Sunday, December 31, 2017

How to Check if Your Aadhaar is Linked with Bank Accounts Online - Status Checker Tool

Hello Guys, welcome to the last post of 2017 in NRISavingsFunda and what could be the better topic than "linking Aadhaar" to close out the year. In this article, I'll show you how to check the status of your Aadhaar and bank account linking status online. The whole 2017 can be dedicated to Aadhaar linkage.

Tuesday, December 26, 2017

NRI should use Portfolio Investment Scheme (PIS) to buy shares

If you know, NRIs are allowed to invest in Stock Market in India i.e. they can purchase and sell shares in Stock Exchanges (Secondary Market) as well as they can buy stocks on Initial Public Offering (IPO), the Primary Market. Unfortunately, not many NRI knows about Portfolio Investment Scheme or PIS. It's a scheme of RBI under Schedule 3 of Foreign Exchange Management Act 2000 which allows NRIs to purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange routing such purchase/sale transaction through the account with the designated bank branch e.g. ICICI bank.

Saturday, December 23, 2017

Aadhaar Linking Deadline is Now extended From 31st December to 31st March 2018 but Only for Those Who Don't have Aadhaar Number

Many of you might already know that Aadhaar linking deadline is extended from 31st December to 31st March, but you might not know that this extension is only for people who don't have Aadhaar card. This means, if you have Aadhaar then you must link your PAN card, Bank accounts, Insurance Policies, and Mobile phones with Aadhaar by 31st December, but if you don't have Aadhaar yet, you can apply for it until March 2018 so that you can link your Aaddhar with PAN, Bank accounts, and Insurance policies by 31st March 2018.

Friday, December 15, 2017

6 Reasons to invest in National Pension Scheme for Retirement Savings

Retirement Planning is very important in the age of nuclear families and western culture. There was time when Indians never bothered about Retirement Planning or Insurance because they trust that their children particularly Son will take care of them both financially and emotionally, but with nuclear families its not possible anymore. Many elders are living alone nowadays and hence Retirement planning is essential for a relaxing and rewarding retired life.

Wednesday, December 13, 2017

Does Interest on NRE Fixed Deposit is Taxable?

In short, No, interest earned on NRE fixed deposit is tax-free in India. If you are an India working abroad and earning in foreign currency, you have a couple of more investment options available than to a resident customer. If you keep your money or some part of your money in India, NRE fixed deposit is the best option for you.

Saturday, December 2, 2017

Do NRIs need to link Insurance Policies (LIC) With Aadhaar Number

If you hold an insurance policy in India, get ready to link it with Aadhaar. After bank accounts, PAN card, and mobile phones, it's time for insurance policies to be updated with Aadhaar number. Many NRIs have bought Life and Health Insurance policies in India, mostly when they were residents, so, the big question is do NRIs need to link their insurance policies with Aadhaar card?

Tuesday, November 21, 2017

Difference between Public and Employee Provident Fund - PPF vs EPF

People often mistook Public Provident Fund or PPF for Employee Provident Fund or EPF, though both are provident fund and backed by the government of India, they are independent of each other. The main difference between PPF and EPF is that former is totally controlled by you and only you can make a contribution on that account, on the other hand, EPF is for both you and employer to contribute money.

Tuesday, November 14, 2017

Can You Invest more than one lakh in PPF Account?

TL;DR: You can now invest more than 1 lakh rupees on your PPF account, thanks to increased limit in 2014 budget. Earlier this limit was only 1 lakh but now it is raised to 1.5 lakh and so without doing any extra trick, as shown in this article, you can now invest more than one lakh in your personal public provident fund account.

Saturday, November 11, 2017

Foreign Bank or Indian Banks? Which offers more interst on NRE Fixed deposts?

Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account, he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate.

Saturday, November 4, 2017

Atal Pension Yojna for Guaranteed Pension for Indians - Important Features

The Government of India has announced a new scheme called Atal Pension Yojana (APY).  The APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA), which also administer the NPS or National Pension Scheme.  But unlike NPS, where NRIs are also allowed to invest and open an account (see here), Atal Pension Yojna is only for residents of India and that too for Indian citizens only.

Friday, October 27, 2017

Is Laptop, Tablets, and Mobile Phones allowed in Checked-In or Cabin baggage?

Yes, Laptop, Mobile Phones, Smartphones or any other Personal Electronic device, also known as PEDs are allowed in both check-in luggage and in cabin luggage in most of the countries. Though, it's general practice to carry mobile phones, laptops, tablets or any other personal electronic device in cabin luggage due to security reasons. Since these devices have a battery which may spark the fire and if they are in check-in luggage it will not be handled properly and in the worst case, it may result in loss of Aircraft. Hence its advised to always carry electronic devices with the battery in cabin luggage.

Wednesday, October 25, 2017

FCNR Deposit Interest Rates USD - ICICI vs SBI vs HDFC vs Kotak vs Axis Bank

FCNR term deposit is very hot at the moment. As I said in my last post it Right time to invest in FCNR deposit, it's the perfect time to get much better interest rates on foreign currency in India than abroad. If you consider USD interest rates, then Indian banks are offering up to 5.53% interest rates for five years deposit, this looks awesome.

Saturday, October 14, 2017

How much Indian Currency/Cash NRIs can carry to Overseas/India?

In the wake of India's great demonetization drive, NRIs had asked a lot of question to safeguard their Indian currency and one of them was, how much Indian currency an NRI can take to India from Overseas? The main reason for asking this question now is to make use of old Rs 500 and Rs 1000 notes before they became worthless after December 30th, 2016, because the only way to deposit old Indian currency was to deposit them into NRI Account in India.

Monday, October 9, 2017

How much TDS is deducted on Bank, Company and NRO Fixed Deposits?

TDS stands for Tax deducted at source, is income tax levied on interest earned by Fixed deposits. The rate on which TDS is applied varies, depending upon, whether the Fixed deposit is with a bank, a company or the post office. TDS also depends upon total interest earned on a financial year. For bank Fixed deposits, TDS is triggered when interest earned in a financial year (1 April to 31st March) is higher than 10K and for company fixed deposit or post office deposit, TDS triggered when interest earned on a financial year is more than Rs 5000.

