Why Opening NRI Bank Accounts Is Beneficial?

Banking services have evolved. They offer different services besides traditional Savings and Current Accounts. Today, you can open Online, Salary, Special Accounts for women, minors, senior citizens, and so forth. Moreover, all your needs are addressed without stepping foot in the bank. Recognising that more Indians are considering foreign prospects, banks also offer an NRI Account.

These accounts enable non-resident Indians to conduct their transactions from anywhere. But before you open NRI Savings Account, let us understand its benefits.

Advantages

There are three main types of NRI Account: Non-Resident Rupee or NRE Account, Non-Resident Ordinary or NRO accounts, and Foreign Currency Non-Resident or FCNR Account. Here are its benefits:

Repatriation

The best part about NRI Savings Account is the repatriation advantage. You can quickly repatriate and move funds from both NRE and NRO accounts. You can also repatriate the principal sum parked and the interest earned on the deposits from your accounts while you are abroad. While the funds in NRE are freely and fully repatriable, you can repatriate funds from the NRO Account after paying the applicable taxes.

Convenience

These accounts make your life extremely convenient. Most banks allow you to open online accounts. You can be based in any foreign country and open your account remotely simply by filling out the application form and attaching the necessary documents. You can use Net Banking to open this account and avail all the benefits that go with NRI Accounts. Some Indian banks may require you to courier the account opening form with the necessary documents.

Tax Benefits

Before you finalise your NRI service, like NRE, NRO, or FCNR Account, you should read the associated tax benefits and charges. This lets you select the correct account. In India, the interest you earn on both NRE Account and NRE Fixed Deposits is tax-free.

However, the savings parked in the NRO Account and NRO FD are subject to Tax Deduction at Source under the Income Tax laws. Also, you can quickly transfer funds from the NRO to NRE after paying the applicable taxes.

Minimal balance maintenance

Most banks in India have reduced the minimum balance requirement to a massive extent for such accounts. They require their account holders to maintain as low as INR 10,000 as a minimum balance. This has contributed to the popularity of NRE and NRO Accounts among customers.

FCNR deposits

NRI Account holders can also consider FCNR Deposit. This is ideal for customers who want to save their earnings in foreign currencies and earn interest. It is especially beneficial if you make it in a currency higher in value than INR, as it promotes higher savings. Moreover, the interest you earn on such deposits is tax-free in India.

Before you open NRI Account Online, it is important to research the banks offering this service. While opening an account in most banks may be possible, it is better to consider their reputation and choose a nationalised bank. You may also assign a POA to maintain your account on your behalf.

Myths Busted About Online Bank Accounts

 

Digital Banking is considered necessary today. It has become widely popular owing to changing circumstances. Many have started using Digital Banking facilities as a necessity. Most banks realise the need for an online presence. Thus, they are offering Online Banking facilities to customers.

The online Saving Account opening is easy and takes a few minutes. However, many who need it in the current scenario hold back due to varied concerns. This happens due to a lack of awareness and familiarity with the concept. It stops them from taking the necessary steps despite its benefits. Let us break those myths and understand the concept better:

Lacks assistance

It is the common reason that holds back customers from this. Online Banking is easy, and you can operate it without any issues. However, the concern that gets highlighted is that they lack personal touch and guidance. This is a myth, as several online accounts have customer support available to help you with any issue round-the-clock. This assistance is in the form of chat, calls, and home visits.

Unsafe

This is another aspect that stops people from considering an online Bank Account. Although the internet is a tricky place, banks take safety concerns seriously. There are layers of security that every bank offers online. You need to verify your identity to complete any procedure. Options like two-step verification, codes, account details, etc., are provided for safety. 

Meant for tech-savvy people

Banks understand the inclusion of people with different perceptions. Online Banking caters to people from rural areas as well. The user interface and banking processes are simple to understand. Anybody with minimum technical knowledge can quickly grasp it. Hence, you can easily carry out all banking services online without being tech-savvy. 

Limits banking facilities

There is a notion that Digital Banking only means transferring money and paying bills. However, thanks to the Banking app, many options are now viable. You can do a range of activities without visiting the bank. Checking balance statement, opening an account, monitoring Loans, and more gets done online. 

Banking online is an essential step to take. Even banks encourage customers to avail themselves of all the benefits of an online Savings Account. You can carry out banking activities anytime, anywhere. It helps speed up banking activities. You can learn about its fundamentals from banks for clear understanding and ease. These settle quickly with efforts towards adopting the technology.

Preventive Measures To Consider When Opening A Bank Account

With the online revolution and increased smartphone usage, online accounts have become a norm. They are highly convenient if you cannot travel physically to open an account. You save on travel expenses, stress, and fatigue.

