NRE - NRO - FCNR ACCOUNTS - PART 3 FCNR ACCOUNTS
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- Опубликовано: 8 июн 2020
- #nri #nrimoneyclinic #financialplanning
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Thanks for your valuable time and explanation 🙏
Very useful information 👌 👍 🙏
This was very very useful video.thankyou so much
Sir good flow without any ambiguity and itis is very informative for us. Thank you
Sir I recently join you chenal really thanks a lot for such a great guidance I appreciate your simple way to make us understand about financial topics for NRI & what short of account we must hold thanks a lot sir
Excellent sir 😊
Very nice
Hi sir, this was very helpful!
Sir, Thanks for the excellent presentation. Sir I have NRE SB & FD account with Axis bank. The RM of the said bank is suggesting me to convert my NRE FD accounts (total 16 nos.) maintained with the bank to FCNR Accounts. The FD accounts have been opened on different dates since 2017. I seek your kind advice in this regard. Should the currency conversion of INR to $ be done on retrospective dates when the accounts were opened?
informative
#NRImoneyclinic #personalfinance - I really liked the video and clarity in the topic covered, really useful. I just have a question and not sure about the forum to ask. I have opened up the NRE account with SBI and have transfereed the funds into it but not sure to how use the funds internet banking , SBI innterbanking do not provide feature to transfer or make payments using the NRE account, is it becuase of the restriction by law or do I need to activate certain facilities with SBI internet banking. Second question - How can I transfer the funds from from NRE to NRO using SBI internet banking. I don't see the option on internet banking.
Sir, thanq so much for explaining in a crystal clear way. Sir May I ask if FCNR Or NRE accounts can be used for Wire Transfer & Cryptocurency purchase outside of India
Sir.
Thanks for keep updating NRI related posts
Always welcome
Dear Sir, very good job done by you sir, to educate us. My other question is, that is it essential to open a nre account in a natioalised bank only? Or any pvt bank also can be ok.?
Thanks for the video! Would appreciate if you also cover NPS account for NRIs.
Sure .. will definitely do a video on this . But there are better products. For specific query , please WhatsApp me on 00971 50 148 4595
Sir, can you please advice the reasons you referrring to wealth tax, when the wealth tax act is no more applicable.. thank you.
As said, FCNR can be opened as a Term Deposit account. So for the regular salary which is being credited into the account, will I have to wait for the maturity period to complete to withdraw the money for expenses?
Hello Mr. Bhat. Well-done. Explained very professionally and in detail.
Quick question. Can money from NRE account be used to buy an investment property india ? or land the money to earn interest from an individual ? if yes how to gain on the investment property can be bring back to my current country of residence.
All questions of yours cam be answered as Yes . To repatriate proceeds and tax deductions and terms and conditions , you need to take assistance of a chartered accountant
Considering NRE FD rates are no longer even matching INR depreciation against USD, do you think FCNR deposits are much better than NRE FDs?
👍
Sir,being an NRI if I open an FCNR account with an Indian bank with a term deposit say 1 or 5(max)yrs:
a)when I invest in TD say 1cr INR ,how the conversion in USD is calculated. I mean what percentage loss on principal amount is gone ?
b)On maturity or by the time of maturity if I become a resident then as soon as I become resident, the fcnr becomes Resident (converted).Here is there any bearing on return on maturity and taxation on matured amount?
thanks for good video. but i think you have not given details of debit from FCNR account. If I can only open a term deposit FCNR Account, what if i want to withdraw before fixed term ? can i withdraw partly or full ? what are the ways of withdrawl from FCNR account both premature and after maturity ? please reply.
also if i beome resident, can i transfer all RFC(FCNR) money to my local savings account immediately ?
Sir in term deposit account which type of term deposit account fixed or Reccuring?
This FCNR account is opened in India or In foreign country?
