tag:blogger.com,1999:blog-7036721709697976873.post2001506158319821071..comments2023-09-01T23:33:35.514-07:00Comments on SavingsFunda: Why Non Resident Indians (NRI) Need to Open NRE or NRO Account?javin paulhttp://www.blogger.com/profile/15028902221295732276noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-7036721709697976873.post-24159967651672812362020-04-03T05:49:15.649-07:002020-04-03T05:49:15.649-07:00If your borrower is India based then its your Indi...If your borrower is India based then its your Indian income and yes, you need to put that into NRO account. Regarding transfer, I suggest you go via NRE route, even though you can also do NRO remittance. NRE means source of income is overseas, it's kind of a proof. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-860215011060108032020-04-03T05:47:37.355-07:002020-04-03T05:47:37.355-07:00Yes, she can do that. It's actually better to ...Yes, she can do that. It's actually better to have NRE account if source of income is overseas, no problem transferring to any other bank once its in NRE account. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-16861308899877221122020-04-02T21:03:18.911-07:002020-04-02T21:03:18.911-07:00My daughter is an NRI, residing in USA. She had op...My daughter is an NRI, residing in USA. She had opened and NRE account in ICICI bank in India recently, she does not have any income in India, hence she didn't opt for NRO account. Can she trafer funds from NRE account to eduacation loan repayment in Canara bank and also gift to parents? SATHYAPRASAD BVhttps://www.blogger.com/profile/14901332666559891737noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-65221521419929109952018-01-08T00:51:03.558-08:002018-01-08T00:51:03.558-08:00I reside in Singapore , I am investing 10 lakh wit...I reside in Singapore , I am investing 10 lakh with financier who gives me 10% interest pa say for eg. In that case I am getting 1lakh per annum. This is taxable and can be claimed right. <br />Should I transfer the fund from Singapore account to directly to NRO account ? He gives me monthly intrest.Anonymoushttps://www.blogger.com/profile/16850705319898386534noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-23413634997074810612017-12-12T11:54:24.870-08:002017-12-12T11:54:24.870-08:00Always great when someone helps me out with figuri...Always great when someone helps me out with figuring out the banking world. Can be tough to get sorted out, but your explanation of NRI vs NRE vs NRO is appreciated.Lonnyhttps://growingsavings.com/noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-36773606900454826932017-11-10T07:05:31.329-08:002017-11-10T07:05:31.329-08:00Hello @Anonymous, NRIs are not allowed to keep nor...Hello @Anonymous, NRIs are not allowed to keep normal savings account and they are also not eligible for Aadhar card, hence converting your normal savings account to NRO is the best option.<br /><br />Regarding TDS, you may look at <a href="http://savingsfunda.blogspot.sg/2016/07/how-to-reduce-tds-on-nro-fixed-deposit-using-DTAA.html" rel="nofollow">DTAA to reduce your TDS on NRO fixed deposit</a>. Check my article on same. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-87198459884894770952017-11-10T05:43:02.171-08:002017-11-10T05:43:02.171-08:00I reside in USA and I got an email that Aadhar car...I reside in USA and I got an email that Aadhar card is required to keep my savings account, now I m not in situation to go india by next 2 months to apply and get it. So they asked me to open an NRO account as I have fixed deposits. Currently in savings account fixed deposit, they take 10% from my earned interest. So from now onwards I might have to pay 30% interest. WOWWW. It is what it is if I have live on this earth no other option for us. :) Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-12411574179170877112017-06-16T20:52:03.861-07:002017-06-16T20:52:03.861-07:00No, you can still transfer money to your wife or p...No, you can still transfer money to your wife or parent account they will be treated as gift to them. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-51664977633618123972017-06-16T14:27:50.230-07:002017-06-16T14:27:50.230-07:00Good read. I'm in the process of converting my...Good read. I'm in the process of converting my account to nre. Any amount I transfer now will be subjected to taxation in India?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-17183892966960589822017-06-16T14:17:52.727-07:002017-06-16T14:17:52.727-07:00Great read. A question. I'm in your process of...Great read. A question. I'm in your process of converting my Indian savings account to nre. If I transfer a big amount to it now, when it's still a regular account, will I be taxed in India too?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-57221435223367536262017-04-26T06:21:17.880-07:002017-04-26T06:21:17.880-07:00Hello nishee, he has to drop an email to bank empl...Hello nishee, he has to drop an email to bank employees, if they are not responding then he can simply close the account and open new NRO account with the bank who responds to call. He can open Kotak Mahindra NRE/NRO saving account right from UK online.javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-2747806206640507212017-04-26T02:21:12.855-07:002017-04-26T02:21:12.855-07:00my brother now became uk resident have resident sa...my brother now became uk resident have resident saving account in india how it can be convert in NRO/NRI account when he is in UK? by mail/ phone calls bank employees not responding.nisheehttps://www.blogger.com/profile/04270132060822387921noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-32289480089186220172017-03-31T02:30:13.205-07:002017-03-31T02:30:13.205-07:00Good one Javin!
The interesting thing is many Ind...Good one Javin!<br /><br />The interesting thing is many Indians who travel to the UK for work are not aware of this requirement by Indian law and continue using their resident savings account, risking to get penalised by not converting to an NRI account (NRO/NRO).<br /><br />We need to spread more awareness about this so people can convert their account suited to their residency status.Amandeep Singhhttp://www.comparism.com/noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-33112425750025270532017-01-29T16:19:29.856-08:002017-01-29T16:19:29.856-08:00You will still need to pay tax in the US on the in...You will still need to pay tax in the US on the interest income earned thru the NRI accounts in case you are residing in the US.sachin_indiahttps://www.blogger.com/profile/16921166966189673274noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-29584507453833960712016-06-15T05:11:38.059-07:002016-06-15T05:11:38.059-07:00NRI customers have to analyze their needs and requ...NRI customers have to analyze their needs and requirements. Whether to get the additional benefits of NRE and NRO account. Read more about the <a href="https://nribankingservice.wordpress.com/2016/04/20/international-banking-for-global-nris/" rel="nofollow">International NRI Bank Account for Global NRIs</a>.Anonymoushttps://www.blogger.com/profile/15009681607308108459noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-60544505004220439122016-05-18T23:33:06.111-07:002016-05-18T23:33:06.111-07:00The first and formost reason to open NRI account i...The first and formost reason to open NRI account is keeping money in Indian rupees and not paying taxes on that :-)Anonymousnoreply@blogger.com