Saturday, October 7, 2017

5 ways to remit large amount of Money to India from Overseas

There are several ways to send money to India from Overseas, both online and offline. Some of the popular channel for remitting money includes the Western Union for the small amount of cash to online services like ICICI Money2India, Xoom, HDFC QuickRemit, Remit2India and Axis bank Remittance allows you instantly transfer small to medium amount of money to India e.g. from 500 USD to 20,000 USD.

Monday, October 2, 2017

List of documents required for opening Sukanya Samriddhi Yojna Account

If you are eligible to open Sukanya Samriddhi Yojna account, as per eligibility criterion showed here and decided to open a sukanya samriddhi account then, accept my congratulations. It's a great decision to secure future of your daughter. Now, coming back to formalities, in general, you will need following documents to open an SSY account:

Tuesday, September 26, 2017

Does interest earned on NRO saving account and FD are Taxable in India?

Yes, unlike interest earned on NRE saving account and NRE fixed deposits which are totally tax-free in India, interest earned on NRO saving account or NRO fixed deposit are taxable in India. In fact, as per the current regulation, tax is deducted at source @normal rate of 30.9%, which is calculated by @30% + surcharge + cess 2%, surcharge can be up to @10% if taxable income is more than 10 lakhs INR. Which means, funds lying in NRO account can be taxed at the rate of almost 40.9% in India.

Saturday, September 23, 2017

How much foreign Currency NRIs or Foreigners can carry to/from India

In the last article, I told you how much Indian currency NRIs are allowed to take Overseas and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going to Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bring foreign exchange in India from the USA, Singapore, Dubai, UK or any other country, barring the local rules which tells how much foreign currency you take without declaring to Immigration or after declaring to customs.

Monday, September 18, 2017

Can You Open a Joint NRE or NRO account (savings and fixed deposit)?

Yes, you can open a joint NRE or NRO savings, current or fixed deposit and FCNR fixed deposit account, but who you can use as joining partner depends on upon what type of account you are opening and citizenship of other account holders. For example, if you are opening an NRO (Non Resident Ordinary) savings, fixed deposit or current account then you can open it jointly with any resident Indian or NRI. It means you can open NRO account jointly with your parents, spouse or your siblings, of course, if they are staying in India or any NRI e.g. your wife and children which are staying abroad with you.

Sunday, September 17, 2017

5 Money transfer Tips for Non Resident Indians Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short term or long term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially America or Europe. As they settle down there are receive their first month's salary, it can be little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled to what they are colleagues are using without doing any research about other options available and whether the option his colleagues are using giving the best value for his money or not.

Sunday, September 10, 2017

Where to Open Sukanya Samriddhi account? List of authorised banks

You can open Sukanya Samriddhi account with both post office and banks. Initially when the scheme was launched it was only available to Post office but Reserve bank of India has instructed a list of authorized banks to open SSY account, which includes popular banks like SBI, Axis Bank, and ICICI bank. Actually, the list includes many banks from both private and public sector. Unfortunately, you cannot open Sukanya Samriddhi Yojna account online, you must visit banks if you pass the eligibility criterion discussed in my last post. Anyway, here is the updated list of authorized banks which are allowed to open SSY account

Saturday, September 9, 2017

Does NRIs need to update Aadhaar on Bank Accounts?

Recently many of my colleagues received an email from their banks e.g. ICICI and HDFC bank regarding their saving accounts to update Aadhaar on their bank accounts, the deadline to link Aadhaar with a bank account is 31st December. If you don't do this then your account will be frozen. Since many NRIs doesn't have Aadhaar card, so what can NRIs do to deal with this situation? Well, this is not required for NRIs.

Thursday, September 7, 2017

How to check EPF (Employee Provident Fund) account balance online - free

How to find EPF (Employee Provident Fund) account balance online
You can now check your EFF (Employee Provident Fund) account balance online from the comfort of your office and home. No need to endure stress on multiple runs of government office.  In order to check your EPF account balance online, You just need to click below link and enter your EPF also known as PF account number and mobile number and it will display your total EPF (Employee Provident Fund) account balance. Every salaried employee In India who contributes some part of his salary to EPF (Employee provided Fund) have been curious to know his or her EFF (Employee Provident fund) account balance from a long time but going to EPF office and inquiring these details are a troublesome job, given how government offices works in India. 

Wednesday, September 6, 2017

Best Bank to Open NRI Savings Account India - HDFC vs Kotak vs YES Bank

Recently I was doing some research to open an NRI Savings account in India, and given their is  so many banks, both public and private sector are providing NRI services, I thought to do some quick checks on the best NRI savings account I can get this moment. One of my friends suggested me to open your NRI Savings account in HDFC bank, other suggested that he has an account in Kotak Mahindra and very happy with their services especially rather offered on their remittance service click2Remit.

Monday, September 4, 2017

Eligibility Criterion to Open Sukanya Samriddhi Yojna Account

Ever since Sukanya Samriddhi Yojna account has launched parents are very enthusiastic to open SSY account in the name of their daughter. Many of my friends have asked about whether they can open Sukanya Samriddhi account or not? Do it has some income criterion? I am currently outside India can I open Sukanya Samriddhi account? Can NRI open Sukanya Samriddhi account if daughter is Indian citizen etc. In this post, I will give you overview of who can open SSY account and who cannot by explaining eligibility criterion of Sukanya Samriddhi account.

Sunday, September 3, 2017

Best bank to open SGD/HKD FCNR Fixed Deposit? DBS vs ICICI

If you are living and working in Singapore or HongKong and thinking to open FCNR (Foreign currency Non-resident) fixed deposits in Singapore and HongKong dollar i.e. SGD or HKD then, unfortunately, you don't have many choices as not all Indian banks provide facilities to open FCNR fixed deposit in SGD and HKD. Most of the Indian banks supports 6 major foreign currency for FCNR deposits e.g. USD, GBP, EURO, JPY, AUD, and CHF. Even, the biggest bank of India, the SBI doesn't support SGD or HKD as foreign currency for FCNR deposits. then you should consider DBS bank's FCNR fixed deposit option.

