Tuesday, September 26, 2017

Does interest earned on NRO saving account and FD are Taxable in India?

Yes, unlike interest earned on NRE saving account and NRE fixed deposits which are totally tax-free in India, interest earned on NRO saving account or NRO fixed deposit are taxable in India. In fact, as per the current regulation, tax is deducted at source @normal rate of 30.9%, which is calculated by @30% + surcharge + cess 2%, surcharge can be up to @10% if taxable income is more than 10 lakhs INR. Which means, funds lying in NRO account can be taxed at the rate of almost 40.9% in India.

Saturday, September 23, 2017

How much foreign Currency NRIs or Foreigners can carry to/from India

In the last article, I told you how much Indian currency NRIs are allowed to take Overseas and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going to Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bring foreign exchange in India from the USA, Singapore, Dubai, UK or any other country, barring the local rules which tells how much foreign currency you take without declaring to Immigration or after declaring to customs.

Monday, September 18, 2017

Can You Open a Joint NRE or NRO account (savings and fixed deposit)?

Yes, you can open a joint NRE or NRO savings, current or fixed deposit and FCNR fixed deposit account, but who you can use as joining partner depends on upon what type of account you are opening and citizenship of other account holders. For example, if you are opening an NRO (Non Resident Ordinary) savings, fixed deposit or current account then you can open it jointly with any resident Indian or NRI. It means you can open NRO account jointly with your parents, spouse or your siblings, of course, if they are staying in India or any NRI e.g. your wife and children which are staying abroad with you.

Sunday, September 17, 2017

5 Money transfer Tips for Non Resident Indians Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short term or long term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially America or Europe. As they settle down there are receive their first month's salary, it can be little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled to what they are colleagues are using without doing any research about other options available and whether the option his colleagues are using giving the best value for his money or not.

Sunday, September 10, 2017

Where to Open Sukanya Samriddhi account? List of authorised banks

You can open Sukanya Samriddhi account with both post office and banks. Initially when the scheme was launched it was only available to Post office but Reserve bank of India has instructed a list of authorized banks to open SSY account, which includes popular banks like SBI, Axis Bank, and ICICI bank. Actually, the list includes many banks from both private and public sector. Unfortunately, you cannot open Sukanya Samriddhi Yojna account online, you must visit banks if you pass the eligibility criterion discussed in my last post. Anyway, here is the updated list of authorized banks which are allowed to open SSY account

Saturday, September 9, 2017

Does NRIs need to update Aadhaar on Bank Accounts?

Recently many of my colleagues received an email from their banks e.g. ICICI and HDFC bank regarding their saving accounts to update Aadhaar on their bank accounts, the deadline to link Aadhaar with a bank account is 31st December. If you don't do this then your account will be frozen. Since many NRIs doesn't have Aadhaar card, so what can NRIs do to deal with this situation? Well, this is not required for NRIs.

Thursday, September 7, 2017

How to check EPF (Employee Provident Fund) account balance online - free

How to find EPF (Employee Provident Fund) account balance online
You can now check your EFF (Employee Provident Fund) account balance online from the comfort of your office and home. No need to endure stress on multiple runs of government office.  In order to check your EPF account balance online, You just need to click below link and enter your EPF also known as PF account number and mobile number and it will display your total EPF (Employee Provident Fund) account balance. Every salaried employee In India who contributes some part of his salary to EPF (Employee provided Fund) have been curious to know his or her EFF (Employee Provident fund) account balance from a long time but going to EPF office and inquiring these details are a troublesome job, given how government offices works in India. 

Wednesday, September 6, 2017

Best Bank to Open NRI Savings Account India - HDFC vs Kotak vs YES Bank

Recently I was doing some research to open an NRI Savings account in India, and given their is  so many banks, both public and private sector are providing NRI services, I thought to do some quick checks on the best NRI savings account I can get this moment. One of my friends suggested me to open your NRI Savings account in HDFC bank, other suggested that he has an account in Kotak Mahindra and very happy with their services especially rather offered on their remittance service click2Remit.

Monday, September 4, 2017

Eligibility Criterion to Open Sukanya Samriddhi Yojna Account

Ever since Sukanya Samriddhi Yojna account has launched parents are very enthusiastic to open SSY account in the name of their daughter. Many of my friends have asked about whether they can open Sukanya Samriddhi account or not? Do it has some income criterion? I am currently outside India can I open Sukanya Samriddhi account? Can NRI open Sukanya Samriddhi account if daughter is Indian citizen etc. In this post, I will give you overview of who can open SSY account and who cannot by explaining eligibility criterion of Sukanya Samriddhi account.

Sunday, September 3, 2017

Best bank to open SGD/HKD FCNR Fixed Deposit? DBS vs ICICI

If you are living and working in Singapore or HongKong and thinking to open FCNR (Foreign currency Non-resident) fixed deposits in Singapore and HongKong dollar i.e. SGD or HKD then, unfortunately, you don't have many choices as not all Indian banks provide facilities to open FCNR fixed deposit in SGD and HKD. Most of the Indian banks supports 6 major foreign currency for FCNR deposits e.g. USD, GBP, EURO, JPY, AUD, and CHF. Even, the biggest bank of India, the SBI doesn't support SGD or HKD as foreign currency for FCNR deposits. then you should consider DBS bank's FCNR fixed deposit option.