Now, you can open a Bank Account online with a physical branch or go to digital banks. The former provides easy opening an account, while the latter offers total online solutions. Whatever you opt for, safety is a concern. Internet Banking has become the primary target for stealing sensitive information. It is necessary to take security measures to tackle them. Here are some of the preventive measures to consider:

Create strong passwords

You need to sign up on the bank website to open the account. For this, you already have the customer ID and password given. You only need to go online and change the provided password. This is crucial whenever you log in each time you do Net or Mobile Banking. Hence, make sure you devise a strong passcode. Avoid using generic numbers, family names, birthdates, etc. Instead, opt for a complex combination of numbers, letters, and symbols.

Check for software updates

The device you use should be updated with the latest software. These are often required to fix bugs and other loopholes. Check whether it is the latest version before opening Savings Account. This way, you avoid any lagging or bugs.

Check the authenticity of websites

You receive several promotional emails for opening an account. These are advertising gigs stating the special offers and facilities provided by banks. However, they involve fraudsters as well. Never click on the provided links for opening the account. Always type the URL manually when doing Net Banking.

Secure data connections

The internet or broadband connection you use affects security too. It is crucial to use trusted and protected networks. Only opt for personal servers. Public WiFis in cafes, stations, outlets, etc., operate in a shared network. These are easy for hackers to use. It is best to avoid them when you open an account on a Banking app or a portal.

Understand bank's security measures

Banks inherently consider premium security steps to ensure your data stays protected. They secure their HTTPS sites, which you check by seeing the lock symbol on the website address. They encrypt your information to avoid stealing information. It is best to examine these minute details while opening the account.  

Use authentic anti-virus programs

These measures fail if your browser and computer are not secured. Install the latest virus and malware prevention software. It blocks out any fraudulent attacks on your device. It also alerts you when you open an unsecured link.

Is It Possible To Transfer Money From A Demat To Bank Account?

Demat Accounts are ideal for people interested in investing in different Share Market securities. They allow investors to hold all their investments in dematerialised or electronically. This means they need not worry about maintaining or losing their investment certificates or presenting them when they want to withdraw the investments.

Several investors are often confused about Demat Account and wonder if they can transfer money from their Demat to Savings Account. While this is impossible, you can transfer funds to your Bank Account through the Trading Account. Here is how:  

Demat is not money-oriented

Demat Accounts are essentially holding accounts. Its primary function is to store or hold investments digitally securely. This is an account where your market investments are safeguarded. Cash transactions do not happen through this account, which is why it is impossible to make transactions or fund transfers through this.

Used for viewing, storing, and managing investments

Besides holding securities, Demat Accounts are essentially passive account. You can log in to this account to see how your funds perform. You can view investment performance over the years. If you see a profitable fund or notice that you booked the profit you intended, you can take the call to buy or sell your investments. But they need to be taken through the Trading Account.

If you have opened them through a bank where you hold your Savings Account, you can also do these activities through the Banking app.

Role of Demat and Trading Accounts

The most important thing about Demats is that when you open the account, you need to open Trading Account and already have an online Bank Account. While you can hold your investments in the Demat, you can place orders to buy and sell the securities through your Trading Account. Funds are also transferred from the Trading to Bank Account. As such, the Trading Accounts are linked to your Bank Account.

Transferring funds from Trading to Savings Account

1. Login to the Trading Account
2. Find the fund transfer facility under the section ‘Accounts’.
3. Look for the manual transfer option provided by your broker to get the amounts credited to your Saving Bank Account.
4. If the manual transfer option is unavailable, you should request to your broker via call or online, and the funds get transferred to your Bank Account in T+ 2 working days.

Final word

When you decide to sell or withdraw some securities, you can complete the transaction through the Trading Account. You can remove the securities from your Demat, and the funds are transferred into your Bank Account. Similarly, when you invest in security, you can place the order from your Trading Account, which then reflects on your Demat, and the sums are debited from your Savings Account. Check if you are eligible for a free Demat when you apply.

Benefits Of NRE Accounts To Note Down

If you relocate overseas, make sure to open a Non-Resident Indian Account. The Non–Resident External or NRE Account is a type that allows you to deposit foreign earnings and remit funds instantly. Following are the benefits you should make the most of:

Repatriate funds with ease

If you are asked to list your banking concerns as an NRI, Remittance will be on the top. There is an influx of immigrants worldwide. Due to this, the number of Remittances done daily has also increased. While you live abroad, you may wish to take care of your family’s daily expenses or help a loved one during emergencies. This is possible with the help of an NRE Account.

You can initiate a Remittance request from your NRE Account using Internet Banking. Leading banks allow NRE Account holders to remit money at preferential exchange rates and zero processing fees.

Secures money

Your NRE Account deposits attract a competitive interest rate. Hence, an NRE Account is also considered a good investment vehicle. Secure your funds by opening an NRE Savings Account. The interest rate offered varies for each bank. Hence, it is best to research the market and opt for a bank with the highest interest rate. The interest returns further vary depending on your bank balance.

A higher bank balance translates to higher interest gains. Always try to maintain a higher account balance to maximise your savings.

