Here is Summary of Video: 13 Essential Points about NRE, FCNR, and NRO Accounts Topic: NRI Banking Main Points: Types of Accounts: NRE (Non-Resident External Account): Freely repatriable NRO (Non-Resident Ordinary Account): Restrictions on repatriation Transferring Funds: NRE to NRE/NRO/Other Indian SB accounts NRO to NRO/Other Indian SB accounts Cannot transfer NRO to NRE directly (requires documentation) Fixed Deposits: NRE: 1-10 years NRO: 1 week-10 years Taxation of Interest: NRE: Tax-free in India NRO: Taxable in India (applies to IR for all countries except DTA agreement countries) TDS (Tax Deducted at Source): NRE: No TDS on interest NRO: TDS of 30% (may be lower with DTA agreements) Interoperation of Accounts: Can transfer NRE to NRO directly Can transfer NRO to NRE with documentation Types of Accounts: Savings, current, RD, fixed deposit (same for NRE and NRO) Returning NRIs: Can transfer NRE to FCNR or RFC account upon returning to India Cannot transfer NRO to FCNR/RFC account Account Holders: Single account or joint account Joint account holder can be NRA, OCI, or resident Indian (former or survivor basis only for immediate relatives) Currency of Account: NRO: Indian Rupees only NRE: Indian Rupees or foreign currencies (FCNR account) Debit/Credit Cards: NRE: Debit card for domestic and international use NRO: Debit card for domestic use only Credit cards may be secured by fixed deposits Receiving Funds: NRE: Remittance from outside India, other NRE accounts, proceeds of investments NRO: Remittance from outside India, NRE/NRO/SB accounts, proceeds of investments, income generated in India Record Keeping: Maintain annual bank statements (electronically or physically) for proof of investments and tax purposes Conclusion: This video provides comprehensive information on NRI banking, covering key aspects such as account types, money transfers, taxation, record keeping, and considerations for returning NRIs. Understanding these points is essential for seamless NRI banking operations and avoiding any potential issues.
Sir, your videos are extremely helpful and informative. Your style of explanation is simple and easy to understand. This topic is discussed heavily among all the NRIs in various countries as there's not a single video to explain. I'm clubbing all the questions together regarding How to safely transfer money for returning NRIs. 1. should they transfer money all in one go or in steps ( to get the better currency conversion rates ) 2. In india maximum insured amount is 5 Lacs but when NRIs return back, their money will be substantially higher than this bracket. Then how to manage the large funds, is it safe to keep them NRE/FCNR accounts? 3. If NRI is say transferring 100k USD then in Rs. it will 83 Lacs then is it advisable to keep that large amount in one account or split it or invest it anywhere 4. Tax considerations regarding amount sent.
WOW very nice deep clear information for NRE & NRO & FCNR accounts....amazing . This will help many people and remove their confusion. Great job. Great video 👍 & explanation 👌👌👌
Hi,I am a banker working in State Bank of India,NRI BRANCH & we deals with NRIs only.In case of any financial,banking, investment or taxation needs or query,you can reach out to us on email sbi.13482@sbi.co.in.
Thank you very much sir for providing valuable and insightful information especially point numbers from 9 onwards.... If possible could you please do a video on GIFT city Opportunities for NRIs Thank you sir...have a great time ahead
Excellent information.... Very important for all NRI account holders.... Thanks. What about treatment of income tax on income on MF bought through NRE account when sold. Please guide.
Greatly appreciate your informative videos. I understand that FCNR is not an account but only a fixed deposit in a foreign currency held under your NRE accounts Also would require a clarification if the FCNR \ RFC account is tax free with respect to the interest earned for the returning NRI after his status has changed to residents?
What happens if NRI doesn't convert SB account to NRE/NRO? And converts it to NRE/NRO after 2yrs? If there have been transactions on that SB account both local and FX. Is there a way to rectify this?
I think next financial year will be RNOR for 3 years. Hence, I need to know (1) what types of accounts we can maintain during these 3 years and (2) what will be the tax implications on income generated in India from NRE and FCNR accounts.
Thanks , It was a very informative and useful video. Please could you make a video on the KYC requirements for NRi's. Is there a central place to do KYC so every bank can have access. I am being asked by my bank every now and then to do KYC even though I do it every year.
An video on OCI card holders using NPS for retirement savings. Also is there any difference in investing in Mutual funds and NPS, I find NPS to be attractive considering the low handling charge. But do we have any short comings in NPS compared to Mutual funds.
