There may be many reasons for the Indians to shift base abroad which are increasing these days due to the lucrative job prospects and foreign exchange study programs. You may need to transfer money back home in India when you live in a foreign country. This is where the NRE account India comes into play. It is also called non-resident external account and the authorized banks in India are instrumental in opening them for the Indians who stay abroad. They can be kept in the form of savings, current or term deposit accounts. If you have to dispatch any form of currency back home you can do so with the help of a wire transfer
You can open this type of account with any bank in India say for SBI or ICICI. You need to mention to the bank agent that you wish to dispatch money to your non-residential Indian account. Generally you can avail of their online website transfer features. You will need to follow the individual bank procedures for doing this. The details of your non-residential account in India have to be provided and you need to mention the amount of cash which you wish to send there. After the transfer amount is confirmed by you, the money is credited to your account. The NRI deposits are also very important in case of the Indians living in foreign countries.
The mutual fund investment in India also holds a lot of water after years of hard work and then finally retirement. The best advice for it is to consult a well known and experienced expert who knows his work well. Listen to the tips offered by them as well as review the funds. Don’t go by the products and performances which they might try to sell you. Do a … Read the rest