, I planned to write down one article explaining the details about the NRI bank accounts. With our NRI services, you will have the advantage of having two banking accounts, one with Doha Bank Qatar, UAE or Kuwait and the other one with Doha Bank Mumbai, Kochi or Chennai.
With NRI consumer loans from Doha Bank, NRI customers can benefit from low interest rates, minimal monthly settlements, a prolonged grace period and fast approval.
Bank deposit is one of the important avenues because of safety, liquidity and steady returns it offers. We, at BANK OF INDIA, have always held the NRI community in high esteem.
BANK OF INDIA is a Govt.
of India Public Sector Undertaking and a premier banking institution.