India is the largest source country for international migrants globally. Every year a number of people move abroad from India for education, jobs, business, etc. and many of them become Non-Resident Indians, commonly called NRIs.
Once someone attains NRI status, rules governing their earnings, savings, investments and tax liability change dramatically. Due to minimal resources, and lack of knowledge and transparency, NRIs face several challenges to conduct banking and investment transactions in India.
SBNRI is a one-stop platform for managing the banking, investment and taxation needs of non-resident Indians (NRIs). The company was set up to solve the problems faced by NRIs in accessing banking and investment opportunities in India.
In an interview with The Hindu, Mudit Vijayvergiya, founder of SBNRI, explains how SBNRI is simplifying banking and investment opportunities for NRIs.
“India offers huge investment opportunities for NRIs, but lack of transparency, knowledge and differences in time zones makes it more challenging for them to gain accurate information about financial assets,” said Mudit Vijayvergiya.
The company has done a lot of groundwork to address the needs of NRIs and simplify the system for them as a one-stop solution. SBNRI has partnered with multiple banks and investment agencies to offer curated services to NRIs.
Non-residents Indians can open different types of NRI accounts through SBNRI app, including NRO (Non-Resident Ordinary) savings accounts, NRE (Non-Resident External) savings accounts, and NRE and NRO FD accounts. These accounts allow NRIs to save and manage their Indian as well as overseas earnings in Indian Rupee (INR).
The platform also facilitates investments in various asset classes, including NRE/ NRO fixed deposits, mutual funds, commercial real estate (CRE), unlisted shares, micro VC funds, asset & inventory financing, etc.
Moreover, income-tax rules governing NRI investments and savings in India are quite different from that applicable to normal residents. Qualified tax experts at SBNRI resolve most complicated tax issues of NRIs, help them file ITR, and get a lower TDS certificate.
“Distribution was a major challenge in the business and this has been solved in the past year,” said Mr. Vijayvergiya. From opening of NRO (non-resident ordinary) account for NRIs to manage and maintain their income earned in India in rupee such as rent, dividends and pension, the platform also offers non-resident external (NRE) account to help NRIs to transfer their income received in a foreign country to India. It also provides access to investments in more than seven asset classes, including both traditional and new-age investment options, he said.