Bringing expat finance closer to home

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Bringing expat finance closer to home
The UAE ranked fourth in terms of outward remittance flow, according to The World Bank Migration and Remittances Factbook 2016.

Indian banks based in the UAE ease mode of transaction for NRIs

by

Farhana Chowdhury

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Published: Mon 15 Aug 2016, 5:17 PM

With attractive career prospects and a safe, multicultural environment, people from across the world fly down to the UAE to reap various opportunities, indulge in a better standard of living, and, of course, send part of their income back home to loved ones.
According to estimates by the Abu Dhabi Embassy of India, there are over two million Indian expatriates residing in the country; a mix of blue and white-collared workers who make up about 26 per cent of the total population.
Bringing a slice of home to a foreign nation, various Indian associations have set up base in the UAE over the years to cater to the welfare of Non-Resident Indians (NRIs) and their businesses. Among these are Indian banks that provide information on dynamic trends back home and cater to the financial requirements of the expat community.
Some of its services include special non-resident accounts that help NRIs conveniently earn attractive returns and maintain savings in foreign currency. Others feature deposit and investment schemes, mutual funds, home loans, tax payment and money transfer and remittances - all of which help NRIs hold the reins over their financial responsibilities while working abroad.
According to the World Bank Migration and Remittances Factbook 2016, the UAE ranked fourth in terms of outward remittance flow at $19 billion in 2014, and a large chunk of it can be attributed to non-resident Indians (NRIs) in the country.
The documents typically required by Indian banks here, besides the application form, are photographs of the applicant, passport copy with valid visa page, proof of an address in the UAE (such as a tenancy contract or utility bills) and a copy of the labour card. NRIs can also present a copy of their PAN card. These banks comply with the regulations set by the Reserve Bank of India (RBI) whilst observing the rules set in place by the Central Bank of the UAE.

Commercial banks and representative offices of Indian banks and financial institutions in the UAE, recognised by the Central Bank of the UAE, as of September 2014:

Andhra Bank
AXIS Bank Ltd
Bank of Baroda
Bank of India
Canara Bank - India
Corporation Bank
Federal Bank Limited
HDFC Bank Ltd
Housing Development Finance Corporation Limited
ICICI Bank Ltd
Indian Overseas Bank
Induslnd Bank Ltd
Kotak Mahindra International Limited
Oriental Bank of Commerce - New Delhi, India
Punjab National Bank
SBI Funds Management Private LTD
State Bank of India
State Bank of Travancore
Union Bank of India
 
Everyone dreams of a perfect home, a peaceful abode where one can spend his or her retirement days. Regardless of the number of years spent outside, many expats feel there's no place like home and eventually look forward to investing into the real estate market to secure one.
There are a number of property shows held in the country that aim to help NRIs choose from a portfolio of latest developments suited to their budget and lifestyle. To further make owning a dream home come true, Indian banks based in the UAE assist expats by offering various modes of payment, an attractive tax rate and total financial security.
An alarming announcement to introduce taxes on remittances has caused ripples across the community. With Indian citizens contributing a large chunk to the GDP of the nation, adding a tax rate to money transfer would demotivate the thriving sector. However, Obaid Humaid Al Tayer, Minister of State for Financial Affairs said in December 2015 that no such tax would be implemented before a thorough socioeconomic study.
The UAE is known to be the largest Arab investor in India, and 11th in the global list, in terms of foreign direct investment, accounting for 81.2 per cent of total Arab investments in India. With the recent signing of a bilateral investment promotion and protection agreement between the UAE and India, both nations are looking forward to increased opportunities. In this case, UAE-based Indian banks offer a variety of open channels that ease the flow of cash between the two nations, thus leading to stronger economic ties.

- farhana@khaleejtimes.com


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