Thank you for clear and lucid explanation. No bank will ever have the patience or the service mindset, to explain things in such a simple and easy to understand manner.
Thank you Sir. I think a very IMPORTANT point was missed in this video about repatriation of NRE FUNDS. The conversion rate back to USD (or foreign currency) would depend on the existing rate at the time of repatriation. For example, if INR has depreciated against USD, the amount available for repatriation could be lesser , same or greater than original deposit based on accrued interest and currency exchange rate.
Thank you, I will. Please note there are 4 parts to this series . Part 1 to part 4 . You can find that on my channel . Please subscribe and share the videos
Sir thanks for the video. All these days I have been transferring my money to NRO account instead of my NRE Account. Even my banker also never commited anything these many months. Big eye opener and now I started to correct from this month onwards.
Thanks a lot, sir for explaining first about NRI status & then also about the account in simple & understandable way. I understood more from your video than dumb people from bank where my account is. Thanks again. Very helpful.
Watched this episode today. Something exactly I was looking for. So far I was sending my money in my normal saving account. Seems HAVE to create NRE one. Sharing the video with my colleagues as well !
I know it takes a lot of time and efforts to make quality videos with relevant and useful contents, specially on such a vast Topic. Kudos to you . Keep it up.
Thanks for your NRI tips, Sir. I have an FD maturing, something my mother wanted to give me. How can I take it back to Canada? I had moved to Canada in 2003 and have both, NRO/NRE account.
An outstanding channel. Mr. Bhat makes you understand the topics in a very clear and succinct manner.👌. So glad to be a subscriber to his channel. BTW - I have a question Mr. Bhat - Where are you based in India ?
@@NRIMoneyClinic Thanks for the reply. Yes, I have already viewed and shared your video interview with Mr. D B Mehta about selling property in India with my (NRI) friends in North America.They have expressed deep appreciation for the clarity and your ability to simplify the concepts. Thanks.
You say Capital gains on property sale cannot be deposited in NRE. What does an NRI ? PIO does with Capital gains? Can it be deposite in NRO and thence trasferrred to NRE as per regulations?
nice video sir. looking forward for part 2. sir can you tell the steps to open fcnr account. I have current account and emirates enbd,dubai and both nre nro in hdfc india.
Thanks for excellent explaination Sir. One question, Can I have NRO account in one bank and also maintain regular savings bank account in some other bank (Both at same time ?)
Thanks sir, very informative video. I have a question, my father (who is in india) wants to gift his savings (in INR) to my son who is studying in an university in USA. How to do it?
Great respect sir for sharing whatever knowledge u hold 👍🏻👍🏻🙏🏻🙏🏻!! Especially fresher CA like me, will be extremely benefitted 🙏🏻🙏🏻 !! There is a saying Water if stagnant will stink Wealth if stagnant is stinking rich Knowledge if stagnant is a sin !! 🙏🏻🙏🏻
Sir, Thanks for the clear and clarity explanation. My daughter is in US having NRE/NRO in HDFC, India. My question:Can she invest in Co operative Society (bank)? If yes, how ?
Sir, I case a OCI card holder is working and living in India now. Then, should the person need to have a NRI, NRE account or normal saving account as he is living in India now?
Thank you for enlightening people like me about financial aspects. NowI have 2 questions here. 1. My daughter, who was working here as a software professional, has left to US for pursuing Masters (2 years course) in CS in one of the Universities there. It is now more than 6 months she left from India. She has 2 savings and 4 fixed deposit accounts here (indian rupees). Most probably she may get employment in US on completion of her Masters. What is her position now ? If NRI, are all her savings and (Fixed deposit) accounts here to be converted into NRO accounts ? 2. Can she open NRE accounts (both savings and fixed deposit) as she is doing her internship in US and getting substantial pay, a portion of which could be transferred to this NRE account ?
