Even though Health insurance is not a new concept for the world, I must admit that it's a relatively new thing in India and many people including those who are living in cities and earning well are not aware of benefits of taking health insurance. Many people just focus on life insurance to buy a cover to help their family with money when they are not around, but they don't think about the medical emergency and cost of hospitalization for themselves and family, especially during old age.
Sunday, May 29, 2016
Friday, May 27, 2016
The answer is both Yes and No, it depends on upon the source of funds. Technically, Yes, you can deposit INR or Indian rupees in NRE account in India with both private banks e.g. HDFC, ICICI, Kotak, YesBank, Federal Bank, and any public sector banks like SBI, Bank of Baroda, Bank of India etc, provided the source of INR is another NRE or FCNR account. So, if your friends, relative or wife has an NRE saving account and they can legally transfer Indian Rupees to you.
Friday, May 20, 2016
One of the frequently asked question from NRIs, who has just open an NRE (Non Resident External) account is how to fund their NRE accounts? Since you cannot transfer Indian rupees from your normal saving account in India to your NRE account, this question is common to arise. Simplest way to deposit money in your NRE account is remittance i.e. by sending money from your overseas bank account, but that's not the only way to transfer money to your NRE account.
Wednesday, May 18, 2016
Do you know that Non-resident Indians can claim a deduction on income from interest on saving bank accounts up to a maximum of 10,000 INR like resident Indians? Well, I didn't. I just come to know about this relatively new tax deduction method. This benefit is provided under Section 80TTA, which is available from the financial year 2012-13. Since an NRI can only have either NRE or NRO saving account, and given interest earned on NRE account is exempted from tax (see here), this will only applicable to interest earned on an NRO saving account.
Saturday, May 14, 2016
Recently one of my friend, working for an IT company in the USA on H1B visa received notification from Indian banks and Mutual funds that he needs to submit FATCA compliant certificates. He wasn't sure about what is FATCA and why he needs to submit FATCA certificate to Indian banks. This inspired me to write this short post explaining what is FATCA and who needs to submit FATCA certificates in India.