Staying abroad does not mean staying away from your loved ones. There are various things that you can consider to make your presence felt. Firstly, create a Non Resident External account in order to have your earnings saved in that. Appoint a nominee: parents, wife or kids who can withdraw money anytime and from anywhere.
Secondly, you can invest in Insurance. Protect your loved ones with a well protected plan. You can make use of NRI insurance and cover them for cashless hospitalization. This offers them financial comfort even in your absence. By having these two things bank account and insurance in place, you would have offered them a financial relief.
This way, you would be with them in their tough times and help them combat it with your investment plans. It will definitely create a huge difference although you are staying away from them. You can stay relaxed that you have a protective plan to safeguard them.
NRI investment plans allow you to reap profits back at home. RBI has allowed an NRI to invest in Indian shares and debentures. An FCNR account or an NRE account allows you to accumulate your income in the form of rent, interest or profits earned through mutual fund, FD interests etc. For your NRI bank account, you must hold a valid passport, you must be of 21 years of age or above.
If you are planning to purchase a flat/house or want to carry out renovations being an NRI, you can still do it with NRI loans. Most of the banks require you to have an asset in India, a valid passport, monthly income proof and age proof. Actualize your dreams staying abroad. You will soon find your dream house when you get back home. Start investing right away and enjoy tax free income!
Vijay K Shetty, Platinum Author.
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