Banking, financial and repatriation services for NRIs
We provide a full range of services to our clients in relation to their banking, equity investments, investments in different Government of India bonds (National Savings Certificates, Indira Vikas Patra, Kisan Vikas Patra, to mention a few), and savings kept with Indian Post Offices. One of the main issues with NRIs, or members of the Indian diaspora, who live overseas is managing requirements relating to these monies stored in banks or investments in the various types of securities mentioned above.
Typically, NRIs hold these transportable assets either directly or through their parents, grandparents, or both. The majority of these funds are classified as legacy funds or savings since they are kept in banks or long-held financial instruments. The operational and current status of such monies held in legacy accounts or instruments has not been maintained. In the end, NRIs seek access to these funds and use repatriation services to transfer these funds to their home nation.
In addition to the aforementioned facts, the recent liberalization and increasing digitalization of the Indian economy have sped up the growth of the laws and regulations controlling bank accounts, bonds, stocks, and other types of savings in India. India has now caught up with the most recent best practices used around the world and the standards involved in maintaining such accounts and investments. Due to this, many investments have either gone inactive or have been frozen, rendering them inaccessible to NRIs or the legitimate successors of the original account holders.
Our banking, financial, and repatriation services assist in resolving the aforementioned problems from beginning to end with a 360-degree closure loop.
Among our main services are the following:
– Activation of Dormant Bank Accounts.
– Complete assistance for clients to acquire all mandatory paperwork and IDs without which no financial transaction can be concluded, such as PAN Card.
– Opening of new Bank Accounts as per the status of the client – such as NRE or NRO accounts.
– Activation and retrieval of funds held in Accounts that are non-operational for more than 10 years, which are termed as D.E.A.F (Depositor Education & Awareness Fund) accounts and the funds are moved from the Bank to the Reserve Bank of India.
– Completion of all Know Your Customer (KYC) requirements with regards to Bank accounts/Equities/Bonds/Post Office Accounts.
– Conversion of equities held in physical form into Demat form, along with the opening of a Demat account and regularizing of Bank Accounts linked to Demat accounts.
– A complete suite of repatriation services to repatriate funds held in Bank Accounts/Demat Accounts/Post Office, to the country of residence of our client with full compliance of all Government of India rules and regulations.