Category Archives: Finance

The Best Investment Options For NRI

Post 2000 A.D, taxation policies have become favorable for NRI investment in India. Provisions are being made to favour investments from NRIs, but the only drawback is, unlike resident Indians, they can’t invest in just any type of instrument they desire to.

If An NRI Wants To Invest In India, They Must Choose Between One Of Three Kinds Of Savings Accounts:

Non-Resident (External) Rupee Account (Nre Account):Should be in INR. NRI’s can keep their earnings and savings managed in their country of residence in INR in this account. There is no income tax generated on such accounts.

Non-Resident Ordinary Rupee Account (Nro Account): Should be in INR. In this account, NRI’s can keep any sort of income through rent, dividends, etc. in this account. Income tax is generated on such accounts.

Foreign Currency Non Resident (Bank) Account- Fcnr (B) Account: Can be in any defined currency, used for keeping fixed deposits (in FCY) for a period of up to five years or less. There is no income tax generated on such accounts.

While Choosing From A Host Of Options For NRI Investment In India, It Is Important To Remember To A Couple Of Points:

Choose an investment that can be repatriated should an emergency arise in his country of residence.Ensure tax avoidance.The country of residence could have certain prohibitions on different instruments. For instance, in the US, there is a restriction that only funds registered in the US Securities market can accept a US based NRI’s money.

Keeping In Mind The Above Factors, Below Are Investment Options For An NRI

NRE Fixed Deposits

These can easily be repatriated and any income from interest on these deposits in tax exempted. They are flexible and can be broken easily and transferred the NRE Savings account to be repatriated as and when needed.

Government Securities And Bonds

Such investments can be purchased with a lock-in period of at least three years. Should these investments be made from the FCNR/NRE account of the NRI, the sale proceeds on sale of these instruments would be credited to the same accounts so that the proceeds could be repatriated if needed.

1. Mutual Funds

These investments can be made only from the NRE/NRO/FCNR account of the NRI. Another way is through “inward remittance”. Should the NRI seek to repatriate the earnings or money invested in mutual funds, a lock-in period of three years would be needed.

2. Nro Fixed Deposits

Another option for NRI investmest in India is to invest in NRO fixed deposits. But it would be illogical to do so because such FDs carry the same interest rates as NRE accounts, and while the latter is tax free, income tax is generated on NRO accounts.

3. Equity Market.

Shares can either be purchased directly or through equity based mutual funds. This can be done through the NRI/NRE account of India.
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about NRI investment in India . She wishes to give advice on the best investment options for NRIs through this article.

Five Tips to Help Protect you Against Credit Card Fraud

Credit card fraud is extremely prevalent in South Africa, with many fraudsters incorporating new, intelligent methods and techniques for getting a hold of your PIN. It is, therefore, very important for you to learn how to avoid falling victim to these crimes. Below are five expert tips to help protect both you and your financial wellbeing.

Make a habit of checking your credit card statements

The number one rule of thumb when it comes to avoiding credit card fraud is to remain vigilant at all times. This is not only true when using your card – it also refers to ensuring that you keep up to date with your statements. This is because a thief could manage to get a hold of your details without you knowing about it and then proceed to make a few purchases using this information. Unfortunately, if these indiscretions are not picked up and reported quickly, your bank may not be able to help you remedy the situation as you had hoped. With this mind, you might also want to set up notifications that will be sent to your cell phone whenever a transaction is made using any one of your credit cards.

Educate yourself

Understanding the different ways in which criminals can obtain your PIN will make it less likely for you to fall victim to their scams. In general, there are three main types of credit card fraud. Firstly, good old fashioned theft where the criminal steals the card itself. Secondly, fraud by using a handheld skimming device – these devices are often placed into the card slots of ATMs. And, lastly, shoulder surfing – this is when fraudsters obtain your PIN by looking over your shoulder when you are drawing money or making a purchase in a store.

Be cautious

It is essential that you remain aware of the whereabouts of your card at all times. If you have used it to buy something, make certain that you get it back immediately and that you put it away securely in your purse or wallet. Along with this, it is important that you do not lend your card to a friend or family member, that you memorise your PIN (do not write it down), and that you always keep it a secret.

Understand the potential dangers associated with online shopping

If you enjoy shopping online, make sure you do so only on secure, reputable websites that offer a safe payment gateway. Without safety features like 3D Secure, you could fall victim to phishing scams and other scary traps.

Report lost or stolen cards immediately

If you ever lose your credit card, if it is ever stolen, or even if you suspect that someone has managed to get a hold of your PIN, it is important that you report this to your bank immediately. In doing so, you will be able to stop the fraud before it happens. If the card itself is still in your possession but you are suspicious for whatever reason, log into your online banking facility and change your PIN.