Hellow Sir, I am an NRI, invested in real-estate, constructed buildings. Now I wanted sell that property and transfer the funds from NRO to NRE. Can I claim the funds I used from NRE 12 yrs before the save the capital gain... Can you explained to me kindly .. this matter please. 💐
Hello, Sir. Thank you for making the videos. What you are doing is great. I have a Question. If I use Money from NRE account to do deposit for CFD / Gold Trading (Intraday trading using online platform) and than do the actual day to day CFD trading online and than make some profit using that money; than, can I withdraw that Profit into my NRE Account? If Yes, Why? If No, Why? If Yes, is it Taxable ? Because I am using the money online and it has been earned outside of India not in India. Your response will be appreciated. - Darshan Patel.
Sir one question.. in abroad people are sending money directly to their india salary account which is not NRE account. Im bit confused to open NRE account or i should follow their way.. please help me in understanding. What they are doing is right ?
Sir, can one transfer money from NRE to FCNR A/C, and can one individual two A/Cs; one NRE and the other one FCNR? If one is living in India, and has assets abroad which gives income, then is one eligible for the NRE or FCNR A/C. Please try to reply. Thank you 🙏 Or mention the sources from where one can do the needful research.
While it’s important to know the regulation its sad the implementation and framework is not available. After watching this video i sent account opening form to SB branch thru mail. My account was opened but its over 45 days that I have not received my welcome kit or online banking information. I am running from pillar to post calling customer support and mailing but no positive response. Looks like state bank of india has very poor process and customer experience for NRI accounts
It is said that credit to nre account is to be in foreign currency. Then how can this account be debited for subscription to mutual funds or other domestic expenses where payments would be in inr?
Dr Bhat, this is very interesting. Please comment if I, as an NRI, invest in deferred annuity plan in India paying full sum from my NRE account, will the pension be tax free and will that be paid into my NRE account provided I continue to remain NRI resident?
hello Dr, thank you for all the great information ! I have watched few of your videos but still looking for an answer to a use case of an NRI or PRI(who has green card and soon be converting into NRI) earning an income in the form of pension in India which is being deposited to regular savings account and would like to repatriate the pension income overseas. Please advise..
Sir, I got call from SBI where we have our NRO account. They said that due to latest circular of RBI, two NRI's can't have joint NRO account. Me and my wife have joint NRO account. Are you aware of any such change? I checked RBI website and it says "The accounts may be held jointly with residents and / or with non-residents."
Sir I would like to request you, could please let me know if I send a money to NRE account from some other country, in India is it possible to transfer that money to any other bank accounts in India.
The video is very educative . Currently I have some mutual fund which release dividend occasionally directly to my saving bank account. When I convert this to a nre account. Do I need the get the CA letter ?
Hi, fund transfer from one NRE account to another NRE account is it taxable. For example x persons transfer fund from his nRE account to y person NRE account is it taxable?
I have existing life insurance policies with LIC and other private insurance providers for which I was paying insurance premium from my savings bank account when I was in India. Now when I move abroad and become NRI, should I use NRO or NRE account to continue making insurance premium payments ? Also, when I sell my mutual funds which I bought when I was working in India, should I take the proceedings of the sale of mutual funds into my NRO or NRE account ?
I had NRE and NRO accounts in India. Bank was sending me emails saying they want to see my visa status. I informed them my visa (OCI) is permanent. Still getting those reminders. I decided to cash out, sent checks (or cheques) to my sister. My accounts have become dormant by that time. By contacting the Bank Manager and sending all the documents, I made the accounts active. My sister was able to cash the checks. Not much money left there. The accounts will be closed by the bank soon. I depleted those accounts. Do not have to worry about it any more.
I already have a savings account in India. I have come to live in Canada and I want to start investing in India. Can my existing account in India be converted into NRE account or do I need to create a new account from scratch?
Hello Sir, this is a great channel and thanks for your help and guidance. I do have a question for NRE account, so If I use an NRE (Saving account- Transferred money to it from outside of India) for making my SIP for Indian MFs , will the capital gain taxes do not apply ? As you mentioned all credits(dividend or stocks sale) made to NRE account are tax free and interest earned as part of this account is also tax free? Please help me understand.