Sir how can one send money directly to the FCNR account as what I understand in gulf they moment we send money it is deposited to the NRE accounts as INR ..
if we open an FCNR USD account and we send money form GULF will it be
Converted to >INR > thEN TO usd
Won’t we loose some money in coversion
Hello sir
Say I want to invest USD into MFs through NRE account. Will there be conversion to INR while investing and back to USD when repatriating? If yes, is there a way to guard against rupee depreciation or can we invest in MFs through FCNR account?
Sir, Do I have to transfer USD to my NRE account and then create an FCNR account?
What about the transfer rates?
What are the charges deducted by Indian banks when we transfer for FCNR account from Middle East.
Hello sir, am I paying tax to irs in USA on the interest earned when I repatriate?
Do we have to pay the tax on FCNR Maturity after loosing the NRI status? Let's say booked the FCNR for 5 years and moved to India after 3Yrs permanently. In that case can we convert that FCNR to RFC account without any tax?
Dear sir
Good information. Can you throw some light if someone is NRI ànd Landed in India from middle East. Wanted to go back but dropped Idea to go back ànd already completed 2-3 years in India have FD how to convert to residents a/c and how to pay TDS IS there any panaality
To convert your NRE FD to resident FD , contact your bank and provide relevant information . For Tax related issues, take the help of a chartered accountant. For specific query you may contact me on my whatsapp +971 50 1484595
Thank You sir for your valuable information!
What is bank credit guarantee amount (Deposit Protection) or there is no limit ? I heard, its1600 USD.
how much is the interest paid by banks in fcnr ac?
Sir, I have got NRO & NRE accounts (i.e) 2 discrete account numbers. In case of FCNR account, will I get another account number ? Please clarify.
Sir, currently which bank gives best interest rate for fcnr account in India?
You have to make your own research to get the answer
how to fund FCNR account USD to USD. IndusInd bank says the FCNR account can be opened only after funding. But How to do wire transfer without an FCNR account number?
Sir Tthe person holding RFC account, is he free form taxation of his interest earning.
In fcnr if i put some money in USD for 3 years fixed. Is it possible for me to get interest monthly and i can withdraw the monthly interest?
Sir. I have been out of India for the last two years. In feb 2019 i got my citizenship abroad. I was about to go to India to get my bank account changed to an nre status. But since that time onwards there's a strict lockdown and flights are stalled. And i am stuck here eversince. Is it ok to get my accounts catagery changed, as and when the Indian Air ports open up. I don't want to risk, and i also don't want to be quarantined in India, as i can go only for a short period of time there. Also i have been vaccinated twice. Plz advice.
Why FCNR accounts are maintained as term deposits?. Is there any account can be maintained as USD savings Account in India for an NRI
I have no idea why it is not offered in savings account mode. Please check with a few other banks as well to check if they offer it in savings bank account mode . Please subscribe and share videos with friends
Sir, What does it mean by interest on NRE/FCNR account is 100% Tax free? I believe we have to pay tax on this interest in the country where NRI is resident.
I have the same query! Do you know what is the tax applicable in case you repatriate FCNR fund (upon maturity) to your foreign account?
Sir how can one send money directly to the FCNR account as what I understand in gulf they moment we send money it is deposited to the NRE accounts as INR ..
if we open an FCNR USD account and we send money form GULF will it be
Converted to >INR > thEN TO usd
Won’t we loose some money in coversion
This part no one is explaining … when I went to the bank with USD cash they refused to accept to open the account they said they will first convert it to INR THEN deposit it to the NRO account then buy the USD then deposit to FCNR … that’s such a hassle ( federal bank )
concept foreign account..debit bayata cheyocchu and lopala cheyocchu..credit antha malli foreign accounts/nre
Sir, I am excited to listen to all 3 parts on NRE, NRO and FCNR B account.
Can you please clarify the advantages of FCNR B account over NRE account as benefits seem in both cases almost similar?
If you hold FCNR account , there will not be currency fluctuations and currency conversions charges , if you hold same foreign currency which you intend to use it in future
@@NRIMoneyClinic p
@@NRIMoneyClinichi sir..how do we use the fcnr accoubt amount localy in india.does it get converted to inr while we transfer it to some saving acount?