Hi. Great video sir. Liked and subscribed. Two questions: 1. If I transfer funds from my NRE account to NRO account and then from my NRO account to Zerodha Demat a/c (non-PIS), how will the redemption proceedings be taxed on capital gains? 2. Can I remit that capital gains freely outside India since the base source had been NRE a/c?
*Good question I was wondering this too, I can answer question 2, you transfer zerodha to NRO then using form 15A provided by your indian bank you can transfer to your NRE account and repatriate 😊👍*
Sir, thanks for the nice informative video and can you please do one video on who is planning to switch to other country citizen then what all the things he may loose and also in terms of taxation on existing home loan, property, mutual and stocks.. or if he wants to buy new properties or any stock market investment..
Can we convert an existing savings account to an NRE account? Can we invest in stocks and mutual funds through an NRE account? If we have an existing Demat account linked to the savings account, will it also be transferred to the NRE account?
I am a NRE and have FCNR Joint account with my wife and both of us can handle it freely with no restrictions of formal or survivor as he explained here in the video. It isa common problem with the northerners to explain any simple thing to the way to make it harder to understand and is a common phenomenon with them in all matters and everywhere they go.
Sir I really appreciate your service very much,all very useful.I wish to know the benefits of joint venture building,for im frieghtened to rent or keep my individuel property in India.
When I permanently move to Indian my NRO/NRE accounts will move to normal savings account but my foreign bank accounts are still having money, can I transfer my foreign money yearly basis as those moneys are under some investment scheme, do I have to pay tax in India for those money?
What are the limits or requirements that apply while transferring or cash depositing into NRO account by individuals or from Indian resident saving accounts ?
Sir I am pensioner and presently staying in in USA along with my son as a dependent without any income here. My only income in India is by pension. Should I convert my SB account. If so to what NRO.?
Hi Sir, I have 3 Questions 1. The money which I'm Transferring from NRE to NRO is taxable? 2. The money which I'm Transferring from foreign bank account to NRO is taxable? 3. If an NRI to invest in Indian Mutual funds through which account(NRE or NRO) is best for future preceptive to settle back in India after some years.
*Dr Bhat ...transferring funds from NRO to NRE account , do I need to have a financial advisor or accountant? ,can the bank not just provide the forms , especially for small amounts like 5k rupees*
Thank you so much for the subject information. I am an nri / foreign citizen. We are about to get some inheritance. I would like to know if you have covered these topics regarding transfering money received from inheritance either in form of cash or by selling property of parents. Please let me know if any you tube is available for me to watch or prepare a new one. Thanks Anil
Hi sir very informative video, I was also watching your video on how to transfer money from NRO TO NRE account as well , my query is- I bought a land back in 2015 in India and I sold it out yesterday. Back in 2015 I didn’t have NRE account so I transferred the money to my NRE account and and purchased the land, now that I have an NRO account now which I opened couple of years ago.so can I transfer this money back to my NRE account without paying tax or filing out those documents?
Can u pl let me know whether u are conversant with USA tax laws as regards transfer from new account in Indian bank to his USA account restrictions etc
Good content as always. Can you cover Tax harvesting in equities where the stock has been delisted ( how to show booking of loss since stock can no longer be sold on the exchange)
Thanks for your videos. I am an NRI account holder. But I have a couple of joint accounts with my mother and my father who have a SB account. After I converting to an NRO account, is it yet possible to maintain a joint account with my parents having SB account, thanks
Sir, How to pay our Home loans in India, is it possible Ecs deduction through our Savings account? Or In NRO account we have to do give Ecs deduction for loans?
Question: If I am selling my property in NZ and want to transfer funds from sale of proceeds around 1.5Cr should I transfer to NRE or NRO of my axis bank? I would like to make a fixed deposit of that funds in near future in India. Which is the better account for tax savings.
Thanks for the much needed info! A quick question: Is there a limit to transfer money from a joint account (outside India) to NRE account? I recently learned that sending from joint account to relative's account is not considered gift - hence my question. Appreciate your advise!
@@NRIMoneyClinic Thank you for the prompt reply sir, if you could highlight any reason for your answer. My guess is if money is parked there for a while so any interest earned is non taxable and since it's being used to buy a property in India so repatriation is not an issue so NRE/NRO will both serve.
