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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.
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.
It has also become the need of the hour owing to challenging circumstances whe
Living life overseas is full of fun and excitement. You learn to become independent and take care of finances while building a future. There are several growth opportunities concerning education, employment, and infrastructure. Indians travel abroad for a broader scope and achieving their aspirations.
The debt instruments primarily invest the corpus in debt instruments like Government Securities, Treasury Bills, Corporate Bonds and other money market instruments. The investment in debt funds allows the investor to earn an interest income, a predictable, periodic income. These funds invest in securities based on their credit ratings for regular interest payment.
A telegraphic transfer is an electronic means of sending money that gets mainly used for international wire transfers. Telegraphs were used to coordinate financial transactions between financial institutions, as the name implies.
On the other hand, Telegraphs have become obsolete, as modern technology now allows funds to transfer via cable networks. Therefore, the telegraphic transfer can also be referred to by the more generic term wire transfer.
The hardest time to be alive is during a recession. Unemployment, reduced demand, and a scarcity of investment opportunities are all consequences of the economic downturn. It, in turn, causes psychological distress by putting undue financial pressure on the person. There are, fortunately, ways to protect yourself from the worst effects of a recession. Here are some suggestions for how to safeguard your wealth management account if the economy tanks.
Stopping SIPs is a bad idea
Investing your money to get returns is the best way to make it work for you. It becomes even more critical as a Non-resident Indian or Person-of Indian origin in a foreign land. You have many responsibilities of your expenses and family back home. A foreign currency non-resident account enables you to save with good returns.
Making your savings work is the best way to use them optimally. A recurring deposit is the best option to do it. It lets you invest in small bits from your regular income every month. You then receive returns on your investments upon maturity. The RD interest rates are assured and safer compared to other financing instruments.
