No risk pleaseNon-resident Indians like to play it safe. According to data obtained from the NRI Institute, they prefer investment in For...
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No risk please
Non-resident Indians like to play it safe. According to data obtained from the NRI Institute, they prefer investment in Foreign Currency Non-Resident Accounts Banks Scheme FCNRB over portfolio investment for its various benefits.
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FCNRB accounts are foreign currency accounts and can be opened by NRIs and overseas corporate bodies OCBs in notified currencies without regulatory approvals.
Under the FCNRB scheme, NRIs can avail of loans and overdraft facilities against security of FCNRB deposits without any limits, for purposes other than investment. Moreover, these deposits are income tax free in the hands of the NRI until the person8217;s maintains the non-resident status.
