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.
Can you deposit Indian rupees to NRE account? Is it allowed?
No, you cannot deposit Indian rupees into an 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 the NRE saving account is at par with the FCNR deposit, this is the restriction they have imposed. This also means that you cannot ask your friends, relatives, and parents to transfer money to your NRE account. I think the only way to transfer Indian rupees into an NRE account is by transferring money from your NRO account.
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. For example, both 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. One reason of that is because both of these accounts can only be opened form the fund you have earned overseas and you can only deposit the funds whose source is overseas. For example, you cannot deposit Indian rupees earned on India from rental income or any other income to NRE account.
Can You Transfer Money from NRE to another NRE, NRO, FCNR and Resident Saving account? ICICI or HDFC?
One of the most common question among NRIs (Non-resident Indians), especially among IT professionals traveling to the USA, UK, Singapore onsite is whether they can transfer funds from one NRE account to another NRE account, or NRO account, or FCNR account, or a Resident saving account or not? Since many IT professionals have their resident saving account in India when they traveled to Overseas and which they later converted to NRO account, this doubt is obvious. Well, since the NRE account is maintained in Indian rupees, there is no restriction on transferring your money from one NRE account to another NRE, NRO, FCNR, or resident saving account.
5 difference between L1A and L1B USA Visas?
If you are working for an investment bank like Barclays, UBS, Goldman Sachs, or Citibank or a service company like Infosys or TCS and thinking to move to the USA on L1 VISA then but don't know the difference between L1A and L1B USA visas then you have come to the right place. In this article, I'll explain the difference between those two. Many of my friends have moved to the USA on L1A and L1B in the last couple of years hence I have some personal experience talking with them. Similar to H1 VISA, L1 VISA is also a temporary VISA that allows a foreigner to work in the USA.
Limit of Foreign Currency NRIs or Foreigners can Bring to/from India - Indian Customs Limit for Foreign Cash
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 Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bringing foreign exchange in India from the USA, Singapore, Dubai, UK, or any other country, barring the local rules which tell how much foreign currency you take without declaring to Immigration or after declaring to customs.
Does an NRI needs to file Income Tax Returns if no income in India?
The short answer is No, you don't need to file the income tax returns in India if you have no income, but, rarely, you don't have income. You might not have a salary income because you are employed overseas, but you could have income as interest generated by bank fixed deposit, rental income generate by your flats in India, a royalty paid to you by your book published and sold in India, the dividend paid on your stock market investment in India. Many people think that they don't have income in India because they are working overseas but most of them have fixed deposits in India which they have made before moving to Overseas.
7 Tips to Save Your Money and Reduce Expenditure and Expenses
A wise man have said that "one penny saved is one penny earned" while I also believe that one should not compromise on things that they love e.g. spending on family, holidays or smartphones, you can still save a lot of money by following these saving tips. People often say that inflation will eat your money, but there is a bigger threat to your money than inflation, it's unnecessary expenditure. Inflation will take years to erode your money value, but spending can take your money in seconds. Humans are very fickle by nature and given today aggressive advertising campaign then often end up buying stuff, they don't really need. Our focus is to minimize that expenditure to boost your savings.
10 Ways to Send Money to NRE account in India
One of the frequently asked questions from NRIs, who has just opened an NRE (Non Resident External) account is how to fund their NRE accounts In India? Since you cannot transfer Indian rupees from your normal savings account in India to your NRE account, this question is common to arise. The simplest way to deposit money in your NRE account is remittance or wired transfer like sending money from your overseas bank account, but that's not the only way to transfer money to your NRE account. There are many more ways you can send money to your NRE account in India and choosing the right way matters because you want the best exchange rate for your dollars and you also want safety so that your money should reach safely and preferably instantly or within few days in your account.
Is it best time to Send Money to India from USA?
In 2016, After Donald trump's victory and historic decision on Rupee demonetization in India, many of my friends working in living me asked the question whether now is the best time to send money to India from the USA? Well, it certainly looks so at that time. The USD/INR exchange rate was at an all-time high of 68.34 and very likely to go to 70, so it definitely sounds like the best time to send money from India to the USA but look at now? Where are we? Rupee is now close to 83, I mean USD INR rate is close to 83, which means 1 USD is equal to almost 83 INR which is highest so far and that's why I think now is probably the best time to send USD to India.
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