Wednesday, August 30, 2017

Why Should You Invest Some Money on Equities, Stock or MutualFund

Many people ask me whether they should invest money in stocks or mutual fund or not? I say, you should invest at least some part of your money into equities because it is the only investment which can beat inflation in the long term. It's not that investing in equities will guarantee superb returns because there are periods and even extending up to 5, 10, 15, 20 and even 25 years where equities have delivered negative, no returns or very poor returns. For examples in Japan, Equities has not really been the best performing asset class in last twenty years. Nikki, index of Tokyo stock exchange was around 39K on December 1989 and where it is now, around 15K, after touching lows like 7K and 8K during 2001 and 2009. What this mean, if you have invested in Index you would have one-third of your money by now, forget about getting any interest.

Tuesday, August 29, 2017

Why Capital Protection is as Important as Capital Appreciation

There is a wise saying that "one penny saved is one penny earned". This is true even in the world of investment and saving. In today's volatile world your gain on equities or other investment options e.g. bond or fixed deposit can quickly erode due to depreciation in currency. This is what happening currently in India, with rupee depreciating to record low and inching towards physiological 1 USD = 70 INR, talk of capital protection is gaining momentum over capital appreciation. Since everybody focuses on capital appreciation and that is also the main objective of saving and investment, but if you don't pay enough attention to what happening around the world, you may quickly lose all your appreciation. If you are an NRI, who has positions on Rupee e.g. may be with an investment in equities or real estate, you can understand that with falling rupee, all those capital appreciation quickly erode.

How NRI can avoid Tax on Foreign Income by timing Departure and Return

If you are an NRI returning to India for good or an Indian going abroad, you need to be aware that you need to pay tax on your foreign income (earned outside India a.k.a global income) if you come before February 1st or leave after September 28th. Taxation in India depends upon individuals residential status. An Indian citizen, who is NRI for a financial year i.e. from 1st April to 31st March is not required to pay tax on their global income but if his residential status is Resident and Ordinarily Resident (R) then his global income is also taxable. In order to attain NRI status, you need to stay more than 182 days outside India, remember the arrival and departure dates are also counted as stay in India.

Sunday, August 27, 2017

Should you Invest in Gold Mutual Fund or ETF as Rupee is falling down?

Well, I am not an analyst, who can say that whether it's right time to invest in gold or not, but since I am a common man like many others, which follows some simple rules while investing money and follows principle of diversity, I made to think that is it right time to buy Gold? Well, many people will say, YES, buy gold, the price is lower from the peak, invest in gold, it's the perfect time to buy gold etc. It's natural to think like that, and everybody can think like that, which makes me a little worry, because if everybody can guess anything, which means there is not much value on that task. So in my opinion, it's not the best time to buy gold, at least for some time, except the Systematic Investment Plan (SIP)  part, which always continues, despite market conditions.

Saturday, August 26, 2017

10 Points NRIs should know about Income tax in India

Many NRIs are not aware of income tax laws in India and doesn't know whether they have to file income tax returns in India or not. Sometimes they also wonder, do they have to include income earned in the USA as well or only income earned in India would be taxable? Other doubts which come in minds is whether interest earned on NRE, NRO, and FCNR deposits should be counted as taxable income or not. What about long term equity gains?

Wednesday, August 23, 2017

Sending Money to India? Compare Rates on HDFC Quick Remit vs ICICI Money2India vs Remit2India vs SBI vs Axis bank

If you are sending money to India from any abroad location e.g. United States, Singapore, United Kingdom, or Australia, it's worth checking rates offered by different remitting services e.g. DBS India Remit, HDFC Quick Remit,  ICICI money2India, Times money Remit2India, Axis bank remittance services and SBI bank itself. Given current volatility in exchange rates, you may end up losing a good sum of money up to 1000 to 5000 Rupees, given your choice of remitting services. Since all of above provide good services and connectivity in terms of sending money to different cities in India or even sending money to a different branch of the different bank. For example, You can use ICICI Moeny2India to send money to your Mumbai HDFC account or Bangalore Kotak Mahindra account, in fact to any branch and any city. Which means, there is no point sticking with just one service or bank for transferring money to India.

Tuesday, August 22, 2017

Does it Right time to Invest in FCNR deposits on Indian Banks- SBI, ICICI, AXIS bank, Kotak

With Rupee falling every day and touching a new all-time low of almost $1 to Rs 65, many of NRI Indians are asking this question, is it a right time to transfer money to India or is it the right time to invest in FCNR deposits on Indian banks. If you have transferred dollars to India recently, many are just a fortnight ago, you might be regretting your decision to miss this increase in exchange rates. But there are many Indians, which are also thinking to take advantage of both increase in exchange rates as well as high-interest rates offered by Indian banks. Since NRE fixed deposits are not that attractive, due to recent fall in rupees values, in fact, you would earn more than FD if you keep your money in dollar itself, but FCNR (Foreign Currency Non Resident) deposits are unique, it keep money in the foreign currency itself e.g. in USD, GBP, SGD, AUD or JPY, depending upon your FCNR deposit currency.

Why Invest in Sukanya Samriddhi Yojna scheme? Benefits and features

PM Modi has launched several good financial schemes e.g. Atal Pension Yojna to provide retirement solutions to many peoples from un-organized sector, PradhanMantri Jan Dhan yojana to open bank accounts for poor, Pradhanmantri Suraksha Yojna to provide the cheapest insurance to Indian citizens and my favorite Sukanya Samriddhi Yojna to save money for your daughter's education and marriage. It's one of the best, government-backed saving and investment option you will find, I guess only PPF is close matched to it, but this is only for parents with a girl child. If you have a daughter aged less than 10 years, you can open a Sukanya Samriddhi account for her in your nearest post office which provides investment option. The key feature of this account is slightly higher interest rate it offers in comparison of Personal Provident Fund account.

Monday, August 14, 2017

Atal Pension Yojna and Swavlamban Scheme From NPS and PM Modi

I come to know about this excellent pension scheme just now after listening respected Prime minister Narendra Modi Ji's independence day speech.  Since many Indians works in private sector where there is no pension and Indian provides no social security to its citizen like European nations, it's very important for individuals to take care of their retirement and pension need. In order to encourage and help people, Narendra Modi government has launched Atal Pension Yojna on 1st June 2015. It's like Swablamban Scheme already running with NPS (New Pension System).

Friday, August 11, 2017

What happens to bank account, Fixed Deposit, and Insurance Policy When you become NRI?

