does anyone have NRO / NRE account?

[bussuboy]

1 minute ago, macha said:

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 ?

Transfer money to NRO OR NRE from usa bank account has fees, like xoom.com, there are few banks that offer free transfer but take 1 week.

Forex rate changes daily, use lock in rate options.

Interest on NRO interested earned...Google cheyyali ?

[macha]

1 minute ago, bussuboy said:

Transfer money to NRO OR NRE from usa bank account has fees, like xoom.com, there are few banks that offer free transfer but take 1 week.

Forex rate changes daily, use lock in rate options.

Interest on NRO interested earned...Google cheyyali ?

Hmm little research now says hdfc and Citi has no fee unless if you have Citi/hdfc us account and transfer to Citi/hdfc NRE or nro account but intrest rate no where mentioned 

[macha]

Please suggest ... My idea is deposit $100 every month into these accounts so I want to avoid transfer fee and gain higher interest which one is good ?

[bussuboy]

Download exchange rate compare app in ur smart phone, that will tell you the info.

[megadheera]

44 minutes ago, bussuboy said:

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.

You don't need to pay to send it to NRE account. But you need to pay tax on the interest amount that you earned in india NRE account.

[megadheera]

32 minutes ago, macha said:

Please suggest ... My idea is deposit $100 every month into these accounts so I want to avoid transfer fee and gain higher interest which one is good ?

to send it to NRE you don't need to pay any fees.you can send from xoom or westernunion or any money transfer websites. But i think when you get the money back to US, you need to pay some tranfer fees. I am not sure.  I might be wrong

[Silent_Boy]

45 minutes ago, bussuboy said:

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..

 

SBI is lot better now bro..

you can transfer funds to family accounts, pay bills, mobile recharge... and even you can open FD accounts from online sbi ... not that old days

[bussuboy]

Just now, megadheera said:

to send it to NRE you don't need to pay any fees.you can send from xoom or westernunion or any money transfer websites. But i think when you get the money back to US, you need to pay some tranfer fees. I am not sure.  I might be wrong

from India to US Bank, the transfer fees are higher, 25$ + for a 10k deposit into us bank acct from India bank, any bank in India can provide this India to US bank transfer service.

[alpachinao]

3 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.

Nice

[macha]

31 minutes ago, megadheera said:

to send it to NRE you don't need to pay any fees.you can send from xoom or westernunion or any money transfer websites. But i think when you get the money back to US, you need to pay some tranfer fees. I am not sure.  I might be wrong

Xoom oduu charge kada...

[megadheera]

53 minutes ago, macha said:

Xoom oduu charge kada...

Below 1500 usd aithe charge chestadu. If it is 100 then try western union