I am moving to UAE and initially I need money in my UAE bank account to give check to my flat owner then how can I transfer money to my UAE account as initially I don't have enough money in my foreign account? Can I transfer money from my NRO account or can I transfer money from my parents account to my UAE account?
Hello just want to know if NRO account can be convert into Local saving SB account after returning to India For Good. Reason for asking is I have investment into Mutual funds which I have done using Nro account. So if I want to redeem into the same account it will be helpful. since my investment is with Many Mutual fund house I will have to go to every house to change the account number. IF THE ACCOUNT REMAINS SAME WITH SAME BANK I NEED NOT CHANGR THE NUMBER . please advise .
Sir I went to Dubai on 13 November , 2023. And worked there till 23 October 2024. During this period . I only stayed 101 days in dubai after 1st April 2024 till 23 October 2024. I transferred money on 23 July 2024 my half of earned money. To my NRE account. Still there is half of the money I haven't transferred because of this confusion. During the 2024 financial year I didn't stay 182 days outside of India. That would make me a resident of India. Can you help me understand what I should do to save tax in india. Right now it's November month 2024, Shall I go back to Dubai to complete my 81 days in dubai ?
Hello sir, Is it ok to have a joint NRI or an individual account considering tax (capital gains) implications on future transactions, if someone has properties on individual names separately? I mean is it ok to have a joint NRI account and file individual tax returns whenever transactions take place individually? Please clarify. Thanks.
I am an OCI card holder. I am drawing pension in India. Whether there is any provision by which my pension can be credited to NRE account. ( Now credited to NRO account). I heard some body claiming like that subject to deduction of tax.
Actually all facilities of NRE are almost eyewash. While transferring foreign currency to India @2 Rs/ $ are lost in conversion. Same while repatriation. So you loose everything what you gained in Interest. Unless you have large transactions across globe, none of the schemes are investor friendly😢
Hello @NRI Money Clinic, What if I transfer money from Australia to an NRO Account in India and trade/invest in the US stock market from the NRO Account? Will I have to pay tax? If yes, then how much tax will I have to pay to the Indian government? Thanks
A person is have a Saving Bank Account India. After some years, he become an N R I. He forgets to convert his existing Saving Bank Account into NRO Account. Is there any penalty in the Indian Law.
PLEASE REPLAY ...I am going to stay in USA for 1 year as H4, now already 4 months completed. I am doing Options daily trading(cant hold) , shall I continue with out making NRE
you mentioned it's advisable for NRI to hold joint accounts on "former or survivor basis".. what I would like to what is difference one may face if the NRI has a nominee mentioned in the accounts and MFs he holds. What is the implications between the two... thanks
@NRIMoneyClinic does that mean that if you are a single account holder and has nominated a nominee than that legally good enough ( as good as holding a "former or survivor basis a/c)
Sir kindly guide me My daughter recently moved to US Before moving to US she was holding three SB account the amount lying is mix of plain amount and fixed deposit form Kindly suggest should I convert all sb account to NRO/NRE /FCNR account or any one account may be converted as NRE/NRO and balance two operate as SB account as usual Pl guide Thanks
Hi Many thanksYou make NRI & OCI life easier advice’s with hidden details, millions thanks 🙏🏻, I would like to know I’m OCI live in UK , I invested in purchasing property in india, some reason even after agreement due they’ve excuses to hand over , if they refund Amount I paid through NRE A/C will that be taxed 😢, I’m so worried all my hard earnings will be taxed again. I do have print out sheets all payments done through NRE A/c , Thank you pls kindly Advise 🙏🏻😔
What happens if I have NRE FDs in India and then I come back to India and close these FDs after I become a resident after 6 months of return to India. The interest is paid then - do I have to declare this interest income in India and pay Income Tax, is TDS deducted on those?
I want to open an FD in NRE or FCRN account. I want that the interest earned in this FD should be deposited in the account of my father. Is this possible ?
I have question / I want to open FCNR account But I am in gulf When I transfer the money the AED gets converted to Rupees When I asked the bank they say Yes we receive the money as INR but u have to mark this amount is for FCNR then mail us And then we will buy the USD using ur INR in NRE account So I loose money AED to INR then INR to USD Is this sane for all the banks Please help Please reply
All information under one roof. You really consolidated it very well.
Thank you for your service
😢A video on how to invest in stocks and MFs in India by US and Canadian citizens with OCI cards, is appreciated. Thanks.
Highly convoluted… thanks to US’s FATCA. On etfs and mf you’ll be taxed on unrealized gains.