One of the most common doubt among new NRIs are about their bank accounts e.g. what happens to their bank account, Fixed deposit, Demat accounts, brokerage accounts, and insurance policies when they become non-resident Indian? Well, once your residential status changed from resident Indian to non-resident there are certainly few changes in your financial accounts. For example, your resident account needs to be converted into NRO account. You also become eligible to open NRE (Non-resident external) account. Similarly, once you become NRI you need to inform your bank about your fixed deposits, brokerage accounts, and insurance policies.

Tuesday, August 8, 2017

How much Indian Rupees (INR) Indians can carry from India to Dubai?

If you are going for holidays or work to Dubai, Singapore, or the USA from India and wondering how much Indian rupees you can carry to overseas then you need to know the Indian customs official limit about the export of Indian currency. As per Indian customs rules, Export of Indian Currency is strictly prohibited. However Indian residents, when they go abroad, can take Rs. 25,000/ or INR twenty-five thousand with them. This rule is same for going to any country in the world e.g. you can take 25K INR if you are going to Dubai, Singapore or India.

Saturday, August 5, 2017

NRI Aadhaar and PAN card FAQ - Frequently asked questions

In this article, I'll answered some of the frequently asked questions about Aadhaar card and PAN card and their linking for NRIs and Indians living abroad. Though, the most important thing to remember is that NRIs are not eligible for Aadhaar card and they are also exempted from quoting Aadhaar number in their income tax return in India. Since they are not legally eligible for Aadhaar, they are also don't need Aadhaar number if they want to apply for PAN card from 1st July 2017.

Tuesday, August 1, 2017

Do You Need to Pay Tax When You Transfer Money to India from Overseas bank?

Do I need to Pay Taxes in India When I transfer money from Overseas bank to India?
Many of my IT friends are working abroad and when you go abroad the first time, you have a lot of queries in your mind, related to NRI status, Taxation in the foreign country, remittance and Taxation in India. One of the most common questions I see is "Do you need to pay taxes in India when you transfer funds from and Overseas bank to Indian Saving account?", the short answer is No, provided you are an NRI i.e. you have stayed more than 182 days abroad in that financial year (31st March to 1st April).

Saturday, July 29, 2017

Is NRIs, PIOs, and OCI holders are eligible for Aadhaar Card?

One of the common doubt among NRI community is whether they are eligible for Aadhaar Card or not. The doubt has created more worry with the recent announcement of the Indian government that Aadhaar will be mandatory for filing income tax in India and every tax payer has to link their PAN card to Aadhaar card before 30th June, failing to do may result in cancellation of PAN card. While, I am not aware of any official communication about the cancellation of PAN card if not linked to Aadhaar, but that's what I see on the Internet.

Monday, July 24, 2017

Can NRIs Invest in Public Provident Fund or PPF?

Can NRI Invest in Public Provident Fund or PPF?
Answer to this question is both Yes and No. Since an NRI cannot open a new PPF account, so it's not possible for them to invest money in public provident fund, but if an NRI already has an active PPF account, opened when he was resident then he can continue to invest in PPF. Like other resident investor, he can invest up to Rs 1.5 lakh every financial year i.e. from 1st April to 31st March.

Saturday, July 22, 2017

Is Aadhaar card Mandatory for NRI?

Ever since the income tax department of India made it mandatory to linked PAN card to Aadhaar card and ask every tax payer to quote Aadhaar card number into income tax return, many NRIs become worried. The reason was simple, most of them don't have Aadhaar card, but now Aadhaar card seems mandatory even for applying for PAN card. As far I know, from 1st July 2017 you cannot apply for PAN card without Aadhaar and without PAN card you cannot do a transaction involving more than 50,000 INR. So does this mean Aadhaar Card is mandatory for NRIs, PIOs, and OCI card holder?

Monday, July 17, 2017

Can NRI open more than one NRE or NRO Account?

Can NRI open more than one NRE, NRO or FCNR account with different banks?
Yes, an NRI can more open more than one NRE, NRO or FCNR accounts with different banks in India. I am not exactly sure if you can open two accounts with a different branch of the same bank, but multiple accounts can definitely be held with different banks. For example, many of my friends have NRE accounts with HDFC Bank, Kotak Mahindra and YES bank. They even have multiple accounts with same bank but account type is different. For example, you can open one NRE, one NRO and multiple FCNR deposits with HDFC bank.

Friday, July 14, 2017

Does NRIs need to link their PAN Card with Aadhaar Card

If you are an NRI, which has both PAN card and Aadhaar card then it is must for you to link your PAN card with the Aadhaar card. Failing to do so, will result in their PAN card cancellation. Though I have not seen any official news on that this is what many newspapers in India quote. On other hands, it's not legal for NRIs to get the Aadhaar card because it is only for the residents of India i.e. anyone currently living in India, irrespective of their citizenship. This means, both foreigners and Indias with foreign passports e.g. OCI and PIO holder can apply and get Aadhaar card if they are currently living in India.

Sunday, July 9, 2017

Difference between Public Provident Fund (PPF) and Fixed Deposit (FD) for Long term

In this article, we will understand the difference between two of the best investment option of conservative investors, PPF or Public Provident Fund and Fixed Deposit, known as FD. Both PPF and FD provides the capital guarantee and considered the safest investment. PPF is even backed by the government while FD is backed by banks and RBI, but which one is better for long term investment. Where should one put his hard earned money for long-term growth with a guarantee, we will find it for this post?  

Is Aadhaar card Mandatory for filling Income tax return for NRIs

Aadhar Card is mandatory for filling income tax return this year for all resident Indians. They even need to link their PAN Card to Aadhar card before filling income tax returns, but for NRIs, Aadhar card is not mandatory for filling income tax return.If you remember, NRIs need to file IT return if they have any income in India, even though it is not mandatory for NRIs to file income tax returns, especially if they have only income from Fixed deposits and Equity investment where TDS is already deducted, its advised that they file income tax return every year. It has many benefits but most important is that you will get your money back which is deducted as TDS if your total income is less than 2.5 lakh.

Saturday, July 8, 2017

Can you break NRE fixed deposit Prematurely? ICICI vs SBI vs HDFC vs Kotak

One of the common questions amount NRI investor putting their money on NRE fixed deposit is whether they can close the NRE fixed deposit before maturity or not? and if break the NRE FD is allowed then what is the penalty? This is a very good question and every NRI should ask this to himself or anyone suggesting him to open an NRE fixed deposit account.

