NRE NRO Banking
If you're already KYC compliant, you can start investing immediately after creating your Vance account. If not, Vance guides you through the e-KYC process where you can complete your KYC online. Do remember, you'll need an Indian PAN card and an Indian or foreign passport for the KYC process.
Currently, the facility to manage STPs is not available on Vance. However, any previous STPs will reflect as separate buy and sell transactions in the respective mutual funds in your account.
In an Ex-Dividend situation, Vance updates the NAV of the mutual fund and adjusts the number of units you hold, reflecting the dividend payout. It ensures the total value of your investment remains accurate and updated.
A Switch Transaction in mutual funds, when you move from one scheme to another within the same fund house, is treated as a redemption and a fresh investment on Vance. The platform correctly reflects the transaction in your account.
Currently, Vance doesn't support the feature to add nominees to your previous investments. However, you can directly contact the respective AMC to add a nominee to your investments.
Vance employs state-of-the-art security measures to protect your data. Your investment information is encrypted and stored securely. Moreover, Vance follows stringent data privacy policies to ensure your information is safe.
You can link your previous investments by providing necessary details like your Folio number and PAN. Vance's user-friendly interface guides you through this process, making it simple and straightforward.
Vance provides a detailed transaction history in your account dashboard. You can track all your investment transactions, including the ones made using netbanking or UPI, and their status in real-time.
Yes, Vance provides you with the flexibility to switch between netbanking and UPI payment options for your SIP investments. This allows you to manage your investments as per your convenience and payment preference.
Currently, Vance only supports funding through netbanking or UPI for UK residents. You should check with your payments/credit card provider if they offer a facility to transfer funds to a netbanking or UPI account.
The cut-off time for NAV applicability for lump sum and SIP investments is determined by the mutual fund regulations in India. For example, for equity funds, if the investment is made before 3 PM IST, the same day's NAV is applicable. Post that, the next day's NAV applies.
Yes, Vance allows partial withdrawal of your lump sum investment. However, this might be subject to the minimum balance requirements of the respective mutual fund.
Vance enables you to diversify your portfolio by allowing lump sum investments in both equity and debt direct mutual funds. This allows you to maintain a balanced portfolio based on your financial goals and risk appetite.
Exit loads depend on the mutual fund's policy and the investment tenure. Usually, equity mutual funds charge an exit load if you withdraw your investment before one year. You can find these details in the fund's scheme information document.
In such a scenario, Vance promptly informs you about the change. Your SIP usually gets transferred to the merged fund. Vance also provides an analysis of the new fund to help you decide whether you want to continue with your SIP or make changes.
Vance monitors all significant changes in the mutual funds offered on its platform and promptly informs its users. This includes changes such as a change in the fund manager. Vance provides an analysis of these changes to help you understand their potential impact on your SIP investments.
Vance sends you reminders before the SIP date to ensure you maintain sufficient balance. In case there are insufficient funds on the SIP date, the transaction will not go through. You can either add funds to your account and manually execute the transaction or wait for the next SIP date.
Certainly! With Vance, you can effortlessly establish SIPs for a smart and disciplined investment strategy. It's the perfect solution for consistently investing in your preferred mutual funds, all without the hassle of manual involvement.Setting up a SIP in direct mutual funds on Vance is a breeze, thanks to our user-friendly platform. Just choose your desired direct mutual fund, indicate the investment amount, and select your preferred frequency of investment. To further assist you, Vance offers helpful tools to estimate potential growth using historical data and future projections. And should you ever need guidance, our dedicated customer support team is here to lend a helping hand.
Yes, Vance provides a SIP returns calculator that takes into account your SIP amount, frequency, investment tenure, and expected annual returns to estimate the future value of your direct mutual fund SIP investments. This tool can give you a clearer picture of your potential earnings, though it's important to remember that these are estimations and actual returns can vary.
Yes, Vance enables you to switch your SIPs from regular to direct plans and consolidate them on its platform. This process is simplified by our customer support team, which guides you through every step, ensuring a smooth transition.