This was exactly what I was looking for. Great informative video. But I have few questions. I currently hold an NRI status and ataying in UK. Just wanted to clear my confusion on NRE account regarding the money which can get into that. Lot of places I have seen money can only be going in foreign currency and converted to rupee. Does that mean I cant use the money transfer services like moneygram, western union money transfer etc. for sending money from UK to that NRE account as it expects only foreign currency going in? How to get rid of taxation on NRO accounts by use to DTAA?
From outside of India, you can send money to your NRE account through any legal channels. To avail the benefits of DTAA to get tax benefits on your interest earned on NRO account , you need to speak to your chartered accountant. DTAA agreements are country specific. Thank you very much for your query. Please subscribe and share videos with your friends
NRI Money Clinic Thanks sir. One more query. I was not aware of that whenever you attain status of NRI we should be informing the bank to convert the savings account to NRO. Now that I know this and as I attained NRI status since 2018 July end if I inform bank now about that what are the tax implications and would there be any penalties.
Suppose NRI is selling property in India then in which bank account he should take that amount ....as in NRE only foreign currency can be send from abroad ..and u can't hold ur saving account in India.
Sir. I am living in the USA since the last 7 years and have applied for an NRE/NRO Account with the ICICI bank in India. The main objective is that I want to have a bank account in India so that I can once in a while keep putting some few hundreds of Dollars whenever possible and pay for some utilities there and also when I travel to India I can have the local expenses taken care off from my NRO/NRE account or pay people locally through my bank account. I would also like to locally put in some money while I am there as deposits or my family in India would want to deposit into my account. Can you please advice me in these both scenarios which account would be the best to have? Would it be NRE or NRO? The ICICI bank informed me that I can have the feature of both in the same account Ie. NRO/NRE together. What is your advice on this?
what happen if a person unintentionally send Rs 10 Lakh under LSR scheme from his resident indian saving account to his own foreign account after becoming NRI . After that he convert his indian resident account to NRO. How he can make this trn correct or intimate concern department for pardon. As i come to know that after becoming NRI one should change his/her Indian saving account to NRO immediately.
Can i open 2 demat accounts with 2 different brokers, in 2018 i contacted Zerodha to open a demat account that it happen but i ended up with 4 bank accounts with YES Bank. Recently i opened a demat account with Kotak Securities along with Kotak bank account. Is it advisable to open another demat with Zerodha using my YES Bank accounts. Is it legal to do it? Will appreciate your advice. Thanks
Thanks a lot for clear explanation, sir. I have 2 questions: (a) Is it possible to do equity trading from NRE account? (b) What happens to the NRE account when it is closed? Is the money transferred to Saving account and is it taxed at that time?
You need to have special PIS account to trade from NRE account . When you close your NRE account , it will either be converted to SB account or you move the pending amount to some other account . It will not be taxed immediately. However interest earned from SB account is taxable .
To know your account type, check the cheque image or bank e statement which will have all the information. To chsnge from NRO to NRE account, please contact the branch
Thank you for clear and lucid explanation. No bank will ever have the patience or the service mindset, to explain things in such a simple and easy to understand manner.
Thank you Sir. I think a very IMPORTANT point was missed in this video about repatriation of NRE FUNDS. The conversion rate back to USD (or foreign currency) would depend on the existing rate at the time of repatriation. For example, if INR has depreciated against USD, the amount available for repatriation could be lesser , same or greater than original deposit based on accrued interest and currency exchange rate.
Very important & useful information shared. Thank you
Hume angreji ni aati h Sir... Lekin phir bhi kuch sikhne ko milaa aapko sunkar.... Dhanyvaad 😃
You the best home boy, serving up that fine advice like creamy butter chicken. G bless. Thank you!
