As we usher in another year, it brings us immense pleasure to extend warm wishes to you on this special occasion – Happy NRI Day! Today, we take a moment to recognize and celebrate the extraordinary contributions of over 30 million Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), who play a pivotal role in the growth and prosperity of our beloved nation.
Also read: 5 Financial Resolutions to Make this New Year 2024 for NRIs & OCIs
NRI Contribution Highlights in 2023
The year 2023 marked significant milestones for our Indian Diaspora, reflecting a positive trajectory in various sectors. Upon this NRI Day, we show the contributions in 2023 of our NRIs/OCIs:
- Real Estate: The NRI share in real estate witnessed a remarkable surge, increasing from 10% in 2019 to an impressive 15% in 2023.
- Remittances: Fiscal year 2023 recorded a noteworthy achievement with remittances crossing $110 billion, reaching a five-year high. Cumulative NRI bank deposits in India also soared to approximately $136 billion signaling the impetus by NRIs in the Indian economy.
- Financial Markets: Indian mutual funds’ Assets Under Management (AUM) surpassed $610 billion, with NRIs and OCIs constituting a noteworthy 9% of total investors. Notably, SBNRI welcomed over 2,000 new investors to mutual funds in the last 12 months.
Also read: 10 Mutual Funds That Doubled Wealth In 5 Years
Government Schemes for NRIs/OCIs in 2023
To enhance the involvement of NRIs and OCIs in India’s development, the government introduced several initiatives:
- Savings Schemes: NRIs can now be nominees in Public Provident Fund (PPF), National Savings Certificate (NSC), and post office savings. Previously NRIs were not allowed to invest or be a nominee in such schemes.
- Matribhumi Scheme: Uttar Pradesh Government launched the Matribhumi Scheme where person residing abroad can contribute to infrastructure development in their native place and name the facility after anyone they wish. Under this scheme, govt will procure the land and bear 40% of the expenses while NRIs will bear the rest.
- VAIBHAV Fellowship: The Government of India unveiled the VAIBHAV fellowship to bring Indian-origin researchers to higher educational institutions in the country for a maximum period of two months per year. The fellowship offers NRI/OCI/POI researchers an opportunity to work for a minimum of one month to a maximum of two months a year with a research institution or an academic institution in India. The duration of the fellowship is three years with the government offering the researchers an amount of up to Rs 37 lakh for the entire period.
Also read: Best NRI Investments in India: Top 10 Investment Options for NRIs/OCIs in India 2024
NRI Investments and the Burgeoning Future
The current landscape of NRIs and the Indian diaspora’s inclusion in India’s growth journey is at a nascent stage and is likely to grow exponentially to become key stakeholders. At SBNRI, we understand and envision the impetus our Indian diaspora presents for India.
In the last 4 years, we focused on understanding the nuances of an NRI’s financial journey in India & are working to build a comprehensive ecosystem where NRIs/OCIs can seamlessly start their investment journey whilst also having expert guidance on taxation.
Also read: 10 Best NRE Accounts in India for NRIs 2024: Online Application
SBNRI’s Comprehensive Services
- Seamless Account Opening: Collaborating with esteemed partners like HSBC, Axis Bank, and Yes Bank, SBNRI ensures a hassle-free account opening process.
- Diverse Investment Options: From Mutual Funds and Professionally Managed Schemes (PMS), Commercial Real Estate, Startup Funds, and Pre-IPO investments, SBNRI offers a diverse range with promising returns of 10-20% annually.
- Comprehensive Services: SBNRI goes beyond investment facilitation, providing services such as tax filing, compliance, and easy fund repatriation to your country of residence.
Wrapping Up
As we raise a toast to the indomitable spirit of NRIs shaping India’s progress, SBNRI stands as your trusted partner in navigating the financial landscape of India. We invite you to invest in India seamlessly with SBNRI, as we continue to simplify your financial journey and contribute to the nation’s growth story.
Looking to open NRI Account in India?
Here are the simple steps to apply for an online NRI account using the SBNRI app:
- Download the SBNRI app from either the Google Play Store or App Store.
- Log in to the app using your credentials.
- Tap on the “Open NRI account” button and choose the desired bank from the provided list.
- Utilize the in-app scanning feature to scan and upload your KYC documents.
- Finally, click on the “Apply” button, and your application will be submitted.
By following these steps, you can easily apply for an NRI account online using the user-friendly SBNRI app. Or simply click on the button below and get your NRI Bank account setup within minutes.
Invest in India with SBNRI – Your Gateway to Seamless Financial Growth!
NRIs can now download the SBNRI App and choose to invest in different investment schemes in India, open NRI Bank account, get NRI taxation services, NRI PAN Card, repatriation and much more with ease. 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.
