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Investment Schemes for NRIs in India
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Exciting times ahead for NRIs! The government of India has, in the recent past, opened up the economy for Foreign Direct Investment (FDI). Huge efforts have gone into mobilizing and formulating specific schemes that will attract FDI for various sectors of the Indian Economy.
As an NRI you can hold a variety of accounts, making it easier for you to choose the one that suits your requirements. For example:
  • Foreign Currency (Non-Resident) Accounts [FCNR]
  • Non-Resident (External) Rupee Account [NRE]
  • Ordinary Non-Resident Rupee Accounts [NRO]
  • Non-Resident Non-Repatriable Rupee Deposit Accounts [NRNR]
  • Resident Foreign Currency Account [RFC] for returning Indians 
Banks are further authorized to grant loans/overdrafts to NRIs/PIOs, both on a repatriation or non-repatriation basis. But remember that these loans are granted in Indian rupees against the security of their deposits in NRE/FCNR accounts.
NRIs never had it so good! Several housing finance institutions, those approved by the National Housing Bank, as well as the commercial banks are authorized to grant housing loans to NRIs/PIOs. The terms of repayment are the same as those applicable to Indian residents! The rate of interest on the loan is as per the directives issued by the RBI or the National Housing Bank.
Several insurance companies such as The National Insurance Company (NIC) offer special insurance schemes to NRIs for personal accidents and also in the event of death.
A maximum of 15% seats are reserved for the children of NRIs/PIOs in private medical and dental colleges in India. However, in other universities and colleges, NRI students are admitted according to the policies of the government of India. In this case, they need to pay the same fees as are applicable to Indian students.
The Indian government offers special schemes for investment, such as NRI bonds and India Development bonds. NRIs are allowed to invest in establishment of schools and colleges on repatriation as well as a non-repatriation basis.
The government has also started issuing PIO cards to people of Indian origin who hold foreign passports and are living abroad. The cardholders are entitled to a range of educational, financial and cultural benefits in India.
Have you availed of any of these benefits? Did it benefit you or did you feel short changed? Tell us…
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