VERY NICE PRESENTATION
Really good , practical and useful explanation. Please create more parts. Thanks
Thank you, I will. Please note there are 4 parts to this series . Part 1 to part 4 . You can find that on my channel . Please subscribe and share the videos
@@NRIMoneyClinic sure
@@NRIMoneyClinic will check it out..
Thank You Sir 🙏
Excellent information on NRE accounts very clear and Lucid manner.... Delivery of your dialogue is simply superb 👍
Sir thanks for the video. All these days I have been transferring my money to NRO account instead of my NRE Account.
Even my banker also never commited anything these many months.
Big eye opener and now I started to correct from this month onwards.
Thank you. I gained a lot of information from this video.
Very informative Mr Bhat .. I browsed many videos but none are at detailed level as u explained . Happy to be a subscriber of ur channel .
Thank you Dr.Bhat.
Very well communicated.
Thank you very much for your kind words. Please share the video with your friends
@@NRIMoneyClinic lp
Thanks after living in uk for 5 years now i understood all rules clearly so have to open up file and fix many things now 😮😢
🙏👍👍 Thanks for invitation 🙏👍👍
Very well explained
Thank You Bhat Sir for your video on NRE account and its advantages, Video has cleared a lot of information regarding the topic.
Very useful sir thank you
You are doing an excellent job sir. Can’t ask for better explanation. 👍👍
Very useful thanks
Helpful information for new NRIs.
I appreciate your effort. Big thumbs up.
Many many thanks. Please subscribe and keep sharing the videos
I saw many videos but didn't understand. You explain in lucid way. Really impressive.👍
Glad to hear that. Please subscribe and keep sharing the videos
Good example.
Great information sir...thank u so much...keep going.
Very much informative. Thanks for sharing.
Useful information and clear explanation.
Thank you for your efforts.
Useful information.
Thank you Sir for this information.
Thanks a lot sir. This is very useful and informative video
So nice of you. Please subscribe to the channel and keep sharing the videos
Thanks a lot, sir for explaining first about NRI status & then also about the account in simple & understandable way. I understood more from your video than dumb people from bank where my account is. Thanks again. Very helpful.
Thanks for your kind words. Please subscribe and share videos with friends
Excellent 😊
My mom recommended this channel to me, I am so thankful she did, thank you for explaining this! This is so important for all of us.
Hi Convey my regards to your mom . Thank you for your kind words. Please subscribe and share the videos
Watched this episode today. Something exactly I was looking for. So far I was sending my money in my normal saving account. Seems HAVE to create NRE one. Sharing the video with my colleagues as well !
Thank you very much . Keep sharing . Happy that it was useful
Super sir. Thanks
Thank you very much for your kind words
Sir, your session is very informative. Many thanks.
So nice of you. Please subscribe and keep sharing the videos
I know it takes a lot of time and efforts to make quality videos with relevant and useful contents, specially on such a vast Topic. Kudos to you . Keep it up.
Thanks for your valuable information sir, are you helping to open accounts,
Thanks Sir, just wanna know about the balance amount in our NRE account which was deposited earlier once we return to India
Sir, it is very useful to we. Thanks for this. Please make a session on inward remittances.
Thanks for your NRI tips, Sir. I have an FD maturing, something my mother wanted to give me. How can I take it back to Canada? I had moved to Canada in 2003 and have both, NRO/NRE account.
Keep up the good work Sir... Kudos to you ✌️🙏
Thank you, I will.. Please subscribe and keep sharing
Awesome ... thanks
Thank you
What is the minimum balance you need to maintain for an nre and nro account?
Really veery good video
Nice and useful.
Thanks a lot. Please subscribe and keep sharing the videos
An outstanding channel. Mr. Bhat makes you understand the topics in a very clear and succinct manner.👌. So glad to be a subscriber to his channel. BTW - I have a question Mr. Bhat - Where are you based in India ?
Dubai/Mangalore. Please subscribe and keep sharing the videos
@@NRIMoneyClinic Thanks for the reply. Yes, I have already viewed and shared your video interview with Mr. D B Mehta about selling property in India with my (NRI) friends in North America.They have expressed deep appreciation for the clarity and your ability to simplify the concepts. Thanks.
