Taxation on Mutual Funds for NRI: Different types of Mutual Funds are taxed differently   *(Equity Funds: An equity fund is a mutual fund that invests principally in stocks)   *(Debt Funds: A debt fund is a mutual fund that invests in fixed-interest generating securities such as corporate bonds, government securities)   Nature of Profits […]

Mutual Fund and Taxation is a very complex subject. To make it clear, let us first understand the mediums of investment in mutual funds. NRIs can invest into mutual funds from their NRE and NRO accounts. Now a brief description of these accounts can be understood as:   Non-Resident External (NRE): The NRE account can […]

Refer to the following table to understand the process to update a nominee in the top banks in India: Process to update a nominee in the top banks in India All Major Banks Process ONLINE OFFLINE Visit Bank’s website Login and go to “add nominee” option Provide and verify details Submit request Visit Bank Branch […]

Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are: Ease of transfer of account ownership to nominee after the death of current owner Settlement of other claims after death of the account owner can be done by nominee No Dues certificates […]

The process of repatriation of funds from NRI Accounts are: Accounts Process Limit NRE 1. ONLINE:  Internet banking for outward remittance (sending money to your overseas account from your NRE account) 2. OFFLINE: Fill these 2 forms.  (You can get them at the bank branch or download them online, sign them and send them to […]

Only the interest earned on NRO Deposit is taxable in India: 30% tax + surcharge + education cess* is deducted at the source of interest earned in India. The repatriation of the money in the account can be done up to a maximum of 1 million USD per financial year.   *(Cess: A cess is […]

There are multiple factors to consider while drawing out a comparison between NRE/NRO/FCNR Fixed Deposits. Here is an overview of the accounts for you to choose the best Fixed Deposit as per your needs.     Comparison between NRE/NRO/FCNR Fixed Deposits: Factors to consider Non Resident External (NRE) Account Non Resident Ordinary (NRO) Account Foreign […]

Charges of opening an NRE/NRO Account in India There are no charges of opening an NRE/NRO Account in India. Although you need to maintain an average monthly or quarterly balance of Rs.10,000/-. Failure to maintain average balance If you fail to maintain the average monthly or quarterly balance, you will have to pay a penalty […]

An NRI can invest in Mutual Funds In India using their NRE/NRO accounts.     In order to invest in Mutual Funds, NRIs must be registered with a Registered Transfer Agents (RTAs). These RTAs maintain a detailed record of Mutual Fund Investors. There are a number of wealth management services and digital platforms that can […]

The answer is NO! To understand this, let’s consider these basic explanations:   1. Any NRI can’t open a PPF Account. NRIs aren’t eligible for opening one, even if they are doing it for a minor. 2. If the minor is also an NRI, he is too not eligible for a PPF account. 3. If […]