does anyone have NRO / NRE account?

[Life_Is_Learining]

What is the advantage? Emanna tax issues vastaya?

[SwamyRaRa]

Ltt..

[bradbell]

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.

[Maryadaramanna]

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.

[sunrisersfan123]

which bank is Gud for nro and nre

[BReBeL]

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

[megadheera]

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

[bussuboy]

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.

[Silent_Boy]

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...

[JAI_PATHALAM_BABA]

I have NRE/NRO account from ICICI, So far SO IMPRESSED with the services. I started it may be 6 months ago.

[Life_Is_Learining]

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 %).

[Life_Is_Learining]

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

[bussuboy]

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.

[bussuboy]

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..

 

[macha]

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 ?