SBI launches digital service for NRIs to open accounts through YONO app

The NRE account is designed for NRIs to deposit their foreign earnings in India, while the NRO account allows them to manage income earned within the country, such as rent, dividends, pensions, and interests. This new initiative caters to a long-standing demand from NRI customers for a more efficient way to open and manage their accounts...Read More

Banking hub to 'relieve anxiety' as last bank closes

Bringing a banking hub to a town as its remaining bank shuts would "relieve a lot of anxiety" and save people miles of travelling, residents have said. Sherborne in Dorset is due to lose the final branch on its high street - Lloyds Bank - on 16 January. A new banking hub, run by not-for-profit company Cash Access UK and the Post Office, is...Read More

Good news for NRIs: Now higher interest rates allowed on these NRI deposits in banks till March 31, 2025

The Reserve bank of India has announced that it has increased the interest rate ceiling on Foreign Currency Non-Resident Account FCNR(B) deposits to overnight Alternative Reference Rate (ARR) plus 400 basis points with maturities between 1 year and less than 3 years...Read More

A one-stop step-by-step guide for the UK NRI investor looking to invest in India

According to the World Bank’s Migration and Development Brief, the Indian diaspora has remitted an astounding $80 billion back home. This has cemented India as the top recipient of remittances in the world. More than 30 million Indians are residing outside India as per a report published by the Ministry of External Affairs in December 2017...Read More

World Bank Group Launches High Level Council to Tackle Looming Jobs Crisis

The World Bank Group today announced the launch of the High-Level Advisory Council on Jobs, a new initiative that will identify actionable policies and programs to address the looming jobs crisis in the Global South. Over the next 10 years, an unprecedented 1.2 billion...Read More

Higher interest cap may have muted impact on NRI capital

The Reserve Bank of India’s (RBI) move to keep higher interest rate caps on the foreign currency non-resident banks (FCNR-B) deposits till the end of the fiscal could have a sentimental impact on capital inflows from abroad via this route. However, it may not trigger much influx in the short term as the current dollar FCNR rates of banks are way below the current ceilings. The RBI move, in the wake of a recent dip in...Read More