Yes, Transfer Money form NRO to NRE Saving Account, FCNR is Allowed

Not many NRIs (Non-resident Indians) knows that, from May 2012, NRI can transfer fund from the NRO account to NRE account in India. Earlier this was not the case though you can transfer funds from NRE to an NRO account, the reverse was not allowed. The only way to fund your NRE saving account was through your offshore income earned in foreign currency. Things have changed, The Reserve Bank now allows non-resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year. This move is encouraging as now NRI can make maximum use of their funds and can transfer to overseas, when they needed or when they feel it's a better investment opportunity.

Can you deposit Indian Rupees in NRE Saving Account via Cheque or Remittance?

One of the common questions among new NRIs or Indians who just went abroad is whether they can deposit rupees in an NRO account or not? The short answer to this question is YES, you can deposit INR or Indian rupees into an NRO account. In fact, that's the sole purpose of opening an NRO account because you cannot deposit rupees into an NRE account.  If you are new to NRI banking facilities available to Non-resident Indians then let me tell you there are two main types of saving accounts NRIs can open in India, NRE (Non-Resident External) and NRO (Non-resident Ordinary).

3 Best websites and banks to transfer money from Singapore to India

There are many options to send money from Singapore to India, but an online money transfer is the best. You can transfer money at your convenience without the hassle of visiting a bank or remittance center, but given there are a lot of banks and websites providing online money transfers from Singapore to India, which one is the best? Which will give you the best exchange rates and charge the 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.

Top 5 Tax Saving Instruments and Investment for Salaried Employees In India

As the financial year proceeds to end, many of my colleagues and friends started thinking about tax saving though I have always suggested them to do it in a planned way from the start of the year it never happened. Since we all know that we can save up to 1 lac under Section 80C of the Income Tax Act there are lots of tax saving schemes available.

Can I Repatriate (Transfer) Money from NRO Account to Overseas? [Answered]

This is one of the most common questions from my NRI friends who are earning rental income or business income in India. Yes, you can repatriate money from an NRO account unless it doesn't exceed USD 1 million per calendar year. Normally, funds 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.

13 Things about Public Provident Fund PPF Investment in India You Should Know

PPF is a short form of Public Provident Fund and it's one of the best long-term investment for Indian citizens, sorry to my NRI friends but you cannot invest in PPF unless you have an account already. Almost all the salaried employed person in India contribute money on EPF (Employee Provident fund) which is similar to PPF. Since this is done automatically by their employers 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. I also didn't know much about PPF and EPF (Employee Provident Funds) until I have to change job and then I realize that either I can withdraw funds form PPF or migrate to new company. At that time, I did few more research and found useful points about Public Provident funds which I am sharing with you guys here

Can you send money from abroad to a normal Indian savings account, will it be taxable?

One of the frequently asked questions by people going abroad is that, whether they can send money to a resident saving account in India or not? Will that be taxable? The answer to this question depends upon whose resident saving account? For example, if you send money from abroad to a normal saving account of your parent, spouse, or children then it will be considered as a gift from an Income tax perspective, and gift to a parent, spouse, and children are not considered as income in India, hence they will not be taxable.   But, if you send them to somebody else’s normal savings account then it will be considered as their income and they are liable to pay income tax on that.

Is Laptop, Tablets, and Mobile Phones allowed in Checked-In or Cabin baggage?

Yes, Laptop, Mobile Phones, Smartphones or any other Personal Electronic device, also known as PEDs are allowed in both check-in luggage and in cabin luggage in most of the countries and most Airlines. Though, it's general practice to carry mobile phones, laptops, tablets or any other personal electronic device in cabin luggage due to safety and security reasons. Since these devices have a battery which may spark the fire and if they are in check-in luggage it will not be handled properly and in the worst case, it may result in loss of Aircraft. Hence its advised to always carry electronic devices with the battery in cabin luggage.

5 Differences between NRE and NRO Fixed deposit -HDFC ICICI SBI Kotak

Difference between NRE and NRO fixed deposit

NRI has two options to invest in Fixed deposit in India NRE  fixed deposit and NRO fixed deposit, but you need to be careful whether you choose NRE or NRO fixed deposit as taxation rules on NRE and NRO Fixed deposit is different. Principle and Interest earned in NRE fixed deposits are completely tax-free while interest earned on NRO fixed deposits are subject to TDS and deduct at the maximum rate of 30%. Also, you can send rupees back to your overseas account if it is held in NRE fixed deposit, but you can not repatriate money from NRO fixed deposit.

7 Things to Consider While Buying Online term Insurance plans

Hello guys, I was doing research for buying Travel insurance before traveling when I thought about sharing my experience on buying insurance online like online term insurance plans which are not just essential for any person but also must have. Online insurance plans like an online term insurance plan, online health insurance plans are getting popular due to their lower cost compare to buying similar insurance plans from agents or insurance agency.  An online terms insurance plan for 1crore for 30 years may cost you around 5500 from ICIC Prudential iProtect which is way lower than if you buy it from any insurance agent.

Is Aadhaar card mandatory for filling Income tax return for NRIs in India?

Based upon my knowledge, Aadhar Card is mandatory for filling income tax return this year for all resident Indians. They even need to link their PAN Card to Aadhar card before filling income tax returns, but for NRIs, Aadhar card is not mandatory for filling income tax return. If you remember, NRIs need to file IT return if they have any income in India, even though it is not mandatory for NRIs to file income tax returns, especially if they have only income from Fixed deposits and Equity investment where TDS is already deducted, its advised that they file income tax return every year. It has many benefits but most important is that you will get your money back which is deducted as TDS if your total income is less than 2.5 lakh.