@@yrg007 Taxed on unrealised gains too? That's weird.
@@jijijacob168 it’s true for ETFs and some MFs. If you buy stocks then it doesn’t apply.
Here is Summary of Video: 13 Essential Points about NRE, FCNR, and NRO Accounts
Topic: NRI Banking
Main Points:
Types of Accounts:
NRE (Non-Resident External Account): Freely repatriable
NRO (Non-Resident Ordinary Account): Restrictions on repatriation
Transferring Funds:
NRE to NRE/NRO/Other Indian SB accounts
NRO to NRO/Other Indian SB accounts
Cannot transfer NRO to NRE directly (requires documentation)
Fixed Deposits:
NRE: 1-10 years
NRO: 1 week-10 years
Taxation of Interest:
NRE: Tax-free in India
NRO: Taxable in India (applies to IR for all countries except DTA agreement countries)
TDS (Tax Deducted at Source):
NRE: No TDS on interest
NRO: TDS of 30% (may be lower with DTA agreements)
Interoperation of Accounts:
Can transfer NRE to NRO directly
Can transfer NRO to NRE with documentation
Types of Accounts:
Savings, current, RD, fixed deposit (same for NRE and NRO)
Returning NRIs:
Can transfer NRE to FCNR or RFC account upon returning to India
Cannot transfer NRO to FCNR/RFC account
Account Holders:
Single account or joint account
Joint account holder can be NRA, OCI, or resident Indian (former or survivor basis only for immediate relatives)
Currency of Account:
NRO: Indian Rupees only
NRE: Indian Rupees or foreign currencies (FCNR account)
Debit/Credit Cards:
NRE: Debit card for domestic and international use
NRO: Debit card for domestic use only
Credit cards may be secured by fixed deposits
Receiving Funds:
NRE: Remittance from outside India, other NRE accounts, proceeds of investments
NRO: Remittance from outside India, NRE/NRO/SB accounts, proceeds of investments, income generated in India
Record Keeping:
Maintain annual bank statements (electronically or physically) for proof of investments and tax purposes
Conclusion:
This video provides comprehensive information on NRI banking, covering key aspects such as account types, money transfers, taxation, record keeping, and considerations for returning NRIs. Understanding these points is essential for seamless NRI banking operations and avoiding any potential issues.
Well done ! 👍 let me buy you a kulfi 😊
Best video sir. Earlier I had watched around 10 video on NRE-NRO but everyone was giving half information. Your video covers all points . Thanks
Thanks for info.point # 13 is very useful for various reasons.
Sir, your videos are extremely helpful and informative. Your style of explanation is simple and easy to understand.
This topic is discussed heavily among all the NRIs in various countries as there's not a single video to explain. I'm clubbing all the questions together regarding
How to safely transfer money for returning NRIs.
1. should they transfer money all in one go or in steps ( to get the better currency conversion rates )
2. In india maximum insured amount is 5 Lacs but when NRIs return back, their money will be substantially higher than this bracket. Then how to manage the large funds, is it safe to keep them NRE/FCNR accounts?
3. If NRI is say transferring 100k USD then in Rs. it will 83 Lacs then is it advisable to keep that large amount in one account or split it or invest it anywhere
4. Tax considerations regarding amount sent.
Luckily, I got all the answers for my questions running in my mind. Thank your very much
Best Chanel for NRI COMMUNITY THANKS SIR FOR KEEPING US UPDATED
WOW very nice deep clear information for NRE & NRO & FCNR accounts....amazing . This will help many people and remove their confusion.
Great job. Great video 👍 & explanation 👌👌👌
Hi,I am a banker working in State Bank of India,NRI BRANCH & we deals with NRIs only.In case of any financial,banking, investment or taxation needs or query,you can reach out to us on email sbi.13482@sbi.co.in.
Excellent sir.. very clear.. sharing with friends
Very well explained sir. thank you.
sir great presentation, spotless, very useful, thank u
thank you for content : Respectfully and much appreciated for all the clarity given on each and every video .
Thank you so much for your valuable advice.
Thanks for the crucial points!
Sir make a video on
Parental property in India and kids are seeing to settle abroad
How to transfer the property
Very useful. Shared this video with NRI relatives.
That you wise topic and very valuable information
Thank you very much sir for providing valuable and insightful information especially point numbers from 9 onwards....