Yes, you can close the NRE fixed deposit before it gets matured but interest will be calculated at the rate applicable for the period the deposit has actually remained with the bank and you might need to pay the penalty as well, which varies from bank to bank e.g. ICICI bank has different penalty than HDFC or Kotak Bank.

Friday, June 30, 2017

How to convert existing Resident Saving account to NRO Account in India?

When a Resident Indian becomes an NRI he needs to convert his Resident saving account to NRO account as per Indian banking and income tax laws e.g. FEMA. The NRO account provides the simplest way to access and operate the money and investments already made in India. These accounts can receive foreign remittances, can have a joint account holder who is a resident India e.g. your mother or father, and RBI also permits repatriations from NRO account to abroad limited by a maximum annual amount.

Saturday, June 24, 2017

Simple Guide to file your income tax returns Online in India

It's that time of the year again when every India taxpayer (including those who lives abroad) start to worry about filling your income tax in India. Like previous year, 31st July is the last date to file your income tax return in India. Everyone who earns an income in India is subject to income tax, including Indians living abroad or NRIs. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. NRIs, who doesn't have any salary income in India may have to pay income tax if they are earning rental income from their house, flat, or any commercial property.

Friday, June 16, 2017

How to Renew Indian Passport at Overseas? Does Passport Number changes Upon Renewal?

If your passport has been expired or about to expire and you are living outside India then you can submit your passport renewal application at Overseas itself. Indian High Commission and their affiliate agent accept passport renewal application. Btw, when you submit an application for renewal of your passport then your passport number will change. The new passport will have a new number and you need to update this number to everywhere e.g. bank accounts and other places where you have submitted your passport details.

Tuesday, June 13, 2017

What happens to NRE,FCNR, NRO account when NRI return back India?

One of the most common doubt among Non Resident Indians related to NRI accounts are, what will happen to their NRE, FCNR, and NRO account when they return back to India? Even though you are not coming back in near future its good to know what happens to NRI account when you are no longer Non Resident Indian. When an NRI returns to India for permanent stay his various NRI accounts are converted into equivalent resident accounts. NRO saving account is converted back to resident saving account while NRE and FCNR account is converted into RFC (Resident Foreign currency) account.

Friday, June 9, 2017

Best Health Insurance Plans for Family in India - LIC vs ICICI Lombard vs Bajaj Allianz Policies

I was searching   for a good health insurance plans for my family recently when I come to know about this "family floater health insurance plans". I have not heard this term before, so I did a bit of research about family floater plans and benefits of taking this type of medical insurance and surprised to know that now you can cover almost all members of your family with just one health insurance plan. This is a big relief because you don't need to buy and maintain separate health insurance plans for different family members, in just once insurance policy you can cover yourself, spouse (wife or husband), children, parents (mom and dad) etc.

Tuesday, June 6, 2017

Best Site for Online Instant Money Transfer to India from Australia - Remit2India

Remit2India, one of the popular remittance service among NRIs has recently launched instant money transfer service from Australia to India. Which means now you can remit money instantly, earlier it used to take 2 days. Along with Instant money transfer, Remit2India is also offering savings up to Rs. 3K+ as compared to local banks in Australia because of competitive exchange rates and lower fees (though subject to change given fluctuation in exchange rates).  So if you are sending money from Australia, it's worth looking what exchange rate Remit2Inida is offering? You will usually get better exchange rates and believe me that matters, especially if you are transferring money in excess of 20000 AUD. I always suggest my friends to compare exchange rates from different remittance service before transferring, why to compromise on your hard earned money, even difference of few cents can make a big difference if converted into Indian currency.

Friday, June 2, 2017

How to send money from USA or Canda to India instantly online in 1 hour? - ICICI Money2India express transfer

I recently come to know about ICICI bank's powerful service called express e-transfer which allows ICICI bank Money2India users to send money instantly to India from USA and Canada to India. ICICI bank claims that they will credit the money in just 1 hour compared to 5 days in case of regular electronic transfer if recipient account in India is another ICICI bank account and 2 hours if its a non ICICI bank account e.g. HDFC or Axis Bank. This is simply great and as fast as transferring money from one account to other in India itself.

Tuesday, May 23, 2017

Does it Right time to Invest in Indian Stock Market?

I was thinking is it right time to invest in Indian Stock Market? As no one can predict equity or time the market, for long term investor, every time is the right time. Looking at what happening at the moment in India, as it just got a stable government with everyone from common people to the corporate world is hoping no non-sense governance, things really look very attractive. Indian stock market is in a roll from March, stocks like SBI has gained almost 100% or doubled within three months.

Sunday, May 21, 2017

Is it Mandatory for NRI to File Income Tax Return in India?

Does it necessary for NRI to File Income Tax Return in India?
One of the most common doubt every NRI has is whether its mandatory for them to file incomes tax return in India or not? Short answer is, it depends. If you are a Non Resident India for a financial year let's say 2015-16 i.e. you stayed outside India for more than 182 days then your status becomes NRI, but you are also eligible for basic exemption limit which is currently 2.5 lakh in India.

Saturday, May 13, 2017

Can NRI Invest in Stock Market and Mutual funds in India?

Yes, NRI can invest in the stock market as well as in mutual funds in India, provided they have an NRE saving account in India. Investing in a Mutual fund is easier than directly investing in Stocks because you don't need a Demat account to invest in the Mutual fund and also there are a lot of restriction applicable to NRI directly investing in Stocks.

So if you don't want to go through the hassle of opening a Demat account and a Portfolio Investment account, required by RBI to keep track of NRI investment on the stock market, it's better to invest in Mutual funds and exchange traded funds.

Saturday, May 6, 2017

Should you take personal loan/ balance transfer in Singapore and pay off a home loan in India?

This is one of the most frequently asked questions among Singapore NRI community. I often receive queries from IT professionals working in the city-state who have home loans back in India and thinking to pay off in full or a portion of them by taking a personal loan or credit card balance transfer in Singapore. Well, the idea to take a loan to pay off another loan only make sense if you are getting a cheaper loan and paying off a higher interest loan. Since most of the home loans in India charges around 9.5 to 11% in INR and you can get personal loan on credit card also known as balance transfer in Singapore for as low as 2.5% for 6 month it make a lot of sense to take a personal loan in Singapore and pay off your home loan in India, though there are some risk which you need to consider. For examples, this only make sense if you have the visibility that you will be in Singapore for next 6 month or more.