Excellent 👌
Thanks a lot sir.
You say Capital gains on property sale cannot be deposited in NRE. What does an NRI ? PIO does with Capital gains? Can it be deposite in NRO and thence trasferrred to NRE as per regulations?
nice video sir. looking forward for part 2. sir can you tell the steps to open fcnr account. I have current account and emirates enbd,dubai and both nre nro in hdfc india.
Thank you . Since you live in Dubai , please contact me on WhatsApp @ 00971 50 148 4595
If you do not have OCI status and live in UK you can not open NRE NRO accounts?
Very useful !!
Thanks for excellent explaination Sir. One question, Can I have NRO account in one bank and also maintain regular savings bank account in some other bank (Both at same time ?)
Thanks sir, very informative video. I have a question, my father (who is in india) wants to gift his savings (in INR) to my son who is studying in an university in USA. How to do it?
1:56[FINANCE ACT 2020]; 7:14;investments in nre fd,mf,i.p,ulips;rent income+nro interest+dividends but no shares+capital gains;9:54
Great respect sir for sharing whatever knowledge u hold 👍🏻👍🏻🙏🏻🙏🏻!! Especially fresher CA like me, will be extremely benefitted 🙏🏻🙏🏻 !! There is a saying
Water if stagnant will stink
Wealth if stagnant is stinking rich
Knowledge if stagnant is a sin !! 🙏🏻🙏🏻
Sir, Thanks for the clear and clarity explanation. My daughter is in US having NRE/NRO in HDFC, India.
My question:Can she invest in Co operative Society (bank)? If yes, how ?
Sir, I case a OCI card holder is working and living in India now.
Then, should the person need to have a NRI, NRE account or normal saving account as he is living in India now?
Thank you for enlightening people like me about financial aspects. NowI have 2 questions here. 1. My daughter, who was working here as a software professional, has left to US for pursuing Masters (2 years course) in CS in one of the Universities there. It is now more than 6 months she left from India. She has 2 savings and 4 fixed deposit accounts here (indian rupees). Most probably she may get employment in US on completion of her Masters. What is her position now ? If NRI, are all her savings and (Fixed deposit) accounts here to be converted into NRO accounts ? 2. Can she open NRE accounts (both savings and fixed deposit) as she is doing her internship in US and getting substantial pay, a portion of which could be transferred to this NRE account ?
hloo sir can NRE account holder can transfer money to the local indian banks is legal
I want to watch all videos I don't know from where to start 🙏🏻🙏🏻. Please guide in this regard 🙏🏻🙏🏻
Hellow Sir,
I am an NRI, invested in real-estate, constructed buildings. Now I wanted sell that property and transfer the funds from NRO to NRE. Can I claim the funds I used from NRE 12 yrs before the save the capital gain... Can you explained to me kindly .. this matter please. 💐
Sir NRI can send money to another saving account example any relative or friend saving account in India
Hello, Sir.
Thank you for making the videos. What you are doing is great. I have a Question.
If I use Money from NRE account to do deposit for CFD / Gold Trading (Intraday trading using online platform) and than do the actual day to day CFD trading online and than make some profit using that money; than, can I withdraw that Profit into my NRE Account?
If Yes, Why?
If No, Why?
If Yes, is it Taxable ?
Because I am using the money online and it has been earned outside of India not in India.
Your response will be appreciated.
- Darshan Patel.
Sir one question.. in abroad people are sending money directly to their india salary account which is not NRE account. Im bit confused to open NRE account or i should follow their way.. please help me in understanding. What they are doing is right ?
Sir, can one transfer money from NRE to FCNR A/C, and can one individual two A/Cs; one NRE and the other one FCNR? If one is living in India, and has assets abroad which gives income, then is one eligible for the NRE or FCNR A/C. Please try to reply. Thank you 🙏 Or mention the sources from where one can do the needful research.
