Wednesday, December 23, 2015

Difference between Resident and NRI Fixed deposit India

As the name suggest, Resident Fixed deposits are for Resident of India and NRI fixed deposit are for Non-resident Indians but remember both are for Indian Citizens. Indian banks, both private banks e.g. ICICI, HDFC, Kotak, Citibank, DBS, Deutsche, Axis bank and public sector banks like SBI, Bank Of Baroda, Union bank offers both resident and NRI fixed deposits, but they usually have different interest rates. A resident can only open the resident fixed deposit, you just need a saving account for that. For opening NRI fixed deposit, you need either NRE or NRO saving account.

Saturday, December 19, 2015

2 Ways to send money from HongKong to India, HKD to INR - Money2India vs Remit2India

Apart from international wire transfer, western union, and MoneyGram, there are three major online services you can use to send money from HongKong to India. Apparently, HongKong has less option 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 the concern 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.

Monday, December 14, 2015

Best Bank or WebSite to transfer money from Singapore to India

There are many options to send money from Singapore to India, but online money transfer is the best. You can transfer money at your convenience without the hassle of visiting bank or remittance center, but given there are a lot of banks and websites providing online money transfer from Singapore to India, which one is the best? Which will give you the best exchange rates and charge lowest transfer fees? Do you need to create another account or you can use your existing DBS, OCBC or UOB account to wire money from Singapore to India? Which bank is quickest in sending money to India.

Friday, December 11, 2015

Can you deposit Indian rupees to NRE account?

No, you cannot deposit Indian rupees into NRE account. The only way to fund an NRE account is via foreign currency remittance, foreign currency deposit when you visit India or via foreign currency traveler's cheque. Since NRE saving account is at par to FCNR deposit, this is the restriction they have imposed.

Monday, December 7, 2015

Can I Repatriate (transfer) Money from NRO Account to Overseas?

Yes, you can repatriate money from NRO account unless it doesn't exceed USD 1 million per calendar year. Normally, fund lying in NRO saving account or NRO fixed deposit is not subject to repatriation abroad and that's why I suggest you open an NRE account, which allows you to freely repatriate the money.

Friday, December 4, 2015

13 Things to know about Public Provident Fund PPF Investment in India

PPF is a short form of Public Provident Fund and it's one of the best long-term investment for Indian citizens, sorry NRI cannot invest in PPF if they don't have an account already. Since many Indians are not aware of PPF and doesn't know much about it, I have jotted down some important points of Public Provident Fund scheme.