Vance's SIP feature is highly flexible, allowing you to modify your SIP in terms of the amount, frequency, and the mutual fund itself. You can even pause or stop your SIP based on your financial needs. Although flexibility is provided, it's important to remember that the success of SIP investments lies in their consistent nature.
Vance allows you to diversify your investments by setting up SIPs in both equity and debt direct mutual funds. This way, you can balance risk and return according to your financial goals and risk tolerance.
The conservative portfolio on Vance is designed to minimize risk. It primarily consists of debt mutual funds, with a smaller portion in equity funds. This portfolio is ideal for investors who prioritize capital preservation over high returns.
The aggressive portfolio on Vance is heavily skewed towards equity mutual funds. It is designed for investors who are willing to take on higher risk for potentially higher returns. While the potential for returns is high, investors must also be comfortable with the possibility of capital loss in the short term.
When you invest in Global Market Funds, you also expose your investments to currency risk. If the Indian Rupee strengthens against the foreign currency, it could lower your returns and vice versa. However, some funds may use hedging strategies to minimize this risk.
The balanced portfolio on Vance is composed of a mix of equity and debt mutual funds. It is designed for investors who seek a balance between risk and return. The allocation between equity and debt varies based on market conditions, ensuring a well-balanced investment approach.
Vance offers an easy-to-navigate interface where you can find pre-designated portfolios categorized as balanced, conservative, and aggressive. Depending on your risk tolerance and investment goals, you can choose a portfolio that suits your needs. Once selected, you can proceed to invest in that portfolio with just a few clicks.
Yes, Vance allows you to link your existing mutual fund investments in India to the app. This provides a consolidated view of your investments and simplifies portfolio management.
Yes, Vance offers goal-based investment advice and can help you plan for long-term objectives, including retirement. It provides you with the appropriate mutual fund recommendations and investment strategies based on your retirement goals.
Vance prides itself on accurate reporting of all investment details. However, if you notice any discrepancy, we have a dedicated customer support team ready to resolve the issue quickly and ensure the accuracy of your investment data.
Vance has a dedicated customer support team that is readily available to assist with any technical issues you may encounter. They work round-the-clock to ensure you have a seamless and uninterrupted investment experience.
Should you relocate, your investments on Vance will remain intact. However, certain features may vary based on your new location's regulations. Vance will provide you with all necessary guidance to ensure a smooth transition.
Our investment advice is designed to cater to a broad range of investment styles and strategies. However, if it does not align with your personal strategy, you have complete freedom to make your own investment choices. Your personal investment strategy always takes precedence.
Vance is designed to facilitate quick and hassle-free redemption of your investments. However, it's important to remember that the process could sometimes be subject to the fund house's terms and conditions. Vance ensures to communicate all such nuances clearly to its users.
Vance operates under strict regulatory compliance for cross-border investments. It adheres to the guidelines provided by financial authorities in both the UK and India. Our in-house legal team constantly reviews and updates our compliance frameworks to keep abreast of any regulatory changes.
Vance employs state-of-the-art encryption and robust security protocols to safeguard your personal and financial data. Your safety is our top priority and we maintain strict adherence to global security standards to ensure your information remains confidential and secure.
Vance provides a comprehensive portfolio management feature. This includes tracking your investments in real-time, providing insights into asset allocation, and performance of your investments over different time horizons. It helps you make informed decisions to optimize your portfolio.
Vance offers a wide range of direct mutual funds across various asset classes and sectors. It allows you to diversify your investments, thus reducing risk and enhancing potential returns.
The returns from Global Market Funds are taxed as per the Indian tax laws. Short term capital gains (if held for less than 3 years) are added to your income and taxed as per your income tax slab. Long term capital gains (if held for 3 years or more) are taxed at 20% with indexation. Please note that tax laws are subject to change, and it is recommended to consult a tax advisor.
Global Market Funds on Vance allow you to invest in international markets, providing geographical diversification to your investment portfolio. This can potentially reduce risk and increase returns as you are not solely reliant on the Indian market. These funds invest in different regions, offering exposure to a variety of foreign equities.