Mr Bhat, I believe money can also be transferred into NRE account by NRIs from their NRO account by providing 15CA/CB forms certified by CA.
There is a detailed video on this subject on my channel about whole process
While it’s important to know the regulation its sad the implementation and framework is not available. After watching this video i sent account opening form to SB branch thru mail. My account was opened but its over 45 days that I have not received my welcome kit or online banking information. I am running from pillar to post calling customer support and mailing but no positive response. Looks like state bank of india has very poor process and customer experience for NRI accounts
Hi please,
What is the maximum daily or monthly ATM withdrawal limit from HDFC Bank NRE account in India?
You need to check with bank
Is there any way to find nri status of any person from pancard/aadhar
It is said that credit to nre account is to be in foreign currency. Then how can this account be debited for subscription to mutual funds or other domestic expenses where payments would be in inr?
can we issue NRE account check to purchase property in India? If so, are there any taxation reporting requirements to either income tax departments?
Very clear information . Thank you. I have one question :- can somebody open more than one NRI accounts? (one in HDFC, another one in ICICI OR SBI?)
My question can an nro or nre account transfer funds abroad to a different bank which is a non-nro/nre account?
Dr Bhat, this is very interesting. Please comment if I, as an NRI, invest in deferred annuity plan in India paying full sum from my NRE account, will the pension be tax free and will that be paid into my NRE account provided I continue to remain NRI resident?
hello Dr, thank you for all the great information ! I have watched few of your videos but still looking for an answer to a use case of an NRI or PRI(who has green card and soon be converting into NRI) earning an income in the form of pension in India which is being deposited to regular savings account and would like to repatriate the pension income overseas. Please advise..
Thanks sir
Sir, I got call from SBI where we have our NRO account. They said that due to latest circular of RBI, two NRI's can't have joint NRO account. Me and my wife have joint NRO account. Are you aware of any such change? I checked RBI website and it says "The accounts may be held jointly with residents and / or with non-residents."
Sir I would like to request you, could please let me know if I send a money to NRE account from some other country, in India is it possible to transfer that money to any other bank accounts in India.
The video is very educative .
Currently I have some mutual fund which release dividend occasionally directly to my saving bank account. When I convert this to a nre account. Do I need the get the CA letter ?
You have to do change of bank account in folios to NRO account and not to NRE account . Please subscribe and keep sharing the videos
@@NRIMoneyClinic thank you so much. Yes will definitely subscribe
Hi, fund transfer from one NRE account to another NRE account is it taxable. For example x persons transfer fund from his nRE account to y person NRE account is it taxable?
I have existing life insurance policies with LIC and other private insurance providers for which I was paying insurance premium from my savings bank account when I was in India. Now when I move abroad and become NRI, should I use NRO or NRE account to continue making insurance premium payments ?
Also, when I sell my mutual funds which I bought when I was working in India, should I take the proceedings of the sale of mutual funds into my NRO or NRE account ?
what about monthly Indian civil governnment a/c pension.
I had NRE and NRO accounts in India. Bank was sending me emails saying they want to see my visa status. I informed them my visa (OCI) is permanent. Still getting those reminders. I decided to cash out, sent checks (or cheques) to my sister. My accounts have become dormant by that time. By contacting the Bank Manager and sending all the documents, I made the accounts active. My sister was able to cash the checks. Not much money left there. The accounts will be closed by the bank soon. I depleted those accounts. Do not have to worry about it any more.
Very nice
Thank you . Please subscribe and keep sharing the videos
Very useful information sir
I request to make a video on same topic in hindi language 🙏🙏🙏
And also tell best bank for NRE account
Thanks for your feedback and suggestions . Will do a video on it at an appropriate time. Please subscribe and keep sharing the videos
Can an Indian account holder gold loan be linked to NRI account…so that nri can pay loan from his account
I already have a savings account in India. I have come to live in Canada and I want to start investing in India. Can my existing account in India be converted into NRE account or do I need to create a new account from scratch?
