Many Indians move overseas in the pursuit of job opportunities. They usually do so to support their family back in India financially. In such cases, having some financial backing comes in handy. Precisely why most NRIs invest in Mutual Fund in India. It expands their income earnings significantly. This way, they get to support their family better. Here is how it gets done:
Regulations
A Savings Account is the most basic Bank Account. It enables you to save money while earning interest on the amount deposited. You can also withdraw funds from the account anytime. Besides that, this account offers users many benefits and features that make it one of the best investment options.
Interest rates
A Non-Resident External Account generates deposited foreign funds to India. This means can deposit money in any foreign denomination. The denomination then gets converted into INR. An NRE Savings Account is highly beneficial to global Indians. It offers them many rewards. Some provide attractive NRE Savings interest rates, productive fund management, etc.
Investing in Mutual Funds is an excellent method to grow your money over time. However, when it comes to such investments, you get confused about which fund to invest in. Your Mutual Fund Investments should get done as per your investment tenure to build a large corpus to meet your objectives over time.
Let us understand how it is beneficial to consider one of the most talked-about funds – Equity-Linked Savings Scheme.
Save on taxes and make money
Based on the 2019 survey done by the UN Department of Economic and Social Affairs Population Division, the worldwide expat population has surpassed 272 million people. In the following years, it is projected to grow. The planet is, without a doubt, shrinking by the minute.
People are moving to other nations nowadays for various reasons, including better salary, a higher standard of living, job advancement, or other personal reasons such as increased migration results in more money getting transferred between countries that impact how global economies operate.
Personal Loans are unsecured financial products that you can flexibly use to pay for diverse expenses, including weddings, travel, education, home renovation, or medical emergencies. It allows you to use the sanctioned amount for valid reasons to meet your financial obligations. You get instant access to funds without collateral. It is one of the preferred Loan products to deal with instant cash needs.
Eligibility criteria
One of the preferred market investment instruments for many investors is Mutual Fund Investment. Accessible in different shapes, sizes, and types, such funds are managed by professional fund managers who pool money from different investors and invest in the chosen fund. A good fund not only helps you earn higher returns on investment but also serves as an additional income source.
Every investor hopes to invest in Mutual Fund that is best. But there are some tips and strategies that you must remember for finding the same:
Avoid rating traps
When you go abroad, you start earning your income in the currency you reside in. However, you have your loved ones living in India who depend on your finances. For ensuring their financial needs meet with yours, open one of the popular Non-Resident Indian Account (NRI Account) called Non-Resident External Account. Here you deposit the foreign earnings.
According to a famous proverb, 80% of the people in your social and professional circles shift every five years. While this notion may not hold for everyone, it does highlight something we all experience in our lives: change. Everything changes, from our priorities to how we handle circumstances. These shifts in our life have an impact on how we approach money and investing.
In this article, we divide life into stages and examine how you must approach investing in each phase and how to make the transition between them easier.
Bachelorhood
Digitisation has influenced many sectors, and banking is no different. With the developments in technology shaping up every day, other banks have jumped on the bandwagon. As a result, digital banking in India has become synonymous with doing any banking activity in recent years.
