Sep 11
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NRI Fixed Deposits & Accounts with Highest Savings Interest Rates.
Many NRI’s consider India as the place that is financially happening and nudging close to China to be in the reckoning for emerging as the future Asian tiger. Even though they make arrangements for parking their money as there are loads of opportunities these days, but the best bet are retirement and lum sum saving plans and policies. People living abroad and wanting to return to India need to take care of their families and ensure their needs for the future.
Invest in 100% guaranteed NRI plans:
- Invest monthly, quarterly OR lum-sum.
- Get great returns on your investments.
- Lock in your principal amount for 5 to 25 years.
- Get 100% guaranteed returns on your principal.
- Complete security & safety of your principal amount.
- You can nominate your children too.
- Repatriate funds abroad/internationally after paying required NRI taxes.
Know more about NRI Guaranteed Return Plans: Click Here
NRI savings policies are tailor made
There are several insurance companies in India that take care of all the problems for those returning back to their homeland. NRI insurance & fixed deposit services are special features tailor made for those coming back home after spending many years abroad. Primarily, they want to get back to India and make the most from the growing economy. India is also the place where the world is headed and places like Bangalore and Hyderabad are common names in the western business circles.
Earlier, it was only Bombay or Mumbai as it is known now that people knew about, but now there are many more cities that are linked up with the US thanks to outsourcing jobs. There are insurance policies that can suit all types like profits endowment plan, money back, profits and money back for children as well as whole life plans and unit linked insurance policies. In unit linked insurance policies, your money is used by fund managers to ensure a decent return at the end of the policy period.
Insurance companies in India are regulated by the Insurance Regulation and Development Authority of India. Policies can be issued in foreign currencies to the resident PIO after you return from abroad and are an NRI. Many of those returning to India contemplate taking policies in the US. You can take policies in India in foreign currency and you have to pay the premium from foreign currency remittances from abroad or from the RCF or the resident foreign currency account you hold in India.
Hold an RCF
You can hold an RCF with any bank in India that is authorized to hold remittances and has the necessary infrastructure to deal with the specially required features. But you need the prior approval of the premier banker’s bank in India, the RBI or the Reserve Bank of India. Conversion of rupee policies into foreign currency and transfer to any country aboard requires RBI permission. You have to obtain a policy and fill out the forms, undergo medical tests and pay premiums.
For paying premiums, there are many convenient modes and you can also remit directly from aboard through different postal channels and also those prescribed by the insurance companies which can also include the foreign money order option. You can pay premiums from funds held in NRE or a foreign currency account with the Bank of India. You can draw a check on your bank account that you are having in India either in your name or with your spouse’s or from accounts in the name of the parent of the NRI.
Payment of premium can be made by the absolute assignee in India if the policy is totally assigned to the person resident in India. Employers can pay in respect of employees who have been sent aboard to serve the company. Payments of premium can be in cash and the spouse or the parent of the nonresident Indian can state in the letter the relationship they share. There are many insurance companies in India that also allow NRI accident policies covering NRI’s from 3 months to 70 years of age.
Need more information? Email us: info@nriinvestindia.com
