Saturday, July 23, 2016

How to open NRE or NRO account in Singapore - SBI, Kotak, HDFC

If you are an Indian staying in Singapore and want to open NRE or NRO account with Indian banks like SBI, Kotak, HDFC, ICICI, Yes Bank, Axis Bank, or foreign bank with Indian operations like DBS bank, then you have a couple of options with you. The first and most convenient option is provided by the biggest bank of India, the SBI (State Bank of India). SBI Singapore provides the facilitation services for Non-resident Indians (NRIs) to open NRE, NRO, and FCNR B account right from Singapore. SBI has a couple of branches in Singapore, two of most notable are in Little India, just next to Farrer Park MRT, CitySquare Mall, towards Mustafa travel center and other on Cecil Street on Central business district (CBD), which provides this facilitation facility to open NRI account from Singapore itself. All you need to do is complete the NRI online account opening application, take the printout of completed application and visit the branch along with required documents for attestation.

Saturday, July 16, 2016

Buying Health Insurance for Parents or Elderly People? Remmeber these Points

In the last couple of articles, I have told you why health insurance is important for parents and what are the tax benefits you get by buying health insurance for your family and parents (see here), but I have not shared any tips about buying the right health insurance. In this article, I am going to fill that gap. If you are buying health insurance policy for your parents e.g. your month or father, you should consider following 7 points before finalizing any health insurance policy. This is the similar tips I have shared long back about buying the term insurance plans but specially tailored for health insurance for senior citizens e.g. anyone who is more than 60 years of age. The tips are nothing but borne out of practical need and part of my week long research before buying the health insurance for my parents. I am sharing it for everyone's benefit here. If you come across any other good tips or things one should remember while buying health insurance for parents and senior people, please feel free to share as comments.

Saturday, July 9, 2016

5 Tax Saving Schemes not available to NRIs

If you have been filing your income tax returns in India then you know that there are a lot of tax saving options you can use to claim tax deductions and exemptions under a various section of income tax law of India. For example, section 80C allows both resident and non-resident taxpayer of a deduction up to 1.5 lacs from their gross taxable income. This can substantially reduce your tax liability by bringing down your total taxable income into lower income tax slab rates. Unfortunately, not all tax saving schemes available to the resident taxpayer are available to NRI e.g. there are almost 13 ways to save tax under section 80C, which I know, there are more but many of them are not available to NRI taxpayers. In this article, I'll let you know the difference in tax deductions and exemptions applicable to NRI and resident taxpayer.