Safeguards from heavy tax implications

Opting for an NRE Bank Account is ideal to avoid heavy tax implications. Unlike other Bank Account, you need not pay interest gains taxes on your NRE Savings Account. However, you need to pay taxes if you transfer funds from an NRE to an NRO Account. Besides its tax efficiency, NRE Accounts are widely popular for their high liquidity.

The principal sum and interest gains are fully repatriable. There is no upper limit to funds you can repatriate to your home country financially.

Make profitable investments

Are you someone who holds an interest in the Indian Stock Market? Then open an NRE Account and invest in the markets and other investment vehicles like Mutual Funds and Fixed Deposits. Link your NRE Account to your Demat Account. This way, you can trade shares easily.  Another advantage is that banks offer NRI financial services to their account holder.

This service allows you to access market research reports and receive expert opinions on investments.

Joint account holding

You can now hold an NRE Account with another NRI or Indian resident. Note that this is only possible on a former or survivor basis. This ensures that your loved one’s financial requirements are met even in your absence.

How Does Corporate Reputation Influence Employee Acquisition?

When it comes to corporate reputation, you may have read several articles that mention how corporate reputation influences customer purchases and sales. But did you know corporate reputation impacts employee acquisition too? Employees look for more than just a decent salary when taking up a job. They desire to work for a company with a stellar reputation that adds to their professional profile.

Most HR professionals and team leaders find it challenging to draw in good talent, given the company's reputation. Companies today are hiring corporate reputation campaigns firm to reform their company reputation. Here is a detailed overview of how they influence employee acquisition:

Working under a mentor

An employee's first interaction is with their reporting heads or mentor. They make a fair judgement about the company culture through the interaction with their mentor. If you have a good mentor on board, it boosts the company's reputation. Employees will be drawn to work under them.

Opportunity to grow

Every employee wishes to grow and become successful. If your company has a reputation for growth opportunities for its employees, you will receive several applications for a job opening. However, if the company does not promote your employee and prefers having a new boss often, you face challenges in employee acquisition and retention. Why will an employee want to work for an organisation that stunts an employee's growth?

When such a perception is known in the job market, it is time to hire a corporate reputation campaigns firm to help you clean up your image.

Work environment

Employees are conscious of their working environment. If you check company reviews from past employees, the work environment is the primary factor that they speak about. If your company has a reputation for a toxic working environment, getting new employees on board will be tough.

Trust in leadership

Employee acquisition also depends on the company leadership. For example, if you receive a job offer from the big shot, you will take it up without a second thought. Renowned leaders have built that trust within their employees. They know the company will do meaningful work and have lesser chances of running into losses.

Corporate affairs 

This means how a company's business grows with the support of the Government and its agencies. A company with a good reputation is more likely to get better government collaboration projects and gain better employees. Hiring a corporate affairs advisory firm is best as they provide strategies that should help you work seamlessly with the Government.

Guide To Planning A Successful Campaign Strategy

Are you planning to contest for the local municipal or state legislature elections? Then here's the ultimate guide you need to create a winning campaign strategy.

Define your goal

When contesting an election, your only goal is to win. But it is necessary to define victory clearly to make it achievable. In political elections, it is a rare scenario that you win every constituency. You need to focus on those constituencies for securing secure a win. List them down and research about their voter bank. This gives you a fair idea of the political campaign strategy plan you need to devise to win.

Evaluate the current scenario

A common mistake most campaign planners make is not considering the current country's situation. If your campaign is about changing people's perception of a political leader or party, you need to know the kind of leader the public wants. If you campaign for the ruling party, the voters have a fresh memory of the work done.

Building a case for re-election will be easy if the voter's opinion is in your favour. However, if they are unsatisfied with the work, you need to come up with a strategy accordingly.

Campaign with a message

Your campaign message should be a game-changer. We live in a fast-paced world today. Voters may lack time to listen to your campaign agenda in speeches and rallies. The only thing they seek to know is if you are making a difference in their life. Hence, you need to first develop a good campaign message. The simpler the message is to understand, the better it is.

Use fewer words but impactful ones. The same message should be communicated across platforms and campaign materials. If you struggle to develop a strong message, you can always get political campaign strategy plan experts on board. They hold immense knowledge about campaigning and know how to lure the audience. 

Plan a campaign schedule

Once you have a defined goal and decide on a campaign message, start planning the campaign schedule. Plan out which constituencies you wish to campaign in first. Who will be speaking at the rallies? When and where will these rallies take place? You should prepare a rally schedule daily.

Monitor and modify your plan

Even though you have the perfect campaign plan, you need to monitor them. Election campaigns are a lot about what happens during the moment. Your party can face backlash if a political leader's words are misinterpreted at a rally. You need to rethink your action plan and look for ways to control the damage.  Take inspiration from corporate reputation strategy here.

Corporate reputation strategies assess potential crises beforehand and have solutions ready for them. Adopt a similar approach while campaigning.