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Online Banking Solution India
Every banking facility offers some features and benefits to all customers. Many people trust banks because they keep their assets and capital safe from damage and burglary and provide them with the liberty to withdraw funds whenever needed. There are many unplanned emergencies that people must face at some point in their lives. They require finance to meet the expenses. Hence, they can use those funds for the purpose.
An FCNR account stands for Foreign Currency Non-Resident account. Individuals holding an NRI nationality status can maintain a fixed deposit account in India and save money earned abroad in foreign currencies. The following are the currencies that account holders can deposit in this account:
What are the features it offers? Foreign currency accounts have lots of attractive features and benefits for all its owners. Whenever there is a need for urgent payment or funds abroad, they can use this account while visiting India. They need not worry about allocating funds as they can use the internet and mobile banking to transfer them to the recipient. It is a feasible investment option to maintain funds in India. The following are the features of the account:
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Many Indians reside in different countries all over the world. They have spread their culture and diversity throughout the globe and aim to prosper wherever they work. All of them have a habit of saving money for the future and access it whenever they are in an emergency or financial crisis.
Saving is beneficial for meeting needs when prices rise, and things go out of control. Sometimes, many social hurdles, such as strikes, lockdowns, and curfews, harm the savings of individuals and make them financially handicapped. A non-resident Indian can access earnings in India through an NRO account. The income could be in the form of dividends, rent, pension, interest, and many other sources. Operate it in the form of a savings, current or fixed deposit. RBI permits repatriation of funds, subject to certain limits. The procedure for opening the account is as follows: Options The non-resident Indian can convert the existing resident account in India to an NRO bank account or open a new one. Documentary proof of the account holder being a non-resident as defined in Indian tax laws and is a prerequisite for these accounts. Documents In the case of conversion of resident account, individuals must fill and sign a form. The documents required for opening this bank account include proof of identity, NRI status proof, proof of foreign address, and two photographs. In the case of a new account, the NRI has to fill and submit a new account opening form with similar KYC documents. Proof of residence abroad includes employment detail, student status, dependent visa status, or a copy of the resident permit in the overseas destination. This proof needs attestation from the Indian embassy, notary, or branch of an Indian bank with a branch overseas. Transaction proof Banks also require proof of financial transactions abroad, in the form of a cheque drawn on an overseas account or credit card statement not more than six months old. The account opening procedure In case of conversion, after receiving and verifying the documents, the existing savings account is predesignated as an NRO account in India. For new accounts, once an individual submits all the documents along with the initial amount, the bank opens the account. Points to note An NRO online account can be opened jointly with a resident or non-resident. If the signature on the form varies from the passport, the bank manager must attest it. Banks may charge individuals for the conversion of existing accounts to an ordinary non-resident account. They should upload the documents and submit the form on the bank’s website. They need to wait until the bank approves their request and contacts them for verifying the details they have provided. Following are the funds supported by these accounts: Remittance from abroad Proceeds of Foreign Currency/notes/travellers’ cheques during the temporary visit of the account holder Proceeds of Drafts/personal cheques Transfer from existing FCNR/NRE accounts of the same person Funds from local sources representing Bonafede transactions in Rupees Currently, the investment banking scenario in India itself is extensive. But let us begin with understanding what investment banking is? What are its functions? So, investment banking offers a host of services to clients. An investment bank acts as an intermediary to assist corporate, HNIs, and companies in raising capital. Also, investment banking services include advisory facilities like Merger & Acquisition.
Most of the companies require cash for expanding their business. Investment banks help in this by issuing securities to investors. These securities could be stocks, bonds, debt, etc. Investment banking services not only entail capital raising facilities but also focuses on the trading of securities, custodian services, AMC, and other facilities. With the help of investment banking services, businesses can raise funds for their projects as well as an expansion for making themselves bigger in the market. For this purpose, they employ trained bankers and execute the operations for maximising the revenues. Investment banks bridge the gap between large enterprises and investors. However, the major role of them is to advise the Government and businesses on how to meet their financial needs and procure the finances. Role as an advisor Raising funds for the company is a daunting task, and this is where the service of investment comes in picture. An investment firm can help sell the company’s shares by deciding the excellent price using sophisticated financial models. Financial analysts consider aspects such as earning potential, management team strength, and so forth while selling the stocks. Investment banks also provide advice at the time of merger and acquisition by advising the management on how worth the company is and help in restructuring the firm. Underwriting stocks and bonds Underwriting is the process where the investment bank takes financial risks in exchange for a fee. It includes conducting research and assessing the risk levels involved in the insurer’s business. An investment bank buys a specific number of stocks at a previously decided price and recalls them through the exchange. It is the job of investment banking services for preparing the documentation which must pass through the Securities and Exchange Commission before the company can sell stocks anymore. Documentation involves details like financial statements, management information, current ownership, and retirement planning. Other facilities Besides advice and helping to raise funds for companies, investment banking services also includes research, trading and sales, asset management, wealth management, and securitised products. |
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October 2020
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