Sunday, January 17, 2021

10 Benefits of NRE Bank Account and Fixed Deposits

If you are an NRI (Non-Resident Indian) then you have access to a unique bank account called NRE (Non-Resident External) account which allows you to keep your money in Indian rupees. This account then further allows you one of the best, fixed deposit investment options known as NRE fixed deposit, which currently provides fixed and interest rate e.g. 8.75% from Deutsche bank, resulting in a cumulative yield of 10.3% for a 5 years NRE fixed deposit. It's not just the Deutsche bank but other private and public sector banks like SBI, ICICI, HDFC, Kotak Mahindra, YES Bank they all provide very good returns on NRE fixed deposits.

Tuesday, January 12, 2021

3 Ways to send money from Hong Kong to India, HKD to INR - Money2India vs Remit2India vs TransferWise

Apart from international wire transfers, western union, and MoneyGram, there are three major online services you can use to send money from Hong Kong to India. Apparently, Hong Kong has fewer options as compared to Singapore for sending money to India. Unlike DBS, the local bank in HongKong - HSBC, Standard Chartered, Citibank, and Bank of China doesn't provide direct remit to India. BTW, you don't need to be concerned because these three online services e.g. Money2India, Remit2India, and AxisRemit are backed by reputed private sector banks in India e.g. Money2India is backed by ICICI bank, Remit2India is backed by TimesOfMoney group and AxisRemit is backed by Axis Bank.

Sunday, January 3, 2021

Can I repatriate funds from NRE or NRO Bank account? Yes

Yes, you can repatriate funds from NRE, NRO, or FCNR account abroad, but each has its own rules and limitations. NRE and FCNR accounts are most flexible in terms of repatriation, also known as freely repatriable, which means that no prior RBI approval is required to remit funds overseas from these accounts. This includes both NRE and FCNR fixed deposits as well as NRE saving the account. You can also repatriate both principal and interest earned overseas from these two accounts.

Tuesday, December 29, 2020

Can You break FCNR Fixed Deposit before Maturity?

It depends on the bank to bank, most of the bank doesn't allow you to break your FCNR fixed deposit if it's done for more than 3 years, but you can do premature withdrawal if it's done for less than 3 years. Most of the bank including ICICI, HDFC and Kotak Mahindra doesn't pay any interest if you break your FCNR term deposit within a year. If you break your FCNR FD after year, you will likely get less interest rate than promised, mostly what is equivalent to the period money remained in the Bank. So, make sure you check with your relationship manager about a premature withdrawal penalty before opening an FCNR fixed deposit.

Friday, December 18, 2020

5 ways to Send/Remit Large Amount of Money to India from Overseas

There are several ways to send money to India from Overseas, both online and offline. Some of the popular channel for remitting money includes the Western Union for the small amount of cash to online services like ICICI Money2India, Xoom, HDFC QuickRemit, Remit2India, Transferwise, CurrencyFair, and Axis bank Remittance allows you instantly transfer small to medium amount of money to India e.g. from 500 USD to 20,000 USD. Different websites and money transfer services have different limits and that too also varies depending on which country you are sending money to India.

Saturday, November 28, 2020

How to Send Money Abroad/Overseas from NRE or Resident Bank Account - [Online Outward Repatriation]

You can send money abroad on your overseas savings account from an NRE account in India. You can do this both online from the comfort of your office or home and offline from any branch of your bank. This is also known as repatriation or outward remittance. Almost all banks in India, both private sectors e.g. HDFC bank, ICICI, Kotak, YESBANK, Citibank, and public sector banks like SBI, Bank of Baroda, Bank of India, and others provide an online facility in their net banking website to transfer money to your overseas account.