Yes, Vance allows you to set up a Systematic Investment Plan (SIP) in Index Funds. This enables you to invest a fixed amount regularly, helping instill discipline in your investing while also benefiting from the power of compounding.
Index Funds seek to replicate the performance of a particular index, while actively managed funds aim to outperform their benchmark index. Therefore, the performance of Index Funds closely follows their benchmark, whereas the performance of actively managed funds depends on the fund manager's investment decisions.
Index Funds on Vance provide a straightforward investment option as they aim to replicate the performance of specific indices. They eliminate the need to track individual stocks or sectors, making it easier for novice investors to start their investment journey. Also, their expense ratios are typically lower than actively managed funds, which can enhance net returns over the long term.
Vance offers flexibility for investors to switch between different Hybrid Funds. This can be done through the app, and charges may apply based on the fund's exit load structure.
Vance offers a variety of Hybrid Funds, including aggressive hybrid, balanced hybrid, and conservative hybrid funds. Your choice among them should be guided by your risk tolerance, investment horizon, and financial goals. Aggressive hybrid funds are equity-oriented and suitable for risk-tolerant investors, while conservative hybrid funds are debt-oriented and suitable for risk-averse investors.
Returns from 'Alternative to FD' funds are taxed as per the Debt Fund taxation rules. If the holding period is less than 3 years, the returns are added to your income and taxed as per your income tax slab. If the holding period is 3 years or more, the returns are subject to Long Term Capital Gains tax of 20% after indexation.
Hybrid Funds on Vance are a unique category of funds that invest in both equity and debt instruments. They aim to strike a balance between risk and return by capitalizing on the growth potential of equities and the stability of debt. These funds are ideal for investors seeking moderate growth with a balanced risk profile.
The minimum investment varies based on the type fund selected. However, it's generally low, (VALUE) making these funds accessible to all types of investors.
Investments in High Return funds should be reviewed regularly, ideally semi-annually or annually. Market conditions can change rapidly, and regular reviews can help ensure your investments are still aligned with your goals and risk tolerance.
Vance features an 'Alternative to FD' category. This includes various debt and money market funds aimed at offering returns similar to FDs with greater liquidity. These funds are generally considered less volatile than equity funds as they primarily invest in debt instruments, providing a safer investment avenue.
However, unlike FDs, these funds offer higher liquidity and can be redeemed as per your needs. Furthermore, the returns from these funds are more tax-efficient compared to FDs, especially for those in the higher tax slabs.
When considering High Return funds on Vance, examine the fund's historical performance, the fund manager's track record, the fund's expense ratio, and its portfolio composition. Diversification across sectors and company sizes can also influence a fund's potential for high returns.
High Return' funds on Vance typically encompass equity funds that have historically delivered substantial returns. These funds can enhance your portfolio's potential for growth. However, they come with a higher risk profile due to their exposure to equity markets and should be chosen based on your risk appetite. It's important to align your investments with your risk tolerance.
Vance facilitates efficient tax planning by offering a range of Equity Linked Saving Scheme (ELSS) funds under its 'Tax Saving' category. ELSS funds invest predominantly in the equity markets, aiming to provide market-linked returns while offering tax benefits. By investing in these funds via Vance, you can claim deductions up to INR 1.5 lakhs under Section 80C of the Income Tax Act.
After the lock-in period of 3 years, if you decide to sell your ELSS fund units, the returns are subject to Long Term Capital Gains (LTCG) tax. As per current tax laws in India, LTCG up to INR 1 lakh is tax-free. Beyond this, it is taxed at 10%.
While investing in Tax Saving funds on Vance, you should consider factors like the fund's past performance, the experience and track record of the fund manager, the fund's asset allocation, and the sectors it invests in. Always remember that investments in ELSS funds come with a mandatory lock-in period of 3 years.
Returns from ELSS funds are tax-free up to an amount of INR 1 lakh as per the current Indian Income Tax Act.