Hi Thanks for your informative channel. How can i send euros in FCNR account without any charges, as Bank of Baroda charged me 20 euros to transfer 1000 euros, their nostro charges are very high? Is FATCA form mandatory for NRI ?Is there any risk to NRI after submitting this information? Thanks
FATCA is a must for everyone. Charges will remain . I do not think there can be risks . Do your due diligence correctly if you are doing online transfer .
can I transfer amount from NRE(INR) account to FCNR(USD) account? does there will be any fees. The reason is I am planning to keep convert is to maintain my savings in Dollars instead of INR
Yes , you can convert amount in NRE account to FCNR . Currency conversion charges apply which could be steep . There are other ways to build FCNR . Send your specific query on WhatsApp 00971 50 148 4575 for a clear answer. Please subscribe and share videos with your friends
Yes, you can do that but its not advisable, you will end up getting hit by lower exchange rate offered by the bank Because you must have been provide a lower rate while funding your NRE account when you have transferred FC into your NRE and subsequently converted the same into INR and Again you are converting that INR into FC. So its will be a double loss. #TheCABoy.
@@TheCABoy hello..could you plz tell me that let's say if person aha opened nre with Hdfc and hence SB account will be converted to NRO..what about the other SB accounts with other banks...
Is it necessary to open nro...can't we only go with NRe ..Thank you
@@motivationshortsadda Thanks for reaching me out.....ok so your query is pretty simple....let's say for example you have Savings accounts in each of the banks HDFC, HSBC and axis bank. So if you have opened NRE in HDFC Bank then your normal savings account will be converted into NRO accounting for your income earned in India and you will get a new account NRE for your foreign earnings....now coming to your question that what will happen to your Savings accounts held in HSBC and Axis Bank - so if you have files a declaration in those banks that your residential status has been changed to Non resident then the bank ask for filing a new form and same treatment will be there as was in HDFC and if you have not filed the declaration about your residential status then those accounts will remain as savings nature only.....For more clarity you can check my channel where I have posted a video on this topic....
Thanks
#TheCABoy
@@TheCABoy but is it necessary to convert those other bank accounts to NRO or is it fine if they r left as normal savings account..
can you fund fcnr usd with zelle usa
Can indian residents play uae big ticket from being in India since all news channels are promoting the show in their respective channels
Does participation in big ticket falls under fema law violation
Please do a video on that
If FCNR are term deposits how can you consume the money in India for local expenses...lol. You would have to completely break the deposit, convert the whole thing to INR and then use, right?
no cannot use as its for use banks to raise foreign reserves 1yr minimum so they can use for their reserve
hi, FCNR FD is there any bank guarantee? like in Local Indian account, upto 5 Lakh is guaranteed
USD 1600
I am a seafarer. i get a fixed salary in USD which automatically gets deposited in INR into my HDFC NRE account. I kept that NRE account as my salary account. I understand it would be foolish to transfer by exchanging the INR into USD and save it in FCNR acnt. Please advise the best way in which i can save my salary in USD. I can keep that money aside for 1 yr and not use it but i can only deposit USD at month end.
Ask your employer to remit salary in USD and instruct bank not to convert it into INR , rather keep it as FCNR as per your wish . Please subscribe and keep sharing the videos
What is fcnr forward account
If I can only open a term deposit FCNR Account, how can I use this money for my local expenses in India while on vacation?
You can also open a NRE account which is a rupees account.
Yes . You are right
so fcnr is useless for use 1yr after 1yr can it be used anytime to be out or again it will go automatic 1yr renewal very confusing
2:27;3:27[Tax-free];3:41[100% repatriable];4:31[Termdeposit];4:49[Tenure];5:00[CREDITS];5:58[DEBITS]
Sir could you explain FCNRB account with examples and also include the interest rate please. Like if i deposit $5000 CAD in FCNRB account and interest rates yield 1.5% how much i will get after 5 yrs term