Mr_PapaRayudu Posted October 21, 2014 Author Report Share Posted October 21, 2014 uttiti bank is ok.. but naitonalised bank lo unte matram..they will get access now a days... workaround..parents peru meeda pedite..no tax, also good itnerest rate... Parents need not be senior citizens right ... appudu aa clause pani cheyadhu kada...... I think 60+ are called senior citizens... My parents are in late forties/ early fifties..... Link to comment Share on other sites More sharing options...
Mr_PapaRayudu Posted October 21, 2014 Author Report Share Posted October 21, 2014 latest interest rates are here.. http://www.andhrafriends.com/topic/550125-siri/?hl=siri Awesome.. Thanks Link to comment Share on other sites More sharing options...
Spartan Posted October 21, 2014 Report Share Posted October 21, 2014 Parents need not be senior citizens right ... appudu aa clause pani cheyadhu kada...... I think 60+ are called senior citizens... My parents are in late forties/ early fifties..... oh ok..so its only for senior citizens then.. Link to comment Share on other sites More sharing options...
macha Posted October 21, 2014 Report Share Posted October 21, 2014 bookmarked thanks TS Link to comment Share on other sites More sharing options...
Mr_PapaRayudu Posted October 21, 2014 Author Report Share Posted October 21, 2014 bookmarked thanks TS :) Link to comment Share on other sites More sharing options...
Mr_PapaRayudu Posted October 21, 2014 Author Report Share Posted October 21, 2014 Which type of account is best in terms of depositing money.. NRE or NRO ? Link to comment Share on other sites More sharing options...
Spartan Posted October 21, 2014 Report Share Posted October 21, 2014 Which type of account is best in terms of depositing money.. NRE or NRO ? NRE..future lo loan teskunte kud apanikostadi.. Link to comment Share on other sites More sharing options...
Mr_PapaRayudu Posted October 21, 2014 Author Report Share Posted October 21, 2014 NRE..future lo loan teskunte kud apanikostadi.. NRE account ki FD minimum 1 year cheyali.... NRO account lo short term deposits scope vundhi..... kani NRE lo amount ki tax kaatakarledhu ani vinna.... While NRO ki account ki tax kattali ani vina... Is this true ??? Tax in India not US Link to comment Share on other sites More sharing options...
Sona_Parv001 Posted October 21, 2014 Report Share Posted October 21, 2014 Please answer to my questions in steps...... Pedda pedda paragraphs raayali ante write it after answering all my questions ..... Thank you for your replies..... - India lo fixed deposit cheyadaniki ye bank best ????? - What is the interest that they give ? - Can I break my money into multiple fixed deposits in one bank with one account ???? You know why I want to do this. :) - Madhyalo amount bayata ki , how much interest will I get ??? - Manaki tax vuntundha Interest meedha vachina amount ki ?????? Graamena bank lu ayithe best. 9% if you deposit for 1yr. Yes. 8% Not Sure. Link to comment Share on other sites More sharing options...
reddy2078 Posted October 22, 2014 Report Share Posted October 22, 2014 ltt Link to comment Share on other sites More sharing options...
pjung88 Posted October 22, 2014 Report Share Posted October 22, 2014 NRE account ki FD minimum 1 year cheyali.... NRO account lo short term deposits scope vundhi..... kani NRE lo amount ki tax kaatakarledhu ani vinna.... While NRO ki account ki tax kattali ani vina... Is this true ??? Tax in India not US Yes, nre account one year minimum unchali for interest..nro are more short term and interst varies, even if you have to withdraw prematurely, generally, you will get interest for that duration you vested... Nre ki india no taxes..NRO you have to pay tax. All indian banks now do TDS(tax deduction at source) which means they automatically deduct the tax from your interest(this applies only for nro). For usa tax purposes, you have to declare your global income.so, this inculdes your interest amount from both NRE and NRO. For NRE you are not taxed in india but NRO you will be,so you can submit a form saying you paid tax in india, that way you do not get double taxed.(a form number marchipoya, google that). Andhuke simple ga, it is better to take NRO accounts on parents behalf because you do not have to worry about declaring them here and if they are seniors, they get better interest rates(naaku telisi, even senior citizen accounts are taxed;not sure).. One more thing,money in NRE account is repartiable..which means you can bring it back usa as much as you want..but NRO account you to have declare and RBI has some restrictions, I think 25k per person per year.( there are some work arounds,but i guess thats not the topic here).. Link to comment Share on other sites More sharing options...
Hitman Posted October 22, 2014 Report Share Posted October 22, 2014 Yes, nre account one year minimum unchali for interest..nro are more short term and interst varies, even if you have to withdraw prematurely, generally, you will get interest for that duration you vested... Nre ki india no taxes..NRO you have to pay tax. All indian banks now do TDS(tax deduction at source) which means they automatically deduct the tax from your interest(this applies only for nro). For usa tax purposes, you have to declare your global income.so, this inculdes your interest amount from both NRE and NRO. For NRE you are not taxed in india but NRO you will be,so you can submit a form saying you paid tax in india, that way you do not get double taxed.(a form number marchipoya, google that). Andhuke simple ga, it is better to take NRO accounts on parents behalf because you do not have to worry about declaring them here and if they are seniors, they get better interest rates(naaku telisi, even senior citizen accounts are taxed;not sure).. One more thing,money in NRE account is repartiable..which means you can bring it back usa as much as you want..but NRO account you to have declare and RBI has some restrictions, I think 25k per person per year.( there are some work arounds,but i guess thats not the topic here).. GP Link to comment Share on other sites More sharing options...
princeGM Posted October 23, 2014 Report Share Posted October 23, 2014 gp Link to comment Share on other sites More sharing options...
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