It’s Diwali season – a joyous time for many Indians globally with Dhanteras today, Choti Diwali tomorrow, and the grand celebration of Diwali on the 12th of November. Hindus worldwide are immersed in celebrations with prayers, lightings, gift exchanges, and auspicious financial rituals, ushering in wealth and prosperity both residents and Non-Resident Indians (NRIs). Here’s how you can relish in Diwali Celebrations for NRIs.
Diwali Celebrations for NRIs 2023
Start with your NRI Bank Account
This is an opportune time for NRIs to open NRE and NRO accounts. NRIs can open NRI bank accounts to deposit their foreign earnings or income originating in India. NRI accounts are also needed to conduct transactions like remittance to residents, NRI investment in India, payment of financial obligations, etc.
Creation of Wealth
Diwali, the most celebratory time, is also dedicated to praying to Goddess Lakshmi, symbolizing wealth and prosperity. Traditionally, it marks the auspicious beginning of financial activities and wealth creation, with people initiating new financial cycles, buying gold and jewelry, and businesses opening new accounts and ledgers. For NRIs, investments across different asset classes such as mutual funds, debt securities, fixed deposits, commercial real estate, micro-VC can be the perfect Diwali start.
Also read: Best SIP to Invest in 2024 – Top 10 SIP Mutual Fund Plans for NRIs/OCIs
Gift Money to your Loved Ones
NRIs from US, UAE, Saudi Arabia, Canada, Qatar, UK, Kuwait, Oman, Germany, France, Australia, and China are the top countries from where remittance money comes to India. There are several ways to transfer money to India online as well as offline. You can also send money to India effortlessly with the SBNRI App! Download the app now and experience the smoothest remittances to India.
Also Read: Diwali Gift by NRI: Sending Money Online to your Loved Ones
Buying Gold for Diwali as an NRI
Today is Dhanteras, considered to be the start of Diwali festivities. People traditionally buy gold, silver, and precious metals on this day. Instead of going to traditional jewelry stores, NRIs can purchase gold through various other channels. Gold can be purchased through banks in the form of gold coins and bars. Gold is an excellent investment.
How to buy gold as NRI in 2023?
- Gold bar and coin: Physical gold can be purchased through banks in the form of gold coins and bars. Gold is an excellent investment. Gold bars and coins are 99.5% pure, nearly 24 karat and hallmarked. This is much higher than what is used in gold Jewelry, which is 22 karat and may not be hallmarked.
- Gold ETFs: Gold exchange traded funds. These are mutual funds depending on the changing prices of gold. This is low risk and can be a low cost gold investment. One can also trade in them like other stocks and mutual funds.
- Gold Bonds: These are issued by the Reserve Bank of India (RBI). It is like owning that amount of gold in demat form.
Online Shopping
A big advantage of having Indian NRI credit cards is purchasing gifts online and having them delivered to friends and family in India. This way one can avail of the best deals in the festive season, delivered within India and maybe even to your foreign home. This is great for Diwali celebrations for NRIs!
Also read: Top 5 Best NRI Credit Cards in India: Zero Forex Fees & Extra Charges
Festivities to Create Wealth
In India the stock market itself has special auspicious hours determined according to astrology called “Muhurat Trading” on Diwali. Traders and investors dressed in their best traditional outfits, go and trade in the stock market. The Diwali celebration of NRIs can also include these hours considered as auspicious and lucky by trading online.
Wrapping Up
Diwali, a festival of wealth and prosperity, holds immense significance for Hindus worldwide, uniting families in age-old traditions. The link between finances and this celebration underscores the reverence for wealth and the blessings of Goddess Lakshmi. For NRIs, Diwali serves as a reminder of our cultural values, emphasizing family, finances, and devotion. Wishing you a joyful and illuminated Diwali!
This Diwali Invest in India as NRI with SBNRI
NRIs can now download the SBNRI App and choose to invest in different investment options in India with ease. You can also get detailed investment advice from experts at SBNRI. Also, visit our blog and YouTube channel for more details.
SBNRI is an authorized Mutual Fund Distributor platform & registered with the Association of Mutual Funds in India (AMFI). ARN No. 246671. NRIs willing to invest in mutual funds in India can download the SBNRI App to choose from 2,000+ mutual fund schemes or can connect with the SBNRI wealth team to better understand Mutual Fund investments.
FAQs
Can NRI invest in the Indian stock market?
- Yes. NRIs can invest in the Indian Stock Market by buying stocks listed on the National Stock Exchange of India Ltd. (NSE). To be eligible to invest in stocks, NRIs need to have a PIS Account under the Portfolio Investment Scheme* (PIS) that will allow them to trade stocks. *(Portfolio Investment Scheme (PIS): Through this scheme of the Reserve Bank of India, NRIs can purchase and sell shares and debentures of Indian companies on a recognized stock exchange)
How can NRI buy mutual funds in India?
- NRI investors can purchase or sell mutual funds in India once they complete their Mutual Fund KYC and have an operating NRO/NRE Bank account.
Can NRIs invest in PPF?
- Yes, NRIs can have a Public Provident Fund (PPF) and invest in it. However, an NRI can open a PPF account when he/she is a resident Indian.
Are there any tax-free investments for NRIs in India?
- Yes, there are a few tax-free investment options for NRIs from Canada available in India like NRE FD Account, FCNR FD Account, ELSS Funds, and Life Insurance.
Are mutual funds a good long-term investment for NRIs?
- Yes, mutual funds are a great long-term investment vehicle to generate returns and build wealth for NRIs. Investing in mutual funds for NRIs helps to utilize their savings and build wealth for the future. It also helps them to beat inflation and fulfill their investment goals.
What are the 5 days of Diwali?
- The five days of Diwali are Dhanteras, Naraka Chaturdasi, Lakshmi Puja, Govardhan Puja, and Bhai Dooj to be celebrated from 11th November 2023 to 15th November 2023.
How do you celebrate Diwali overseas?
- For NRIs and people living overseas, Diwali serves as a reminder of our cultural values, emphasizing family, finances, and devotion. They can participate in family events, make wealth creation decisions, start investing journey and celebrate with family and friends.