Preventing credit card fraud is relatively simple when you know what to look out for. So keep your cards close at hand, remain vigilant at all times and report any incidences to your bank as they happen. By following these straightforward tips, you will be sure to avoid falling victim to any potential fraud or scams.
African Bank provides access to affordable, responsible and convenient credit to improve clients’ standard of living. At African Bank, clients have access to a flexible range of credit options tailored to meet their unique financial needs, from quick loans and credit cards to funeral plans or even help with debt consolidation. African Bank is an authorised financial services provider and a registered credit provider (NCRCP5).

Easy Acceptance of Payments

At present where most of the purchases are made with credit and debit cards, role of a perfect payment partner has become inevitable for most of the businesses. Merchant processing is the process of collecting sales information from merchant and collecting funds from financial institution or bank which issued the card and sending the payment to merchant.

Customized processing services

Your business and your goals are different from others. Hence, you need customized processing services for your business. The merchant services should match with your business needs. The entire processing cycle should support the growth of your business. It is the short confirmation and collection time that makes the process perfect for your business.

Simple and efficient process

You should get services that never make you to scratch your head. Merchant services should be simple and efficient to make you understand about the costs and charges incurred with. Reputed service providers make you free from the charges related with account creation, statement generation and more. Keep in mind that genuine service providers never hide anything from their customers.

Fast transactions

Merchant services should provide you with fast services to keep the customers with your ecommerce website. Merchant account should work seamlessly with the ecommerce store. Every merchant needs fast settlement of transactions. Reputed service providers with minimum conformation time settles the bills of merchants at the earliest and that too at affordable processing charges.

Secure transactions

Everything in merchant processing runs through clicks. Make sure that your services providers have secure virtual terminals to assure safe payments through online. Present customers hate to carry cash to the supermarkets. They love to make payments by swiping the cards. All the transactions have to be stored and tracked to make everything smooth.

There is a no doubt merchant services play a great role in present day business transactions. Your businesses can’t make success in features without a merchant account. Whether it is purchase from online stores or street store, most of the people makes payment using credit cards.

It is not expensive to open a merchant account and get processing services. The reputed companies provide services for all types of businesses at reasonable rates. Now where people make orders through mobiles, make use of merchant services to keep your customers always with you. Reduce the risk to rock bottom level and enjoy easy acceptance of payments.

The Not-so-Obvious Benefits of Saving

Being frugal with your money is often tough, especially when there are many things upon which to frivolously spend it. However, frugality is not always a bad thing, especially when you’re looking at your future.

The most obvious benefit of saving money is that you will have enough cash on hand in the event of a rainy day. In light of something happening, your savings account will act as a buffer between you and whatever incident in which you may find yourself. The second most obvious benefit of funnelling money into a savings account is that of a spending safety net – whether you want a new flat screen TV, need a handful more baby clothes or are required to pay for a medical emergency, the money in your savings account is what will come to your rescue.

Although these obvious benefits of saving money can prevent us from slipping into financial trouble, they are often not enough to encourage us to keep up with our savings plans. We are often distracted by things that we don’t necessarily need but covet, or we are faced with trying financial difficulty that leaves us no choice but to dip into our savings accounts. Whichever your financial battle (yes, frivolous spending is indeed a battle), it might be time to refocus and take a look at the not-so-obvious benefits of saving money.

You Don’t Need to Take Risks

It is always important to remember that investment plans are what come once you have saved up a considerable amount of money. The first step, however, is to open up a savings account that merely grows month by month, depending on the amount of money that you funnel into the account. The first not-so-obvious benefit of saving money is that you don’t need to take risks in order for your money to grow. There is no high-risk investment involved if you’re trying to grow your money, which means that there is no chance of you losing out on any.

Positive Bolstering

Each month that your savings account grows is another month in which you are motivated to save more. Granted, you won’t see an increase of thousands of rands, but you will notice a substantial increase in your savings account. The steady increase will not only motivate you to save harder and more effectively, but as time goes by, it will also encourage you to think about fruitful investment plans.

Simplicity is the Key to Your Success

The true beauty and one of the weightier, not-so-obvious benefits of saving your money is that you don’t need to be heavily educated before doing so. Although it is important to read through any terms and conditions, it is also important to realise that, in comparison to investing your money, you don’t need a deep understanding of a savings account. It is simple, to the point and easy to access if you happen to need the money sometime in the near future.

The not-so-obvious benefits of saving your money can serve as your saving grace when it comes to being savvy about your finances. If you don’t take your savings too seriously, it might be time to revise your outlook and get serious about saving.
FNB offers a diverse set of financial products and services including transactional and deposit taking, card acquiring, credit facilities and FNB distribution channels. FNB is structured into clearly demarcated segments. This enables focused business units to develop specialized, innovative technologies and products to meet specific needs. An owner-manager culture directs decision-making in the numerous business units. Autonomy and accountability underscore FNB’s entrepreneurial culture.