Benefits of NRI
NRI stands for a Non-Resident Indian, which means an Indian Citizen staying abroad under certain circumstances. Examples of NRIs include people posted in the U.N, officials sent abroad by the government and also people undertaking temporary assignments abroad.
1. Bank accounts
The NRI banking sector is very vibrant, particularly because the Indian government started to acknowledge this large group of people and provide it with numerous facilities and benefits. For that reason, if you are a non-resident Indian, it is highly likely that you will find great deals when it comes to opening bank accounts and other investments. There are several banks as well in India that offer great services and packages to the NRI community.
2. Insurance policy
Another benefit that NRIs experience is the fact that they can enjoy tax exemptions on their incomes provided they register for a tax saving fund, pension plan, insurance policy as well as any other certifications. This is because the aforementioned options offer great returns to NRIs and thus will provide the expected tax exemptions. Apart from that, it also provides security for your spouse or parents at home. This way, you will always be prepared for any hospitalization charges or medical expenses that could possibly arise in your home township.
3. Immovable assets abroad
Non-resident Indians can continue holding all their immovable assets outside India. These types of assets can either be rented out as rentals or be credited to the overseas bank accounts. The properties can then be transferred or sold with the proceeds of the sale being credited to overseas bank accounts. The best thing about this is that any expenses relating to these assets like insurance premiums and maintenance can be easily settled out of the remaining overseas balances.
On the other hand, you cannot even compare the benefits of full time citizens with NRIs since full time citizens have very many advantages. There is also a strong sense of pride associated with being an Indian citizen.