If possible could you please do a video on GIFT city Opportunities for NRIs
Thank you sir...have a great time ahead
Excellent video. Thank you sir
Well explained really appreciate it thanks for information 🙏
Very nicely explained
Excellent information.... Very important for all NRI account holders.... Thanks. What about treatment of income tax on income on MF bought through NRE account when sold. Please guide.
Greatly appreciate your informative videos.
I understand that FCNR is not an account but only a fixed deposit in a foreign currency held under your NRE accounts
Also would require a clarification if the FCNR \ RFC account is tax free with respect to the interest earned for the returning NRI after his status has changed to residents?
Thank you very much 👍
Very comprehensive and useful !
What happens if NRI doesn't convert SB account to NRE/NRO? And converts it to NRE/NRO after 2yrs? If there have been transactions on that SB account both local and FX. Is there a way to rectify this?
Bro you got any idea
@@Mrfit25 Nope
I think next financial year will be RNOR for 3 years. Hence, I need to know (1) what types of accounts we can maintain during these 3 years and (2) what will be the tax implications on income generated in India from NRE and FCNR accounts.
Pls give your valuabal advice ,how Insurance can helps throughout retirement planning 🙏
Thanks
Thanks , It was a very informative and useful video. Please could you make a video on the KYC requirements for NRi's. Is there a central place to do KYC so every bank can have access. I am being asked by my bank every now and then to do KYC even though I do it every year.
An video on OCI card holders using NPS for retirement savings. Also is there any difference in investing in Mutual funds and NPS, I find NPS to be attractive considering the low handling charge. But do we have any short comings in NPS compared to Mutual funds.
Very informative 😊. Thanks
Can we use our NRE account to pay for any online shopping and does Google Pay or Phonepe would still work via NRE account?
Hi. Great video sir. Liked and subscribed. Two questions:
1. If I transfer funds from my NRE account to NRO account and then from my NRO account to Zerodha Demat a/c (non-PIS), how will the redemption proceedings be taxed on capital gains?
2. Can I remit that capital gains freely outside India since the base source had been NRE a/c?
*Good question I was wondering this too, I can answer question 2, you transfer zerodha to NRO then using form 15A provided by your indian bank you can transfer to your NRE account and repatriate 😊👍*
Sir, thanks for the nice informative video and can you please do one video on who is planning to switch to other country citizen then what all the things he may loose and also in terms of taxation on existing home loan, property, mutual and stocks.. or if he wants to buy new properties or any stock market investment..
It's very complicated process here in gulf many people have not open nre accounts who earning 50k per month
Can we convert an existing savings account to an NRE account?
Can we invest in stocks and mutual funds through an NRE account?
If we have an existing Demat account linked to the savings account, will it also be transferred to the NRE account?
Very well explained, thanks
I am a NRE and have FCNR Joint account with my wife and both of us can handle it freely with no restrictions of formal or survivor as he explained here in the video. It isa common problem with the northerners to explain any simple thing to the way to make it harder to understand and is a common phenomenon with them in all matters and everywhere they go.
Thank for you for a consolidated video. Very informative. Reached out on WA with more queries.
Sir I really appreciate your service very much,all very useful.I wish to know the benefits of joint venture building,for im frieghtened to rent or keep my individuel property in India.
Very informative! Please advise if the earnings from Mutual Funds investment can be credited in NRE S/B account?
For an NRI, have an existing lic life insurance policy. We would like to know the documents and process to update LIC about the NRI status
When I permanently move to Indian my NRO/NRE accounts will move to normal savings account but my foreign bank accounts are still having money, can I transfer my foreign money yearly basis as those moneys are under some investment scheme, do I have to pay tax in India for those money?
Legend, thank you
Excellent Video !!
Very informative video sir
Excellent
Excellent into
With nre account, can I use it for gpay or other normal transactions when I visit India?
What are the limits or requirements that apply while transferring or cash depositing into NRO account by individuals or from Indian resident saving accounts ?
Very honest video.👍
Sir what we can do if our parents want to sell property in india then how can we get money abroad is it any tax or deductions?😊
Sir I am pensioner and presently staying in in USA along with my son as a dependent without any income here. My only income in India is by pension. Should I convert my SB account. If so to what NRO.?
Hi Sir, I have 3 Questions
1. The money which I'm Transferring from NRE to NRO is taxable?
2. The money which I'm Transferring from foreign bank account to NRO is taxable?
3. If an NRI to invest in Indian Mutual funds through which account(NRE or NRO) is best for future preceptive to settle back in India after some years.
