One of the most common doubt among Non Resident Indians related to NRI accounts are, what will happen to their NRE, FCNR, and NRO account when they return back to India? Even though you are not coming back in near future its good to know what happens to NRI account when you are no longer Non Resident Indian. When an NRI returns to India for permanent stay his various NRI accounts are converted into equivalent resident accounts. NRO saving account is converted back to resident saving account while NRE and FCNR account is converted into RFC (Resident Foreign currency) account.
Saturday, June 13, 2015
Saturday, June 6, 2015
Remit2India, one of the popular remittance service among NRIs has recently launched instant money transfer service from Australia to India. Which means now you can remit money instantly, earlier it used to take 2 days. Along with Instant money transfer, Remit2India is also offering savings up to Rs. 3K+ as compared to local banks in Australia because of competitive exchange rates and lower fees (though subject to change given fluctuation in exchange rates). So if you are sending money from Australia, it's worth looking what exchange rate Remit2Inida is offering? You will usually get better exchange rates and believe me that matters, especially if you are transferring money in excess of 20000 AUD. I always suggest my friends to compare exchange rates from different remittance service before transferring, why to compromise on your hard earned money, even difference of few cents can make a big difference if converted into Indian currency.