Saturday, April 29, 2017

NRE Saving Account FAQ - Non Resident External Account Frequently Asked Questions Answers

The NRE account stands for the Non-Resident External account and I strongly believe, every NRI who has any interest in India must open this account. It has some excellent features which are not available to other types of account e.g. interest earned on NRE account is tax-free in India and not only that, both principal and interest are fully repatriable to overseas. You don't need to ask for permission or worry about paperwork, if you need money in overseas, you can always transfer from your NRE bank account.

Friday, April 21, 2017

Migration to Australia, NewZeland, USA, UK, and Singapore More Difficult for Indian IT Professional Now

This month, particularly this week, starting from 18th April was pretty bleak for Indian IT professional looking for migration and an onsite opportunity to Australia, NewZeland, and the USA. Things were not easy from quite some time where many firms all over the world chopping and moving workforces from high-cost location to low-cost location and thus reducing the onsite opportunity for a large number of ambitious Indian IT guys working in service-based companies like Infosys, TCS, Wipro, and CTS. Things have started getting even worse due to a series of VISA reforms done by these nations to employ more stricter policies on immigrants has made the onsite dream of Indian IT professional even more difficult.

Friday, April 7, 2017

Can You transfer money from NRE to another NRE, NRO, FCNR and Resident Saving account? ICICI or HDFC?

One of the most common question among NRIs (Non-resident Indians), especially among IT professionals traveling to the USA, UK, Singapore onsite are whether they can transfer funds from one NRE account to another NRE account, or NRO account, or FCNR account, or a Resident saving account or not? Since many IT professionals have their resident saving account in India when they travel to Overseas and which they later converted to NRO account, this doubt is obvious. Well, since NRE account is maintained in Indian rupees, there is no restriction on transferring your money from one NRE account to another NRE, NRO, FCNR or resident saving account.

Friday, March 31, 2017

Can you send money from abroad to a normal Indian savings account, will it be taxable?

One of the frequently asked questions by people going abroad is that, whether they can send money to a resident saving account in India or not? Will that be taxable? The answer to this question depends upon whose resident saving account? For example, if you send money from abroad to a normal saving account of your parent, spouse, or children then it will be considered as a gift from Income tax perspective and gift to parent, spouse, and children are not considered as income in India, hence they will not be taxable.   But, if you send them to somebody else’s normal saving account then it will be considered as their income and they are liable to pay income tax on that.

Wednesday, March 1, 2017

Pros and Cons of Public Provident Fund (PPF) Account for Tax Saving

If you are an Indian, I am sure you must have heard about Public Provident Fund or PPF, one of the most popular long-term saving scheme backed by the government of India. If not about PPF, then definitely about EPF, Employee Provident Fund, it's big brother. Since EPF is sort of mandatory and your employer deduct some portion of your salary apart from his contribution, it's not something you worry about. By the way, if you want to check your EPF account balance, you can see it here. PPF investment is a similar product for any citizen of India through NRI can not open PPF account in India, it's only for residents of India. PPF allows you to save some money, reduce your taxable income and grow your investment with safety guarantee from the government on India. It also gives you a decent interest rate of 8.7% per annum, compounded annually.

Tuesday, February 21, 2017

Difference between Wire Transfer (SWIFT) and ACH (Automated Clearing House) Money transfer

Even though both Wire transfer and ACH are ways to send a large amount of money from one place to another, there are some significant differences in the way they operate. A wire transfer, also commonly referred as SWIFT transfer is an electronic transfer of money from one financial institution to other across the financial network. The word "wire" is chosen to signal the electronic transfer of money. It is fast and secure and can be used to transfer fund from one bank or credit union account to other. The wire transfer is mostly used for international money transfer e.g. sending money from the USA to India, particularly for a large amount of money due to its safety, security and speed advantages because no actual cash is moved in wire transfer transaction.

Sunday, February 12, 2017

Opening an NRE Fixed Deposit? Compare Interest Rates among Banks

NRE Fixed deposits are one of the best options for NRIs. It's safe, offer fixed and good returns and most importantly interest earned on NRE fixed deposit are not taxable in India. On top of that, you can also repatriate (send money to overseas from India) both principle and interest. Still, there are a couple of things every NRI should know about NRE fixed deposit before booking. Most important of them is that minimum tenor for earning the interest on NRE Fixed Deposits is 1 year. If you withdraw or break your NRE FD before 1 year then no interest will be paid.

Yes, Transfer Money form NRO to NRE Saving Account, FCNR is Allowed

Not many NRIs (Non-resident Indians) knows that, from May 2012, NRI can transfer fund from NRO account to NRE account in India. Earlier this was not the case though you can transfer funds from NRE to NRO account, the reverse was not allowed. The only way to fund your NRE saving account was through your offshore income earned in foreign currency.

Wednesday, February 8, 2017

5 Difference between ELSS vs PPF vs NSC vs Tax Saving Fixed Deposit

ELSS (Equity Linked Saving Scheme), PPF (Public Provident Fund), NSC (National Saving Certificate) and Tax-saving fixed deposits with banks are four of the most popular way to save tax under section 80C, but which one is the best among these four? How do you choose whether to invest your 1.5 lakh rupees, the maximum amount allowed to invest under section 80C qualified for deduction from taxable income?

Can I break FCNR Fixed Deposit before Maturity?

It depends on the bank to bank, most of the bank doesn't allow you to break your FCNR fixed deposit if it's done for more than 3 years, but you can do premature withdrawal if its done for less than 3 years. Most of the bank including ICICI, HDFC and Kotak Mahindra doesn't pay any interest if you break your FCNR term deposit within a year. If you break your FCNR FD after year, you will likely get less interest rate than promised, mostly what is equivalent to the period money remained in the Bank. So, make sure you check with your relationship manager about premature withdrawal penalty before opening an FCNR fixed deposit.

