Mr.Ankur Marfatia, General Manager, NJ Group
Mr.Ankur Marfatia has over 24 years of work experience. He has worked in different capacities with various Leading Corporates of India handling key positions. He has accomplished Major Infrastructure Projects across South Gujarat and was instrumental in setting up the Natural Gas Distribution System for Vehicles in various cities of Gujarat. His forte is to work with people at various levels and ensure successful and timely execution of Projects.
Mr.Ankur Marfatia has been working with NJ since 3 years and is expanding the NJ India Invest Pvt. Ltd's reach to B & C Tier towns by setting up Partner Channel Networks (termed as NJ Express) which are an extension of NJ Branch office catering to the Semi Urban and Rural India. During these 3 years , he and his team have set up 30 Express Centers across the length and breadth of India. He is also instrumental in spearheading the NJ NRI Desk which is a platform to support NJ Partners for Prospecting and Smooth Onboarding of NRI Clients.
Mr.Ankur Marfatia is also leading the Financial Literacy Awareness Program , “FLAP” which is aimed at spreading Financial Literacy amongst College Students across India. So far , more than 3000 Students have Enrolled for the Financial Literacy Program.
Q . What is the need to have a dedicated NRI Desk ?
Answer : The MOTTO of the NRI DESK is Two Fold:
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Operational Ease to Open NRI Account - We would work closely with operation team to streamline and simplify the process as much as possible within the gambit of the law
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Support Partners - We shall be supporting Partners with Sales & Marketing Ideas to Reach NRI Customers in a better way. We shall also be taking feedback from Partners to improve the process.
Q . What will the NRI Desk offer to the Partners ?
Answer :
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To Work on the process improvement for onboarding of NRI Investors.
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To Support partners on acquisition of NRI Investors.
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To Train and Share information on a regular basis.
Q . How do you categorise a Client as an NRI?
Answer : "A non-resident Indian ( NRI) means a person residing outside India but is a citizen of India or is a person of Indian Origin (PIO)."
In order to determine whether an individual is a non-resident in India or not, his/her residential status is to be determined as per section 6 of the Income Tax Act. As per section 6 of the income tax act, an individual is said to be non-resident in India if he/she is not a resident in India.
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An individual who is a citizen of India or is a person of Indian origin is deemed to be resident in India in any previous year if he/she satisfies following conditions else he/she will be treated as non-resident.
If the Income from India is below 15 Lakhs
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He / she must stay in India for at least 182 days in the financial year.
If the Income from India is more than 15 lakhs
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He / she must stay in india for at least 182 days in the financial year
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He or she is in India for at least 120 days in the financial year and 365 days in preceding 4 years.
Other than all who do not fall under Resident Indian category, will be determined as NRI.
Q . What are the different types of NRI E Wealth Accounts that can be opened ?
Answer : NRI Clients can apply for two types of E wealth account :
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NRE - A Non-Resident External (NRE) account is a rupee denominated account opened by an NRI to facilitate deposit of foreign currency earnings. The advantage of an NRE account is that it has high liquidity and allows for full repatriation of funds from the account to the NRI's
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NRO - A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc.
Q . What Products does NJ Platform offer for NRI Clients ?
Answer : As of now NJ Platform offers Mutual Fund and Portfolio Management Services to the NRI Investors.
Q . General perception is that opening of NRI E Wealth is a very cumbersome process, is it True?
Answer : NRI E Wealth A/C opening is very easy, there are defined processes regarding different types of clients and depending on the availability of Aadhaar Card. To know and follow the steps of NRI E Wealth A/C opening and to get the documents checklist for NRIs please refer to the NRI Helpdesk FAQ section on your Partner Desk Banner or NJ Assist. To visit our NRI Desk FAQ directly please Click Here.
Q . Why should NJ partners focus on opening NRI accounts?
Answer :
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Huge Potential market: There are 36 million NRIs residing outside India (according to a Ministry of External Affairs report)
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Expected Growth in Economy: India has a promising and growing economy which NRIs feel safe to Invest
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Scope of increasing your AUM: Average 80 billion USD transferred to INDIA every year by the NRIs.
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Reliability of long term investments: Normally NRI clients are stable and they depend on professionals for investment purposes. NRIs also tend to invest for a longer duration and also the ticket size i.e AUM of an NRI Account is much higher.
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Chance of getting references: NRI clients refer their friends and relatives if they gain confidence.
Q . Can you share some thoughts on what partners should do to increase the number of NRI Clients ?
Answer :
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Leads Generation: You can ask your existing clients to give references of NRI Clients
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Utilise your contacts to scout prospective clients
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Use CRM utility: You can upload those leads on your CRM with TAG, to send regular communication related NRI Investments.
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Referral Model: Ask for a few more contacts from each lead while communicating with them.
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Broadcast Group: You can make broadcast groups for prospective NRI clients to send Images and various Investment data to all of them on a regular basis.
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MCS Products: Use MCS images for NRI Clients to circulate among prospective NRI Clients.
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NRI Client Meet: Try to generate leads of NRI clients regularly and try to organise a NRI prospective client meets every 15 days or 30 days. You can involve our NRI Desk to present and share valuable inputs on those client meets.