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How Nris Invest In India?

By Expert Author: Neha Sharma

There are various possible ways to invest your funds to get a good return and secure your financial stability. However, if you are an NRI, the possibilities of investment are very limited due to certain government regulations. With the NRI investment options, you will need an NRI account, to carry out the financial transactions. In this article, we give you the various NRI investment options and the NRI banking facilities along with it.

Ordinary Non-Resident Accounts [NRO]:
A normal Indian account can be converted into an ordinary NRO account, if he or she changes their status to an NRI. This account can also be reverted to its original account status once they return back. The interest rates of this account are the same as that of the local account interest rates, but differ from bank to bank.However, this interest rate is not exempted from the Indian income tax. This account can be of the type of savings, current, fixed or term deposit. A resident account holder may be needed as a joint account holder, and can perform the same banking facilities as the NRI. However, the NRI is not permitted to be repatriated, without the prior approval of the RBI.

NRE Accounts Non-Resident (External) Accounts:
In this account the interest rates are exempted from the Income Tax. Also, the NRE account can be of the type of savings account, current account or fixed or term deposit. This account can transfer fund freely between India and aboard. You can also transfer the funds from India to outside. You can use this account 24X7 via net-banking services and take advantage of modern day technology to avail higher interest rates, get exemption from wealth tax and make utilities bill payments.

Foreign currency (Non-Resident) accounts -FCNR account:
This NRIaccount is held mostly abroad and in the foreign currency. The interest and repayment of the deposit are also made in the same foreign currency in which the account is maintained. The account holder has an option of maintain the repayments in either the foreign currency or the local currency, i.e. the Indian rupees, at the current converted buying rate on that day of repayment. FCNR’s are mostly held for deposits, mostly for a minimum of 1 year and maximum of 5 years. Non resident account holders can be granted the power of attorney to perform certain NRI banking functions as well as other NRI’s.

Author Bio :- Neha Sharma; a finance student, has gathered a lot of information about NRI Banking, NRI account, and the different NRI investments options. She wishes to share this information with the public in the hope they will gain an insight into it.

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