You can view the status of your verification on the Homepage of the Vance app. Our compliance team takes up to 24 hours to process the verification request.
Step 1 : Upload a Proof of Address
Step 2 : Upload your latest Bank statement
Step 3 : Upload your Passport (Front and Back)
Step 4 : Take a live photo of your Face
Step 5 : Record yourself with the phrase mentioned on the Vance App
Vance recognizes the following documents as a valid proof of address
- Latest bank statement
- Utility Bill
- Tenancy Agreement
Yes, you can link your existing NRI account with Vance, after completing your profile verification process.
Activating your Vance account is a straightforward process,
Step 1 : Verify your email id
Step 2 : Verify your Vance account
Step 3 : Link your existing NRI account with Vance
No, You can only open one account on the Vance App for one individual. You can manage all your investments from the same account. However, you can open investment accounts for your NRI family members!
No. For you to invest via Vance, you need to have an NRE/NRO account. Here’s the good news: You can now open your NRE/NRO account in the Vance app, completely hassle-free.
The compliance team usually processes verifications within 24 hours from the time of initiation. You will be notified on the Vance app as soon as your account is verified !
To begin investing in Indian markets, you would require an NRI account. Vance can now help you open an NRI account for you within 5 to 6 working days with our Indian banking partner, YES Bank. After which, you can link your NRI account with the Vance App and begin your investment journey.
Yes, once you have created a profile in the Vance App you can link your existing NRI account to start your investment journey.
Step 1 : Login to Vance App and verify your email address using the verification link
Step 2 : Link your PAN Card with your Vance Account
Step 3 : If you already have an NRI account you can link it with Vance, we will require your :
- Account Number + IFSC Code
- Canceled Cheque
- Your Signature
Step 4 : Add a nominee to your Vance Account
An index fund mimics the performance of a specific market index, such as the Nifty50 or the Sensex, by investing in securities in the same proportion as the index. Investment in index funds can be made via Vance, which offers a wide array of mutual fund options.
Investing in financial markets carries inherent risks. All mutual funds are subject to market risk. Mutual funds are subject to market fluctuations, and the value of the fund's investments may rise or fall based on the performance of the financial markets.
Diversification is an investment strategy adopted by risk-averse investors who prefer not to invest in a single company. It involves spreading investments across diverse asset classes, sectors, or geographic regions, thereby reducing risk exposure and enhancing the probability of achieving long-term financial goals.
While a stock signifies ownership in a specific company, a mutual fund represents an investment in a diversified portfolio of various securities. The diversification inherent in mutual funds makes them a preferred choice for investors seeking portfolio diversification.
A mutual fund is an investment vehicle that collects funds from multiple investors to create a pool of capital. This pool is utilized to buy a diversified collection of securities such as stocks, bonds, or other investment instruments. Managed by professional fund managers, mutual funds offer a passive investment strategy, wherein professionals manage the investors' money on their behalf.
Non-Resident Indians can invest in Indian mutual funds by opening an NRE/NRO account with Vance. This process, taking approximately 5-6 working days, entails mandatory verification as per Indian regulatory authorities. Moreover, an existing NRE/NRO account can be linked with the Vance app for ease of operations.
No, funds from an NRO account can only be transferred to an NRE account after deducting the necessary taxes. However, interest earned on an NRO account can be transferred to an FCNR account
Yes, the maturity proceeds of NRE/NRO fixed deposits can be repatriated. However, repatriation of the principal amount for NRO fixed deposits is subject to certain limits and tax liabilities.
Yes, you can open a term deposit with an NRE account. The interest rates for term deposits may be higher than those for savings accounts and can be a good way to earn returns on your idle funds
Once you become a non-resident, you should inform your bank about your change in residency status. The bank will then re-designate your fixed deposit as an NRO fixed deposit, and tax will be deducted at source for the interest earned.
Yes, premature withdrawals are allowed for NRE/NRO fixed deposits. However, a penalty may be charged by the bank for the premature withdrawal.
