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Wealth & Financial Advisors in Ahmedabad2023-08-11T06:37:03
Wealth & Financial Advisors in Ahmedabad
NRI Wealth Advisory in AhmedabadAt NRI Wealth Management Services, it is our constant endeavour to provide t
NRI Wealth Advisory in Ahmedabad
At NRI Wealth Management Services, it is our constant endeavour to provide the NRIs the highest standards of services with a view to building lasting and trusting relationships.
We will help you to get an idea of range of Wealth Management Services offered exclusively for NRIs having existing wealth in India and to those aspiring to create wealth in their land of origin.
We are detailing the most important NRI investment options and we’ll focus on four things only – Basic Banking Accounts, Insurance, Mutual Funds and Shares. That’s all. The rules and information here are basic, but further study can be very detailed. Let’s quickly look at some important concepts every person should know.
The first step every NRI should take, is to get the correct Banking accounts opened. Here are the options:
What is a NRE account?
NRE Bank Account is an external savings bank account opened for Non resident Indians and hence called Non-Resident External account. Any money lying in NRE account can be taken outside the country or in other words, the money lying in an NRE account is fully repatriable. This money can be converted into any foreign currency and can be remitted outside the country. For opening these accounts, the funds are required to be remitted to India through any bank from the country of residence of the prospective account holder. The accounts may be maintained in any form e.g. savings, current, recurring or fixed deposit account etc.
What is a NRO account?
NRO bank account is an ordinary saving bank account opened for Non resident Indians. This is why it is known as Non-Resident Ordinary account. You open an NRO account, when you want to transfer money from your overseas bank account to Indian account in Indian Rupees. The money lying in NRO account cannot be taken outside the country or in other words, the money lying in NRO account isn’t repatriable. This is can be in form of Fixed Deposit accounts also.
NRI INVESTMENT IN MUTUAL FUNDS?
NRIs can invest in all Indian mutual funds, except in funds promoted by Asset Management Companies based in the U.S. (UTI, Sundaram, L & T and SBI) The payment can be made from any of NRE/NRO accounts. If they make payments from NRE/FCNR account, then it can be on repatriable basis (They can take the profit and principal out of country.) But, if they make payment from NRO account then it will be on non-repatriable basis. However, the dividends can be on repatriated. No prior or extra permission, needs to be taken from RBI for this. This is allowed by default.
How to get Started
We have online account activation process to make it easy for NRI’s to get started with their investment journey in India, kindly contact us to start investing.