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Old 10-29-2009, 05:38 AM
transpass transpass is offline
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Question NRE Account

Hi Folks, I have few questions regarding opening NRE account...

1. Seems most of the banks offer NRE account for NRIs. In general, which bank is better for opening such an account?

2. Do all the banks which offer NRE accounts offer account services irrespective of which branch I open the account at? e.g., if I open an NRE account say in delhi, can I have access to and get service for the account say in bangalore? Or do I have to go to that particular branch where I opened the account? In this regard, which bank is better?

3. Which bank generally gives better exchange rates?

4. Any pros or cons in opening the NRE account at one bank vs. the other?

Thanks for your replies...
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  #2  
Old 10-29-2009, 02:40 PM
sanju_dba sanju_dba is offline
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Talking umnn...

How long have you been an NRI? asking NRE questions? neway...

1. Seems most of the banks offer NRE account for NRIs. In general, which bank is better for opening such an account?
-> Yes,All most all banks , execept few local banks like co-operative/union banks may not.
My choice ( ICICI ,CITI ,SBI ). while ICICI has professional customer service/ and good online portal/managebility. They are matured in NRI banking than any other. They are little behind interest rates when compared to SBI. Free Remittance USD to INR will take about a week. SBI, with poor customer service/portal frustates me, but for safety, SBI is winner. Also lately i found remittance takes just 1day ( using their NY branch ), best exchange rate.

2. Do all the banks which offer NRE accounts offer account services irrespective of which branch I open the account at? e.g., if I open an NRE account say in delhi, can I have access to and get service for the account say in bangalore? Or do I have to go to that particular branch where I opened the account? In this regard, which bank is better?
-> I think now a days all big banks are having access to all their branches online, so you should be good in most cases.
3. Which bank generally gives better exchange rates?
-> SBI. ( with a difference of 2-5cents/USD ICICI,Remit2India, SBI ).
4. Any pros or cons in opening the NRE account at one bank vs. the other?
-> Yes, for ex: ICICI with its pros and cons, it has transfer limit of 2laks/day outgoing using online. I would say, open in multiple banks and get to know which one is better over the time. Also,othes can correct me here, TDS ( tax deduction at source ) applies per account/per branch/per bank. So spread your money in multiple banks to stay under the TDS limits.

Hope that helps....

Last edited by sanju_dba; 10-29-2009 at 02:43 PM.
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  #3  
Old 10-29-2009, 04:54 PM
crazyghoda crazyghoda is offline
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There is no TDS for any funds held in NRE savings or CD accounts.
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  #4  
Old 10-29-2009, 05:11 PM
sanju_dba sanju_dba is offline
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Quote:
Originally Posted by crazyghoda View Post
There is no TDS for any funds held in NRE savings or CD accounts.
Sorry for not putting that in. Thanks!
Update : TDS applicable for NRO / Ordinary type of accounts.
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Old 10-29-2009, 05:26 PM
venkat1247 venkat1247 is offline
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hi i got the some question how to open NRI acc
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  #6  
Old 10-29-2009, 05:56 PM
thomachan72 thomachan72 is offline
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Default

Quote:
Originally Posted by transpass View Post
Hi Folks, I have few questions regarding opening NRE account...

1. Seems most of the banks offer NRE account for NRIs. In general, which bank is better for opening such an account?

2. Do all the banks which offer NRE accounts offer account services irrespective of which branch I open the account at? e.g., if I open an NRE account say in delhi, can I have access to and get service for the account say in bangalore? Or do I have to go to that particular branch where I opened the account? In this regard, which bank is better?

3. Which bank generally gives better exchange rates?

4. Any pros or cons in opening the NRE account at one bank vs. the other?

Thanks for your replies...
I will only answer # 2, the rest depends upon where you live.
for #2, I hope they are not yet that flexible and allow people to withdraw funds from any branch. The situation in India is not as secure as you see here. What kind of ID will you show if you want to withdraw from other branch? drivers lisence? I am not sure whether that is very secure yet in India. I would suggest to not even have an online access to your accounts and also insist on personal contact with the manager so he/she is aware of how you manage your account. Always try to do banking at only one branch in India. Not to scare you but it is safer. Hackers are not yet very rampant but if it happens then it will be very difficult to trace lost money.
I do have NRE/NRO accounts and none of them have online access. However the manager regularly sends me a statement in text format via email. Also for NRO accounts they issue statements which can be used for filing the income tax in India (make sure you do that). The manage asked whether I need online access and I declined.
If you need higher interest rates on your deposit open a NRO (fixed deposit) account. Your interest (after taxation) is fully repatriable to the US but the principal amount cannot be repatriated. The is useful if you want to do a long term deposit instead of real estate / share markets etc.
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Old 10-29-2009, 06:05 PM
thomachan72 thomachan72 is offline
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NRE accounts--> interest earned is not taxable in India but has to be reported in your 1040 here.
NRO accuont--> earns very high interest rates (was 11%) just a few months ago. There will be TDS but you can file an income tax return and claim the amount that they deducted above what you would be taxed.

For eg:- if your total interest earned is 100,000 they would withhold upto 30% of it (may be lesser depending upon your situation). When you file your returns your total income is only 100,000 which is below the taxable limits and therefor you will be returned all that was witheld. Only those with interests >180,000 per anum will really lose money.

Some people split accounts and try to hide interest income. This is not advisable if you ever want to repatriate the interest income. Once you have payed required taxes on the interest you can repatriate any amount of interest income to the US. Many people use this as a source of regular income.
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Old 10-29-2009, 08:21 PM
crazyghoda crazyghoda is offline
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Default A Red ?

I got someone who left this comment with the red - " Helpful Answer Negative Rating"
This must the 3rd time I have had someone give me a red for answering questions and helping this community.
I think I am done hanging around this forum helping out a bunch of morons who probably believe they can get a green card by giving others reds. Adios !

Quote:
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There is no TDS for any funds held in NRE savings or CD accounts.
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