Monday, February 6, 2017

13 ways to Save Income Tax under Section 80C in India

It's this time of the year when most of the salaried Indian think for tax saving investments. Most of the income taxpayers know about section 80C and the 1.5 lakh tax deductions it allows into your taxable income, but do you know what are some other investment options comes under section 80C? Some of you know that investment in PPF and ELSS (Equity linked Saving Scheme) comes under Section 80C, but what else? Is there any other tax saving options which you can leverage or you might have invested in it but you are not claiming the tax benefit because you are unsure whether that is covered under section 80C or not.

Friday, February 3, 2017

Top 5 Income Tax Changes and Slab Rates from Budget 2017

The Indian Budget for 2017 has been announced a couple of days back and Finance Minister Mr. Arun Jaitely announced some Income tax reforms, amendments, and relief for personal income tax payers of India in his budget 2017 speech. The most important of them are 5% tax on the lowest slab i.e. 2.5 lakhs to 5.0 lakhs instead of 10%. This change will impact most of the tax payers in India as data provided in the budget, total 3.7 crore people filed income tax returns in 2015-16 and out of those almost 2 crore was in the range of 2.5 lakh to 5 lakh.

Tuesday, January 24, 2017

NRIs can now exchange old Rs 500 and Rs 1000 notes until 30th June 2017 - deadline extended for Resident Indian and NRI returning from Abroad

In a pleasant surprise in the new year, Government now allows NRIs to exchange or deposit demonetized Rs 500 and Rs 1000 notes until 30th June 2017. Earlier the deadline was 31st March 2017 on RBI offices for NRIs but this is now extended until 30th June 2017 to allow NRIs to better plan their trips to India. This is a much-needed relief to NRI community who was very disappointed with the way the government  handles this demonetization exercise as many of them left with old cash ranging from 5K to 25K due to no legal option to convert them at overseas.

Sunday, January 22, 2017

How to open PPF Account online - SBI and ICICI bank

Online PPF Account with SBI and ICICI bank India
Now you can open PPF or Public Provident Fund account online in India with ICICI bank and State Bank of India (SBI). This is a major step to increase popularity of PPF or Public Provident fund account among individual especially youngster who love convenient of net-banking from office or home. All major financial and saving product like fixed deposit or FD,  recurring deposit or RD and mutual funds are already available online, which means hard to choose PPF account over these personal saving instruments.Now since PPF account is also available online you can get all benefits of PPF account with the convenience of net-banking in India.

Why and How to Appoint a Mandate Holder in NRE or NRO account?

Mandate Holder is a unique facility many private sector banks like ICICI and HDFC bank provides to NRI customers. According to this faculty, NRE/NRO account holder can appoint a resident Indian (a family member only) to manage your account on your behalf. Since, being an NRI, you cannot physically be present in India to handle your financial matters for most of the year, having a mandate holder really helps.

FCNR Fixed or Term deposits - Should NRI Invest?

Should you Invest in FCNR fixed or term deposit?
FCNR (Foreign Currency Non Resident) deposit is another way NRI can invest money in fixed deposit, this is the third option for Indians staying abroad along with more popular NRE and NRO Fixed deposit. Since deregulation of the interest rate on FCNR deposit earlier this year, In an attempt to arrest Rupee slide against USD and attract more dollars from NRI customers, FCNR deposit has become an attractive alternative for NRI.

NRE or NRO Savings Account – Which one NRI should open? Differences

NRE or NRO savings account, which should I open is first doubt comes in mind of any Non Resident Indian (NRI), who wants to open saving accounts in India on Indian banks like ICICI bank, SBI bank, HDFC Bank, Kotak Mahindra Bank and several other public sector banks which offer this facility like Bank of Baroda. NRE and NRO are two kinds of accounts any NRI can open in India, NRE stands for Non Resident External while NRO stands for Non Resident Ordinary account, though both can be held by Indians there are many differences between them and based upon your need you need to choose to open either NRE or NRO account in India. Almost all major banks both public sector and private sector like SBI, HDFC, ICICI, Kotak Mahindra allow NRI Indian to open both NRE and NRO account.

Good time to invest in NRE Fixed Deposit in India

Why Invest in NRE Fixed Deposit in India?
NRE Fixed Deposit is very hot at this moment with soaring interest rate and very lucrative Exchange rates from USD to INR, SGD to INR and from other foreign currencies. For all those Indian who are living abroad or working abroad mostly my fellow IT Professionals, it’s good to invest in NRE Fixed deposit in India. As we know the successful key of Savings and Investment is diversification and Fixed Income forms a big part of it and always say that at least have your 50% money in Fixed deposits because of liquidity, security and ease of investment as an option it provides. NRE Fixed Deposit is even more special because all principle and interest earned on this account are TAX-FREE in India. So it’s the best way to bring foreign currency in India. The earlier rate of Interest on NRE Fixed deposit was quite low as compared to Resident savings account but now it's even at par of Resident account and many private banks are offering rates in the range of 9.2 to 9.6% per year with quarterly compounding basis.

How to deposit money in NRE and NRO account -Savings Fixed deposit

How to deposit money in NRE account  -ICICI, HDFC, SBI
You can deposit money in NRE account held with ICICI Bank, HDFC Bank, SBI Banks, Kotak, Axis by using following methods:

Recurring deposit for NRI – latest offering from Indian banks

Recurring deposit for NRI customers
NRI recurring deposit is a new investment option offered by many Indian banks like HDFC Bank, SBI, ICICI and Kotak Mahindra, after their successful run with NRI fixed deposit. With almost 25-30% rise in exchange rates of USD to INR during the span of one year has made remitting money to India and investing in recurring and fixed deposit a lucrative option. Recurring deposit for NRI is available on HDFC bank and it may also available through other banks like Kotak Mahindra which I yet to check. I liked recurring deposit for NRI because it doesn't require you to invest wholesome amount and you can still take advantage of high-interest rate combine with super exchange rate before it’s too late. As it's quite clear that interest rates in India will only go down in near term, they are already fallen from their peak and exchange rate is also fluctuating I think locking money in recurring deposit is the best one can do if he wants to keep money in Indian rupees or want to pay EMI though that money or buy a house.