Yes, both NRE and NRO account holders can avail of loans against their deposits in India. However, the purpose of the loan must be for personal purposes or for carrying on business activities and not for investments in real estate or for re-lending. The payable interest is usually higher than the interest earned on the NRE/NRO account itself.
No, funds from an NRO account cannot be transferred to an NRE account as per existing RBI guidelines. However, interest earned on NRO account funds post becoming an NRI can be transferred to an NRE account after appropriate taxes have been paid in India.
Yes, interest on NRE/NRO accounts is usually compounded on a quarterly basis.
Yes, you can opt for hedging options like forward contracts offered by banks to mitigate risks arising from forex rate fluctuations. However, these come with their own risks and costs, so careful consideration and consultation with a financial advisor is advised.
Fluctuations in forex rates can affect the value of the deposits in your NRE/NRO account, especially if you are transferring money to or from a foreign account. A weaker rupee could benefit you when you deposit foreign currency into your account, but it could also lead to losses when you repatriate money back to your foreign account.
In the event of divorce, disputes related to NRE/NRO accounts are typically settled under the divorce laws applicable to the couple. This can vary depending on the place of marriage and where the divorce proceedings are initiated. Legal advice should be sought in such cases.
Vance offer’s tax-free interest upto 6.25% on NRE savings accounts and taxable interest upto 6.25% on NRO savings accounts.
GAAR primarily targets tax evasion strategies. It won't impact your NRE/NRO accounts if your income and transactions comply with the tax laws of India and the UK.
Taking a loan in the UK against fixed deposits in an NRE/NRO account in India would depend on the policies of the lending institution in the UK. Indian banks, however, do provide loans against NRE/NRO deposits.
The status of your NRE/NRO account is based on your residency status and not your visa status. So, if you continue to be a non-resident as per FEMA definitions, you can continue to hold your NRE/NRO account even if your visa expires or is canceled.
If you return to India and become a resident again, your NRE/NRO accounts need to be converted into resident accounts or to Resident Foreign Currency (RFC) accounts, as per your eligibility and requirement.
When an NRI becomes an RNOR, the NRE account must be re-designated to a resident account or RFC account. The NRO account can continue as is until the RNOR status changes to full resident status.
Yes, cheques issued from NRE/NRO accounts can be used for local payments in India. However, the payments from NRE accounts should comply with the rules for permissible local payments as specified by RBI.
Not maintaining the minimum balance in your NRE/NRO account can lead to non-maintenance charges. These charges are notified to every individual opening an account with Vance. Please get in touch with our customer success team for any queries.
To close your NRE/NRO account, you need to get in touch with our customer success team on the application. We will guide you through the process, which includes some account security checks, thereafter closing the account within 5 days.
NIRP in the UK won't directly affect your NRE/NRO accounts in India. But, it could indirectly affect the exchange rates and the return on your deposits when converted to your home currency.
Yes, the LRS can be used for remittances from your NRO account. Under the LRS, a limit is set on the amount an individual can remit outside India in a financial year.
Yes, if the total income in India is below the taxable limit, you can file an Income Tax Return and claim a refund of the TDS deducted on your NRO account.
Under Section 80TTA of the Income Tax Act, a deduction of up to INR 10,000 can be claimed against interest income from a savings account. To avail this, you need to include this income under 'Income from other sources' in your Income Tax Return and claim the deduction.
To repatriate money from your NRE or NRO account, you need to fill out a repatriation form available from your bank, stating the details of your foreign account and the amount to be repatriated. For NRO accounts, a certificate from a chartered accountant may also be required.
To claim tax benefits under the DTAA, you need to submit the necessary documentation to your bank, such as Tax Residency Certificate from your resident country and a self-declaration cum indemnity form. Upon successful verification, the bank will apply the reduced tax rate on your interest income.
The DTAA is an agreement between two countries aimed at avoiding taxation on the same income in both countries. It allows NRIs to claim tax relief in the country where the income is derived. United Kingdom has a DTAA with India, and you can avoid being taxed twice on the interest income from your NRO account.