1. No
2. No
3. Both NRE and NRO is fine . NRE is easily repatriable
*Dr Bhat ...transferring funds from NRO to NRE account , do I need to have a financial advisor or accountant? ,can the bank not just provide the forms , especially for small amounts like 5k rupees*
You need a CA as they alone have rights and licence to certify
Thank you so much for the subject information. I am an nri / foreign citizen. We are about to get some inheritance. I would like to know if you have covered these topics regarding transfering money received from inheritance either in form of cash or by selling property of parents. Please let me know if any you tube is available for me to watch or prepare a new one.
Thanks
Anil
very excellent please issue video USA country specific on having health insurance policy for NRI in india and abroad
Thank you very much for your suggestion on topic and the feedback
Hi sir very informative video, I was also watching your video on how to transfer money from NRO TO NRE account as well , my query is- I bought a land back in 2015 in India and I sold it out yesterday. Back in 2015 I didn’t have NRE account so I transferred the money to my NRE account and and purchased the land, now that I have an NRO account now which I opened couple of years ago.so can I transfer this money back to my NRE account without paying tax or filing out those documents?
Can u pl let me know whether u are conversant with USA tax laws as regards transfer from new account in Indian bank to his USA account restrictions etc
Good content as always. Can you cover Tax harvesting in equities where the stock has been delisted ( how to show booking of loss since stock can no longer be sold on the exchange)
Your feedback noted . Will try to explore on this topic
Interested ti invest in india. could you please suggest which account is better?
Very good information
Sir..kindly guide us 15G and 15 H.. maximum tax exemption under this.. kindly suggest
Is there no one talking about how to transfer foreign currency before opening to FCNR account ?? Please tell me sir.
Excellent,!
can I spend my NRE account money to close my loans in India. If yes, Do we need to pay any extra tax or money for closer?
Thanks for your videos. I am an NRI account holder. But I have a couple of joint accounts with my mother and my father who have a SB account. After I converting to an NRO account, is it yet possible to maintain a joint account with my parents having SB account, thanks
I have a question about the Pilicy linked investments done through NRE accounts. How do those gains get taxed and where (india or US)
Sir. PPF interest which is free in India, will this interest be added to US income and taxed
Sir, How to pay our Home loans in India, is it possible Ecs deduction through our Savings account? Or
In NRO account we have to do give Ecs deduction for loans?
I am surprised you missed the PIS account that is required when investing in equities in Bharat through an NRE account!
What is PIS account?
@@vishalgohil4374 Just search "PIS account for NRE"
Question: If I am selling my property in NZ and want to transfer funds from sale of proceeds around 1.5Cr should I transfer to NRE or NRO of my axis bank? I would like to make a fixed deposit of that funds in near future in India. Which is the better account for tax savings.
Thanks for the much needed info!
A quick question:
Is there a limit to transfer money from a joint account (outside India) to NRE account?
I recently learned that sending from joint account to relative's account is not considered gift - hence my question. Appreciate your advise!
Please consult a chartered accountant on this topic
*Dr Bhat ...sir you forgot to mention "RUPAY CARD", can NRE and NRO account holders be given this option too ?*
Let .e check on this and speak on this in one of my future videos
If buying property in India, which account should be used to pay money to the Builder? NRO or NRE
Both are fine , NRE is better
@@NRIMoneyClinic Thank you for the prompt reply sir, if you could highlight any reason for your answer.
My guess is if money is parked there for a while so any interest earned is non taxable and since it's being used to buy a property in India so repatriation is not an issue so NRE/NRO will both serve.
I am moving to UAE and initially I need money in my UAE bank account to give check to my flat owner then how can I transfer money to my UAE account as initially I don't have enough money in my foreign account? Can I transfer money from my NRO account or can I transfer money from my parents account to my UAE account?
Please clarify if ppf funds after premature closure can be transferred to nro account. Thanks
Yes , you can
Hello just want to know if NRO account can be convert into Local saving SB account after returning to India For Good. Reason for asking is I have investment into Mutual funds which I have done using Nro account. So if I want to redeem into the same account it will be helpful. since my investment is with Many Mutual fund house I will have to go to every house to change the account number. IF THE ACCOUNT REMAINS SAME WITH SAME BANK I NEED NOT CHANGR THE NUMBER . please advise .
