Life_Is_Learining Posted July 5, 2016 Report Share Posted July 5, 2016 What is the advantage? Emanna tax issues vastaya? Quote Link to comment Share on other sites More sharing options...
SwamyRaRa Posted July 5, 2016 Report Share Posted July 5, 2016 Ltt.. Quote Link to comment Share on other sites More sharing options...
bradbell Posted July 5, 2016 Report Share Posted July 5, 2016 NRO - This is same as resident savings account in India. Whatever funds you maintain in this account , for the interest bank pays you, it is taxable. And you can do deposits from anywhere in India, NRE - This is the account, where interest amount is not taxable. Whatever interest bank pays you, it is not taxable.So this will be ideal to transfer funds from overseas to this account. But you cannot deposit directly to this account in India. This is only for NRI money transfer. But you can still transfer funds to other accounts from this NRE account. 2 Quote Link to comment Share on other sites More sharing options...
Maryadaramanna Posted July 5, 2016 Report Share Posted July 5, 2016 23 minutes ago, bradbell said: NRO - This is same as resident savings account in India. Whatever funds you maintain in this account , for the interest bank pays you, it is taxable. And you can do deposits from anywhere in India, NRE - This is the account, where interest amount is not taxable. Whatever interest bank pays you, it is not taxable.So this will be ideal to transfer funds from overseas to this account. But you cannot deposit directly to this account in India. This is only for NRI money transfer. But you can still transfer funds to other accounts from this NRE account. Quote Link to comment Share on other sites More sharing options...
sunrisersfan123 Posted July 5, 2016 Report Share Posted July 5, 2016 which bank is Gud for nro and nre Quote Link to comment Share on other sites More sharing options...
BReBeL Posted July 5, 2016 Report Share Posted July 5, 2016 52 minutes ago, bradbell said: NRO - This is same as resident savings account in India. Whatever funds you maintain in this account , for the interest bank pays you, it is taxable. And you can do deposits from anywhere in India, NRE - This is the account, where interest amount is not taxable. Whatever interest bank pays you, it is not taxable.So this will be ideal to transfer funds from overseas to this account. But you cannot deposit directly to this account in India. This is only for NRI money transfer. But you can still transfer funds to other accounts from this NRE account. Good info Quote Link to comment Share on other sites More sharing options...
megadheera Posted July 5, 2016 Report Share Posted July 5, 2016 1 hour ago, bradbell said: NRO - This is same as resident savings account in India. Whatever funds you maintain in this account , for the interest bank pays you, it is taxable. And you can do deposits from anywhere in India, NRE - This is the account, where interest amount is not taxable. Whatever interest bank pays you, it is not taxable.So this will be ideal to transfer funds from overseas to this account. But you cannot deposit directly to this account in India. This is only for NRI money transfer. But you can still transfer funds to other accounts from this NRE account. Adding one more point to NRE. You need to pay tax in USA on the interest you earned on this account Quote Link to comment Share on other sites More sharing options...
bussuboy Posted July 5, 2016 Report Share Posted July 5, 2016 32 minutes ago, sunrisersfan123 said: which bank is Gud for nro and nre Any private bank(icici, hdfc) for customer servicr and online banking..govt banks are not great in customer service and online banking. Quote Link to comment Share on other sites More sharing options...
Silent_Boy Posted July 5, 2016 Report Share Posted July 5, 2016 18 minutes ago, bussuboy said: Any private bank(icici, hdfc) for customer servicr and online banking..govt banks are not great in customer service and online banking. Using SBI... no issues at all... all things are done in online... Quote Link to comment Share on other sites More sharing options...
JAI_PATHALAM_BABA Posted July 5, 2016 Report Share Posted July 5, 2016 I have NRE/NRO account from ICICI, So far SO IMPRESSED with the services. I started it may be 6 months ago. Quote Link to comment Share on other sites More sharing options...
Life_Is_Learining Posted July 5, 2016 Author Report Share Posted July 5, 2016 44 minutes ago, megadheera said: Adding one more point to NRE. You need to pay tax in USA on the interest you earned on this account Good post. I think its better to pay tax in India by taking NRO than paying to USA with NRE account ( Considering tax %). Quote Link to comment Share on other sites More sharing options...
Life_Is_Learining Posted July 5, 2016 Author Report Share Posted July 5, 2016 2 hours ago, bradbell said: NRO - This is same as resident savings account in India. Whatever funds you maintain in this account , for the interest bank pays you, it is taxable. And you can do deposits from anywhere in India, NRE - This is the account, where interest amount is not taxable. Whatever interest bank pays you, it is not taxable.So this will be ideal to transfer funds from overseas to this account. But you cannot deposit directly to this account in India. This is only for NRI money transfer. But you can still transfer funds to other accounts from this NRE account. good post bro Quote Link to comment Share on other sites More sharing options...
bussuboy Posted July 5, 2016 Report Share Posted July 5, 2016 16 minutes ago, Life_Is_Learining said: Good post. I think its better to pay tax in India by taking NRO than paying to USA with NRE account ( Considering tax %). You already have paid federal nad state tax when the your pay lands into your usa bank acct, there is no other tax to send it to NRE acct in india. Quote Link to comment Share on other sites More sharing options...
bussuboy Posted July 5, 2016 Report Share Posted July 5, 2016 34 minutes ago, Silent_Boy said: Using SBI... no issues at all... all things are done in online... SBI & other govt banks have basic online services, icici and pvt banks offer many ..few listed below Pay utility bills to help elderly parents, top up mobile recharge for elderlu parents etc.. Quote Link to comment Share on other sites More sharing options...
macha Posted July 5, 2016 Report Share Posted July 5, 2016 Good post ... So dose remittances work for these accounts...if I want to money from here us bank to NRE account and vice verse do I have to pay any fee ? Other than exchange rate ? And how are interest rate ? Quote Link to comment Share on other sites More sharing options...
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