Tips for Non Resident Indians • Financial Planning in India

A close relative of mine got settled in Australia recently and he was eagerly looking for financial plans and investment options in India. He reached me and asked about some information related to NRI Investment choices in India.

Just like my relative, there are many NRIs, who are continually searching for good investment alternatives in India. They are profoundly keen on venturing in a good financial plan in India.

This article is an attempt to help all the NRIs make intelligent financial decisions in India. Keep reading to find out the best financial plans for NRIs in 2019.

  1. Consolidate all the accounts: Many times, NRI families hold back from holding bank accounts and mutual funds investments as a resident even a very long time of leaving their residency status. This isn’t allowed, as the law requires NRIs to have all records changed over to a non-resident status. It is likewise a smart thought for NRIs to consolidate all the accounts so it becomes far simpler to oversee. A savings account called as non resident external account (NRE), an investment account called the non resident ordinary account (NRO), a foreign currency non resident account(FCNR) and a Demat account in the event that despite an NRI has shares since the time when he/she was a resident are ordinarily enough for NRIs. On the off chance that you wish to keep investing in India, a great option is to open a portfolio investment scheme.
  1. Health Cover: An expansive number of NRIs wish to return to India post-retirement. They likewise have worldwide health and wellbeing covers set up as of now, given by their managers. However, these health covers will not be valid when the NRIs retire, so it is basic to guarantee that an extensive free health cover is instituted for the family right away. Buy the health cover in advance so that you can protect yourself against any possible risk of pre-existing illness.
  1. Real Estate: This option is a standout amongst the most encouraging financial choices for the NRIs. A large portion of the NRI love to put their resources into the land. This might be because of their connection to the nation or because of retirement arranging. NRI is permitted to buy both private and business properties in India. NRI isn’t permitted to buy the agricultural land whereas this land can be inherited or acknowledge it as a gift. The installment for purchasing property should originate from NRE, NRO or FCNR account. The installment cash for the exchange would be rupee. You need a substantial international ID, PIO card, address confirmation, PAN number and photo for purchasing a property. An NRI can likewise take a loan for the purpose of purchasing home in India. The adaptability offered for repatriation of cash relies on which account you have utilized for purchasing a property. On the off chance that you have utilized NRO represent making an installment then you will have total adaptability.
  1. A global financial plan: A good financial plan will always be the one which incorporates the budgetary objectives that you have for yourself and your family, just as your worldwide resources, credits, investments, salary, and costs, will empower you to all the more likely adjust your present and future investment funds to the necessities of your future plans. This will, in general, be increasingly specific for NRIs who are uncertain about whether they will return back to India or will keep on living abroad. If you think that you don’t know about your destination after retirement, it is ideal to make two renditions of a financial plan, and after that guarantee that the investment strategy you have holds valid adaptability to manage both of these two situations.
  1. Have a global succession plan: Due to the fact that resources could be held over various geographies, it is important that wills and other plans that are related to the succession of property are utilized well so that in a bad circumstance of something transpiring, your family can gain admittance to your riches effectively. In the event that you are not visiting India, the greater part of these things can be established remotely also. Focus on acting conclusively in 2019 to get your financial plans set up.
  1. Make sure that your taxes are in order: A financial year will not be the same as a financial year in any other part of the country. While the income that is produced in India is going to be taxable in India, however in specific cases, where there is a DTAA or the Double Tax Avoidance Agreement, it is conceivable to set off duties paid in one place or country against charges due in another. As governments world over give special focus on assessment accumulations all the more intently, it is important that taxes are well managed in both the nations that you live in, just as in India. It might be a smart thought to consider utilizing the administrations of a financial counselor with detailed knowledge of International expertise who comprehends imposes in the two geographies, so tax arranging is well dealt with.
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4 years ago

Do NRIs really use these kind of information? I think they’d prefer some financial expert from their native country.

Atwal Financial Team
Reply to  Vikas
3 years ago

Hi, when say native country you mean an adviser based in India? I am based in New Delhi and have been for 6 years. The case with advisers here in India is that they do not know much about cross-border issues and that is our focus. Feel free to email me at