Yes you can it just need to be converted from NRO to ordinary, speak to your indian bank
Sir I went to Dubai on 13 November , 2023. And worked there till 23 October 2024.
During this period . I only stayed 101 days in dubai after 1st April 2024 till 23 October 2024.
I transferred money on 23 July 2024 my half of earned money. To my NRE account.
Still there is half of the money I haven't transferred because of this confusion.
During the 2024 financial year I didn't stay 182 days outside of India. That would make me a resident of India.
Can you help me understand what I should do to save tax in india.
Right now it's November month 2024, Shall I go back to Dubai to complete my 81 days in dubai ?
Hello sir, Is it ok to have a joint NRI or an individual account considering tax (capital gains) implications on future transactions, if someone has properties on individual names separately? I mean is it ok to have a joint NRI account and file individual tax returns whenever transactions take place individually? Please clarify. Thanks.
Can I deposit money in my son's NRO Account.
I am an OCI card holder. I am drawing pension in India. Whether there is any provision by which my pension can be credited to NRE account. ( Now credited to NRO account). I heard some body claiming like that subject to deduction of tax.
Actually all facilities of NRE are almost eyewash.
While transferring foreign currency to India @2 Rs/ $ are lost in conversion. Same while repatriation.
So you loose everything what you gained in Interest.
Unless you have large transactions across globe, none of the schemes are investor friendly😢
Execllent video sir
Hello @NRI Money Clinic,
What if I transfer money from Australia to an NRO Account in India and trade/invest in the US stock market from the NRO Account? Will I have to pay tax? If yes, then how much tax will I have to pay to the Indian government?
Thanks
A person is have a Saving Bank Account India. After some years, he become an N R I. He forgets to convert his existing Saving Bank Account into NRO Account. Is there any penalty in the Indian Law.
Is there any upper limit for money transfers between NRE accounts of other NRI Customers
PLEASE REPLAY ...I am going to stay in USA for 1 year as H4, now already 4 months completed. I am doing Options daily trading(cant hold) , shall I continue with out making NRE
Can my daughter, who is employed in London, remit the money saved in her Savings Bank account?
you mentioned it's advisable for NRI to hold joint accounts on "former or survivor basis".. what I would like to what is difference one may face if the NRI has a nominee mentioned in the accounts and MFs he holds. What is the implications between the two... thanks
Nominee will become owner of monies if both account holders dont exist
@NRIMoneyClinic does that mean that if you are a single account holder and has nominated a nominee than that legally good enough ( as good as holding a "former or survivor basis a/c)
Can an Indian staying in US (on H or L visa) can maintain or open a simple SB account in India? Is there any restriction?
Sir kindly guide me
My daughter recently moved to US
Before moving to US she was holding three SB account the amount lying is mix of plain amount and fixed deposit form
Kindly suggest should I convert all sb account to NRO/NRE /FCNR account or any one account may be converted as NRE/NRO and balance two operate as SB account as usual
Pl guide
Thanks
Hi Many thanksYou make NRI & OCI life easier advice’s with hidden details, millions thanks 🙏🏻, I would like to know I’m OCI live in UK , I invested in purchasing property in india, some reason even after agreement due they’ve excuses to hand over , if they refund Amount I paid through NRE A/C will that be taxed 😢, I’m so worried all my hard earnings will be taxed again. I do have print out sheets all payments done through NRE A/c , Thank you pls kindly Advise 🙏🏻😔
Please consult a chartered accountant on this issue
After returning from abroad, how long can I stay in India before needing to transition from NRE to NRO status, financially?
Pls kindly advise.
What happens if I have NRE FDs in India and then I come back to India and close these FDs after I become a resident after 6 months of return to India. The interest is paid then - do I have to declare this interest income in India and pay Income Tax, is TDS deducted on those?
I want to open an FD in NRE or FCRN account. I want that the interest earned in this FD should be deposited in the account of my father. Is this possible ?
I have question / I want to open FCNR account
But I am in gulf
When I transfer the money the AED gets converted to Rupees
When I asked the bank they say
Yes we receive the money as INR but u have to mark this amount is for FCNR
then mail us
And then we will buy the USD using ur INR in NRE account
So I loose money
AED to INR
then INR to USD
Is this sane for all the banks
Please help
Please reply
Could you please make video on NRI living in UK related to Taxation in India?
How much maximum money can I transfer in NRO account in one transaction from USA
Nice. What are some signs that we don't need more money to build our savings?