Make profits by investing in your home town. You don't have to be physically present in your home town in order to invest in PSEs, debentures and other sectors. Stay overseas and improve your financial health.
There are some investment plans which allow you to save your hard earned money from being paid in the form of tax. You can enjoy tax exemptions by investing in pension plans, tax saving fund, certifications and insurance policies. Besides offering you profits in the long run they all protect your family who is staying away from you. Thus, it offers you solace that you have protected them although you have stayed overseas.
Indian banks offer you certificate deposit schemes, bank deposits, company deposits, tax saver funds etc. You must have an NRE or FCNR account with them. These bank accounts allow all non resident Indians to have financial transactions. A dematerialisation or demat account is also essential to carry out online trading. You can buy and sell shares and stocks online, staying abroad.
Being a non resident Indian you are free to invest in debentures, shares, and pension plans. However, you cannot invest in kisan vikas patra and other national savings certification. Even Public provident funds do not allow an NRI to have his investments. For all the above, you must first open an NRE, FCNR or NRO account and carry out safe transactions. Your mutual fund dividends will automatically get deposited in your bank. An FCNR bank account lets you to carry out your financial transactions through US dollars, euro, Japanese yen and pound sterling too. You are free to have these bank accounts for a duration of 12 months to three years. In order to open a bank account you need to have a valid passport, id proof and address proof.
Friday, July 9, 2010
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