NRE / NRO Accounts

[ANChaSKI]

Hi Friends - any suggestions on opening NRE vs NRO account in India. or is it better to open both?  also which bank is better?

I think I had one in ICICI, not sure if it is disabled.  can I open in another bank?  thank you in advance

[Gulebakavali]

12 hours ago, ANChaSKI said:

Hi Friends - any suggestions on opening NRE vs NRO account in India. or is it better to open both?  also which bank is better?

I think I had one in ICICI, not sure if it is disabled.  can I open in another bank?  thank you in advance

OPen both . Maximun min. balance pedthav antha use cheyakunte. Properties sale chesina, rents gatra deposit ki easy untadi life.  AXIS , HDFC both are good and easy to open online. Parents ni kuda add chesedi unta inti ki daggarlo edi unte adi best. On ething to watch out is they leave the transaction limits too low, which are the default limits and ask them to enhance limits on each type of transaction like POS max, Cash withdrawal, per day max. etc. India trip lo frustration avoid cheyochu. Debit cards annual fee. kooda chusko, NRI gallani gatti ga kummuthar. 

[hydusguy]

12 hours ago, ANChaSKI said:

Hi Friends - any suggestions on opening NRE vs NRO account in India. or is it better to open both?  also which bank is better?

I think I had one in ICICI, not sure if it is disabled.  can I open in another bank?  thank you in advance

i felt hdfc is better..as i opened

[JANASENA]

I have SBI

[southyeast]

If you have Wellsfargo account in US, they have Expresssend remittance service to ICICI/HDFC/Axis banks accounts in India and can transfer money to Indian account which is faster with $0 transfer fee and better rate than most of the other service providers.

https://www.wellsfargo.com/international-remittances/cost-estimator/

There is a limit of $12500 a month and daily $5000.

No fees/No minimums.

[Spartan]

NRO

[dasari4kntr]

12 hours ago, ANChaSKI said:

Hi Friends - any suggestions on opening NRE vs NRO account in India. or is it better to open both?  also which bank is better?

I think I had one in ICICI, not sure if it is disabled.  can I open in another bank?  thank you in advance

nre - you can deposit only foreign currency… 

nro-  you can deposit both indian and foreign…

 

[VinPetrol]

NRO - enough man, v can do all with NRO..

no need NRE.. 

[hyperbole]

1 hour ago, JANASENA said:

I have SBI

One of the worst banks out there, only benefit is you get better rates for home loans

I had HDFC and ICICI, both disabled as they were inactive and little money they had went as fines towards minimum balance fines and I never bothered, also had SBI NRE because of home loan, they make it so difficult to transact, effing 2 levels of passwords and I forgot one and no clear path to reset it unless I submit some form in the bank and then they will send me a temp password in the letter. The level of incompetence at the local branches is next level  

[appaji_pesarattu]

1 hour ago, Spartan said:

NRO

anna.... I have both NRO and NRE with IDBI.... I transfer regularly to NRE account from US and my parents withdraw the amount in India.... will this be a problem?.... I assume no tax to be reported for NRE accounts as the money is coming from US after paid taxes

[SaradaChinnodu]

I have been banking with HDFC for about 10 years. No issues. 

NRO - Non Resident Ordinary

* Where you can deposit INR. (Any income you get from rental yield in India can be deposited here). Also you can send USD from US which will be deposited in INR.

* Any interested generated on parked money is taxable in India

NRE - Non Resident External

* Where you can only deposit USD from US and will stay in INR format. 

* Any interested generated on parked money is tax exempt in India and is liable to taxes in USA.

 

I have both. I use NRO for any Indian related business and use NRE to transfer money from US for any family related maintenance. 

 

If you dont want to maintain two accounts, NRO is good for all. If that's not a problem for you, go with both accounts as I suggested above.

 

 

 

[krishnaaa]

3 hours ago, Gulebakavali said:

OPen both . Maximun min. balance pedthav antha use cheyakunte. Properties sale chesina, rents gatra deposit ki easy untadi life.  AXIS , HDFC both are good and easy to open online. Parents ni kuda add chesedi unta inti ki daggarlo edi unte adi best. On ething to watch out is they leave the transaction limits too low, which are the default limits and ask them to enhance limits on each type of transaction like POS max, Cash withdrawal, per day max. etc. India trip lo frustration avoid cheyochu. Debit cards annual fee. kooda chusko, NRI gallani gatti ga kummuthar. 

I use my parents account for rent deposit. I have regular account also but don't use much.

Never needed nre or nro.

[Spartan]

1 hour ago, appaji_pesarattu said:

anna.... I have both NRO and NRE with IDBI.... I transfer regularly to NRE account from US and my parents withdraw the amount in India.... will this be a problem?.... I assume no tax to be reported for NRE accounts as the money is coming from US after paid taxes

 

@appaji_pesarattu  this.

problem emi undadu unless you want to put money back into the account from India.

outgoing ye aite..NRE is fine.

 

1 hour ago, SaradaChinnodu said:

I have been banking with HDFC for about 10 years. No issues. 

NRO - Non Resident Ordinary

* Where you can deposit INR. (Any income you get from rental yield in India can be deposited here). Also you can send USD from US which will be deposited in INR.

* Any interested generated on parked money is taxable in India

NRE - Non Resident External

* Where you can only deposit USD from US and will stay in INR format. 

* Any interested generated on parked money is tax exempt in India and is liable to taxes in USA.

 

I have both. I use NRO for any Indian related business and use NRE to transfer money from US for any family related maintenance. 

 

If you dont want to maintain two accounts, NRO is good for all. If that's not a problem for you, go with both accounts as I suggested above.

 

 

 

 

[meandhrakurradu]

if we have money in India, parents aina remit cheyyachu kada? why do we need NRO or NRE? 

afaik they can remit directly to USA account. 

[HugoStrange]

1 hour ago, SaradaChinnodu said:

I have been banking with HDFC for about 10 years. No issues. 

NRO - Non Resident Ordinary

* Where you can deposit INR. (Any income you get from rental yield in India can be deposited here). Also you can send USD from US which will be deposited in INR.

* Any interested generated on parked money is taxable in India

NRE - Non Resident External

* Where you can only deposit USD from US and will stay in INR format. 

* Any interested generated on parked money is tax exempt in India and is liable to taxes in USA.

 

I have both. I use NRO for any Indian related business and use NRE to transfer money from US for any family related maintenance. 

 

If you dont want to maintain two accounts, NRO is good for all. If that's not a problem for you, go with both accounts as I suggested above.

 

 

 

kaka chinna doubt, if I deposit money from US to India in NRE account. If I invest in stocks in India (Dmat use chesi), then sell chesaka nenu NRE ki transfer chesukovacha from that Dmat and also can I get it back to US?