Interest income from an NRE account is tax-free in India and does not require filing an income tax return. However, the interest earned on NRO accounts is taxable, and if this income exceeds the taxable limit in a financial year, you will need to file an income tax return. Please get in touch with our customer success team for further details on tax advisory.
Transferring funds from an NRE account to an NRO account is a simple process. You can use online banking to initiate the transfer. However, please remember that while you can freely move funds from NRE to NRO, the reverse is not always true without regulatory restrictions.
Money earned in India, including rent, dividends, or salary, can be deposited into an NRO account. It's important to note that an NRE account is not designed to receive such deposits; it is intended primarily for income earned abroad.
Yes, NRE and NRO accounts can be jointly held. However, for NRE accounts, both account holders must be NRIs or PIOs. For NRO accounts, these can be jointly held with another NRI or a resident Indian, but if held with a resident Indian, the account will be operated on a 'former or survivor' basis.
A nominee is a person selected by the account holder, who can claim the proceeds of the account in case of the account holder's demise. The nominee can be a resident Indian or a non-resident.
A Power of Attorney allows you to authorize a resident Indian to conduct banking operations on your behalf. The PoA holder can make deposits, withdraw funds, invest, and claim maturity proceeds but cannot open or close an account or repatriate funds abroad.
To open an NRE or NRO account with Vance, you require proof of NRI or PIO status, a valid passport, visa or OCI/PIO card copies, proof of residence and an initial cheque for account opening. The exact documents may vary from individual to individual.
Yes, Vance works with industry leading platforms to provide remittance service to India. Our partners are regulated by the FCA in the UK and we strive to maintain bank level security for all your transactions.
Vance does not store any personal information of our users. We do store your transaction history till the time your account stays active with us. We do this to be able to give you support for your transactions.
Vance treats all customer related data with bank level security. Your data is safe on our platform and protected with the highest level of encryption.
Vance works with regulated entities to enable cross-border transactions. Vance in itself is not licensed by FCA or any financial institutions.
Live rate (also known as mid-market rate) is the rate between the buy and sell price of any currency pair at any given moment.
Vance charges a flat 3 GBP fee per transfer from the UK to India. This is a flat fee, regardless of the amount of money transferred. This apart, we add zero mark-up to the live conversion rate.
Yes. To begin with, we are offering all our users their first transfer for free. For more offers, stay tuned to our website and sign up for updates.
We are available 24/7! Email us at email@example.com or chat with us on Whatsapp or iMessage. We will work to resolve your query as soon as possible.
Hold tight, we will be rolling out this feature soon. If you want new products before everyone, join our beta user community here and stay ahead of the curve!
You can add, delete or edit your recipients from the manage recipients tab in the menu.
At Vance, we try to deliver on the promises we make. In case your transaction is delayed, we will notify you over email and phone. One of our team members will be in touch to make sure your transaction is processed at the earliest.
Vance supports payments via two modes: Direct transfer via Plaid. Plaid is a payment gateway that connects directly with your bank to initiate the transfer. Bank transfer: This requires you to initiate a transfer to Vance’ bank account, and after the payment is credited to Vance, Vance transfers the money to your recipient’s account. In both cases, you can safely expect the recipient to receive the money in less than 10 minutes.
Vance sends regular notifications informing users about the status of the transaction. Users can see where exactly their money is and how long it will take to reach their recipients. Once the money reaches, Vance will send you a text message and email to relay the same!
You can check it from the recent transfers tab on your home screen.
You can select the account you want your refund to be processed to. Simply reach out to firstname.lastname@example.org with your account information!
Refunds will be processed within 48 hours. The Vance team will be in touch with you to determine the account the refund should be processed in.
Please reach out to email@example.com and we will email you the receipts for your transaction.
To delete your account, reach out to the Vance team through email - firstname.lastname@example.org
No. As Vance is a financial app, we do not allow more than one account. You can however create new accounts for your friends and family.
Vance enables real-time payments to India. Once you have initiated the transaction, your recipient should receive the money in no more than a few minutes. If you are facing issues or delays, chat with us here.
Still need help?
Please chat to our friendly team.