Saturday, January 21, 2017

Selling Properties in India? What NRI should Know

NRIs are allowed to buy and sell properties in India and they can also bring the profit post sale of their property to abroad but there are a couple of things which you need to learn and remember. For example, you need to know that the sale proceeds amount can only be deposited into your NRO account and not on your NRE account.  There are many similar points which every NRI should know and remember before selling their ancestral or self-bought properties in India. I have tried to list a couple of them in this article. If you have any suggestion or any other important things which are not in this list, please suggest in comments.

Wednesday, January 18, 2017

Difference between NEFT and RTGS or IMPS Interbank Fund transfer

NEFT and RTGS are two main ways of electronically transferring money between two banks in India using net banking accounts. Suppose you have a resident, NRI or NRO account from ICICI bank and want to transfer money to your family member or third party, which has account in HDFC bank, then you can either use NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) depending upon, how much money you want to transfer. A third way, rather new way of money transfer between banks is IMPS (Interbank Mobile Payment Service or Immediate Payment Service) was introduce in 2010 by the National Payments Corporation of India to empower customers to transfer money instantly.

Sunday, January 15, 2017

Is NRI's Overseas Income Taxable in India? Which Source of Incomes are Taxable?

Whether global income of NRI is taxable or not depends on NRI's residential status in India for that financial year e.g. from 1st April to 31st March. If NRI's tax status is "resident" in the financial year than your global income is taxable in India, which includes income earned abroad + income earned in India. But, if your residential status is non-resident for a financial year than income earned on overseas is not taxable in India but any income earned or accrued in India is taxable in India e.g. interest earned on NRO fixed deposit.

Friday, January 13, 2017

What is the limit and tax implication of Sending Money to India from the USA?

In theory, there is absolutely no limit to how much money you can send to India, provided you earned your money legally and paid your taxes but the USA is special. In practice, depending upon which channel you are using for sending money to India, you might have some limit. Similarly, you will also hit the daily limit of transaction you can do with your local bank e.g. paying bills up to 50,000 dollars daily for remittance purpose.

NRI can use Double Tax Avoidance Agreement (DTAA) to save tax

NRIs are always in doubt with taxation and many times they end up by paying double tax on same income, both in the foreign country they are currently working and staying and on India. In order to avoid this double taxation of income, the home and the source country mutually enter into tax treaty generally known as DTAA. India has signed DTAA treaty with more than 80+ countries, which includes the USA, UK, Canada, Singapore, Malaysia, UAE, Germany, Australia etc.

Tuesday, January 10, 2017

10 Tips to Save Money and Reduce Expenditure to Boost Savings in Long Term

Someone has wisely said that "one penny saved is one penny earned" while I also believe that one should not compromise on things that they love e.g. spending on family, holidays or smartphones, you can still save a lot of money by following these saving tips. People often say that inflation will eat your money, but there is a bigger threat to your money than inflation, it's unnecessary expenditure. Inflation will take years to erode your money value, but spending can take your money in seconds. Humans are very fickle by nature and given today aggressive advertising campaign then often end up buying stuff, they don't really need. Our focus is to minimize that expenditure to boost your savings.

Monday, January 9, 2017

Can you add Nominee in your NRE or NRO account? Saving and Fixed deposit

Yes, you can add any family member or close relatives as a nominee in your NRE account. Almost all the banks, both public sector e.g. SBI, Bank of Baroda and private sector banks e.g. ICICI, HDFC, Axis Bank provides nomination facility. This is one thing many NRI customers either avoid doing it or they just don't know about it, but I strongly suggest you have a nomination in all of your bank accounts, not just the NRE, NRO or FCNR account.

Sunday, January 8, 2017

How to save additional tax by investing in National Pension System

Good News for all income taxpayers of Indian. Now, they can reduce additional 50 Thousand INR on taxable income by investing in National Pension System for the financial year 2015-2016. This may result in the tax saving of around 15 thousand INR, which is not a small amount. Add another 15K and you can have a foreign trip.

Why open RFC (Resident Foreign Currency) Savings Account or Fixed Deposit

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies e..g USD, CAD, EURO or GBP for NRIs who have returned to India for good but has some foreign currency fund to park. One of the main reason of opening RFC account is that you can also open the RFC account as term deposit to park your foreign currency, which you can later transfer into NRE or FCNR accounts when you gain your NRI status back e.g. when you moved to abroad again.

Saturday, January 7, 2017

5 Tax Benefits of taking NRI home loans in India

Many NRIs buy property in India by taking NRI home loans, but when it comes to tax saving, most of them are not sure whether they are eligible for any tax saving in India or not. They just earned in abroad and replay the home loan by their NRE/NRO account without thinking of tax deductions available under income tax law of India for home loans. Many banks, which provide NRI home loans e.g. ICICI, HDFC, State Bank of India, Axis bank, Federal Bank, Bank Of Baroda and other non-banking financial institution like Tata capital, LIC Housing or HDFC itself doesn't tell you anything to NRIs about how they can save taxes while paying their home loans in India.

Tuesday, January 3, 2017

Difference between Re-issue and Renewal of Indian Passport

If you are an NRI, currently outside India and your passport's expiry is near then you might be thinking about re-issue of passport, but if you are confused between renewal and re-issue of an Indian passport then you have come to right place. There is a difference between Re-issue and Renewal of a passport. Passports are Re-issued after the expiry of their 10-year validity period.

Monday, January 2, 2017

Can NRI take Personal Loans in India? Which is the best bank to take NRI Person loan?

Yes, NRIs can take personal loans in India, nothing stops them except the bank which are giving Personal loans. Unfortunately, even though, all the public sector banks e.g. SBI, Bank of Baroda, Punjab national bank, private sector e.g. ICICI, HDFC, Axis bank, YESBank, Standard chartered, Federal bank, and even non-banking financial institution like Tata Capital, LIC finance are offering home loans to NRI but no one is providing personal loans to NRIs.

Sunday, January 1, 2017

Why and How NRI Should open NPS (National Pension Scheme) Account

In my last post, can NRI invest in National Pension Scheme, I told you that NRIs are now allowed to open NPS accounts, it's time to share more information about NPS e.g. why an NRI should invest in National Pension Scheme. One of the main reason NRI should open NPS account is to build their retirement or pension corpus in India. Since many NRI working abroad don't have any kind of social security, especially those who are working in middle east and gulf country. For all Non-resident Indians, this is now a golden chance to plan for their old age income.