Every Indian love investing in financial instruments to increase wealth. Whether you settle abroad or in your home country, you never forget to generate wealth. It is a medium to create an emergency corpus. Banks allow you to fulfil your investment needs by offering different products to keep your wealth safe and earn returns.
A Non-Resident Ordinary Rupee or NRO Account is a Deposit, Saving, and Current Account allowing Non-Resident Indians to manage their income earned in India seamlessly. It is essential to open it if you earn income in India from rent, dividends, interest, etc. There are plenty of benefits discussed in detail:
Deposit rupee earnings
The majority of the NRIs have recurring income sources, such as rent and dividends within India. With the help of an NRO online Account, you deposit them securely and use the funds to manage your rupee expenses.
Easy investment
With an NRO Account in India, investing in Mutual Funds and Bonds becomes easy. The returns get credited to the account, acting as an emergency corpus for the future. Tracking your investments through the bank app or website helps you stay informed of your account balance, credits, and debits.
Attractive rates
You get attractive interest rates on an NRI Savings Account and preferential rates on remittances by the bank. With the help of online access, you can open an account, check your balance, transfer funds, and enjoy other benefits offered by the bank at your fingertips.
Joint accounts
Banks allow you to open a joint NRO Bank Account with a resident family member for managing all Indian financial commitments while you are in a foreign country. The account holders get a Debit Card and other bank documents while opening the account to debit funds whenever required.
Repatriation
If you have sold a property or liquidated investments and want to send the money to your resident country, you deposit the funds in this account for the transfer. The limit of repatriation is up to USD 1 million a year. Remember to pay income tax in India and fill out the repatriation forms. According to the Indian Income Tax Act regulation, your income attracts interest.
Other investment options
If you have financial commitments in India, opening a Non-Resident External or NRE Account is a wise option to save foreign income in rupees and make it easy to manage your Indian expenses. Whether you send money to your family, invest in Indian securities, pay utility bills, or earn interest, you meet all your needs by opening this account.
Conclusion
It offers NRI benefits, like saving foreign income in Indian rupees at competitive interest rates. Shop, donate to causes, pay bills, or invest in Mutual Funds from this account. Indian Share Market Investments are also possible by opening this account. You escape the hassle of arranging for currency whenever you visit India.
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