Hello Sir, this is a great channel and thanks for your help and guidance. I do have a question for NRE account, so If I use an NRE (Saving account- Transferred money to it from outside of India) for making my SIP for Indian MFs , will the capital gain taxes do not apply ? As you mentioned all credits(dividend or stocks sale) made to NRE account are tax free and interest earned as part of this account is also tax free? Please help me understand.
This was exactly what I was looking for. Great informative video. But I have few questions. I currently hold an NRI status and ataying in UK. Just wanted to clear my confusion on NRE account regarding the money which can get into that. Lot of places I have seen money can only be going in foreign currency and converted to rupee. Does that mean I cant use the money transfer services like moneygram, western union money transfer etc. for sending money from UK to that NRE account as it expects only foreign currency going in? How to get rid of taxation on NRO accounts by use to DTAA?
From outside of India, you can send money to your NRE account through any legal channels. To avail the benefits of DTAA to get tax benefits on your interest earned on NRO account , you need to speak to your chartered accountant. DTAA agreements are country specific. Thank you very much for your query. Please subscribe and share videos with your friends
NRI Money Clinic Thanks sir. One more query. I was not aware of that whenever you attain status of NRI we should be informing the bank to convert the savings account to NRO. Now that I know this and as I attained NRI status since 2018 July end if I inform bank now about that what are the tax implications and would there be any penalties.
Can i transfer my money from nre account to normal saving bank account in India, in RS form.
Suppose NRI is selling property in India then in which bank account he should take that amount ....as in NRE only foreign currency can be send from abroad ..and u can't hold ur saving account in India.
If the interest earned from an NRE account doesn't get taxed in India, does it get taxed in the country where the NRI is currently living?
Depends on the tax laws of country where you live
@@NRIMoneyClinic Australia?
Thanks a lot
Sir. I am living in the USA since the last 7 years and have applied for an NRE/NRO Account with the ICICI bank in India. The main objective is that I want to have a bank account in India so that I can once in a while keep putting some few hundreds of Dollars whenever possible and pay for some utilities there and also when I travel to India I can have the local expenses taken care off from my NRO/NRE account or pay people locally through my bank account. I would also like to locally put in some money while I am there as deposits or my family in India would want to deposit into my account. Can you please advice me in these both scenarios which account would be the best to have? Would it be NRE or NRO? The ICICI bank informed me that I can have the feature of both in the same account Ie. NRO/NRE together. What is your advice on this?
what happen if a person unintentionally send Rs 10 Lakh under LSR scheme from his resident indian saving account to his own foreign account after becoming NRI . After that he convert his indian resident account to NRO. How he can make this trn correct or intimate concern department for pardon. As i come to know that after becoming NRI one should change his/her Indian saving account to NRO immediately.
My son had gone on student visa (5 years) to US. After completing study he is working there after getting EAD card. Should he open NRE account?
Can i open 2 demat accounts with 2 different brokers, in 2018 i contacted Zerodha to open a demat account that it happen but i ended up with 4 bank accounts with YES Bank. Recently i opened a demat account with Kotak Securities along with Kotak bank account. Is it advisable to open another demat with Zerodha using my YES Bank accounts. Is it legal to do it? Will appreciate your advice. Thanks
Thanks a lot for clear explanation, sir. I have 2 questions: (a) Is it possible to do equity trading from NRE account? (b) What happens to the NRE account when it is closed? Is the money transferred to Saving account and is it taxed at that time?
You need to have special PIS account to trade from NRE account . When you close your NRE account , it will either be converted to SB account or you move the pending amount to some other account . It will not be taxed immediately. However interest earned from SB account is taxable .
Sir how to convert nro to nre account please guide..how to know my nri account is nre or nro
To know your account type, check the cheque image or bank e statement which will have all the information. To chsnge from NRO to NRE account, please contact the branch
@@NRIMoneyClinic thnxx alot sir. It's the most professional channel on RUclips in terms of financials.
Salute.to u