Thank you Sir. I think a very IMPORTANT point was missed in this video about repatriation of NRE FUNDS. The conversion rate back to USD (or foreign currency) would depend on the existing rate at the time of repatriation. For example, if INR has depreciated against USD, the amount available for repatriation could be lesser , same or greater than original deposit based on accrued interest and currency exchange rate.
Thank you for clear and lucid explanation. No bank will ever have the patience or the service mindset, to explain things in such a simple and easy to understand manner.
Sir thanks for the video. All these days I have been transferring my money to NRO account instead of my NRE Account. Even my banker also never commited anything these many months. Big eye opener and now I started to correct from this month onwards.
Thanks for your NRI tips, Sir. I have an FD maturing, something my mother wanted to give me. How can I take it back to Canada? I had moved to Canada in 2003 and have both, NRO/NRE account.
Thank you, I will. Please note there are 4 parts to this series . Part 1 to part 4 . You can find that on my channel . Please subscribe and share the videos
Watched this episode today. Something exactly I was looking for. So far I was sending my money in my normal saving account. Seems HAVE to create NRE one. Sharing the video with my colleagues as well !
Thanks for excellent explaination Sir. One question, Can I have NRO account in one bank and also maintain regular savings bank account in some other bank (Both at same time ?)
I know it takes a lot of time and efforts to make quality videos with relevant and useful contents, specially on such a vast Topic. Kudos to you . Keep it up.
Thanks sir, very informative video. I have a question, my father (who is in india) wants to gift his savings (in INR) to my son who is studying in an university in USA. How to do it?
Thanks a lot, sir for explaining first about NRI status & then also about the account in simple & understandable way. I understood more from your video than dumb people from bank where my account is. Thanks again. Very helpful.
An outstanding channel. Mr. Bhat makes you understand the topics in a very clear and succinct manner.👌. So glad to be a subscriber to his channel. BTW - I have a question Mr. Bhat - Where are you based in India ?
@@NRIMoneyClinic Thanks for the reply. Yes, I have already viewed and shared your video interview with Mr. D B Mehta about selling property in India with my (NRI) friends in North America.They have expressed deep appreciation for the clarity and your ability to simplify the concepts. Thanks.
nice video sir. looking forward for part 2. sir can you tell the steps to open fcnr account. I have current account and emirates enbd,dubai and both nre nro in hdfc india.
Thank you for enlightening people like me about financial aspects. NowI have 2 questions here. 1. My daughter, who was working here as a software professional, has left to US for pursuing Masters (2 years course) in CS in one of the Universities there. It is now more than 6 months she left from India. She has 2 savings and 4 fixed deposit accounts here (indian rupees). Most probably she may get employment in US on completion of her Masters. What is her position now ? If NRI, are all her savings and (Fixed deposit) accounts here to be converted into NRO accounts ? 2. Can she open NRE accounts (both savings and fixed deposit) as she is doing her internship in US and getting substantial pay, a portion of which could be transferred to this NRE account ?
Sir, Thanks for the clear and clarity explanation. My daughter is in US having NRE/NRO in HDFC, India. My question:Can she invest in Co operative Society (bank)? If yes, how ?
Sir, can one transfer money from NRE to FCNR A/C, and can one individual two A/Cs; one NRE and the other one FCNR? If one is living in India, and has assets abroad which gives income, then is one eligible for the NRE or FCNR A/C. Please try to reply. Thank you 🙏 Or mention the sources from where one can do the needful research.
You say Capital gains on property sale cannot be deposited in NRE. What does an NRI ? PIO does with Capital gains? Can it be deposite in NRO and thence trasferrred to NRE as per regulations?
Hello, Sir. Thank you for making the videos. What you are doing is great. I have a Question. If I use Money from NRE account to do deposit for CFD / Gold Trading (Intraday trading using online platform) and than do the actual day to day CFD trading online and than make some profit using that money; than, can I withdraw that Profit into my NRE Account? If Yes, Why? If No, Why? If Yes, is it Taxable ? Because I am using the money online and it has been earned outside of India not in India. Your response will be appreciated. - Darshan Patel.
Dr Bhat, this is very interesting. Please comment if I, as an NRI, invest in deferred annuity plan in India paying full sum from my NRE account, will the pension be tax free and will that be paid into my NRE account provided I continue to remain NRI resident?
Sir, I case a OCI card holder is working and living in India now. Then, should the person need to have a NRI, NRE account or normal saving account as he is living in India now?
Hello Sir, this is a great channel and thanks for your help and guidance. I do have a question for NRE account, so If I use an NRE (Saving account- Transferred money to it from outside of India) for making my SIP for Indian MFs , will the capital gain taxes do not apply ? As you mentioned all credits(dividend or stocks sale) made to NRE account are tax free and interest earned as part of this account is also tax free? Please help me understand.
Hellow Sir, I am an NRI, invested in real-estate, constructed buildings. Now I wanted sell that property and transfer the funds from NRO to NRE. Can I claim the funds I used from NRE 12 yrs before the save the capital gain... Can you explained to me kindly .. this matter please. 💐
I had NRE and NRO accounts in India. Bank was sending me emails saying they want to see my visa status. I informed them my visa (OCI) is permanent. Still getting those reminders. I decided to cash out, sent checks (or cheques) to my sister. My accounts have become dormant by that time. By contacting the Bank Manager and sending all the documents, I made the accounts active. My sister was able to cash the checks. Not much money left there. The accounts will be closed by the bank soon. I depleted those accounts. Do not have to worry about it any more.
This was exactly what I was looking for. Great informative video. But I have few questions. I currently hold an NRI status and ataying in UK. Just wanted to clear my confusion on NRE account regarding the money which can get into that. Lot of places I have seen money can only be going in foreign currency and converted to rupee. Does that mean I cant use the money transfer services like moneygram, western union money transfer etc. for sending money from UK to that NRE account as it expects only foreign currency going in? How to get rid of taxation on NRO accounts by use to DTAA?
From outside of India, you can send money to your NRE account through any legal channels. To avail the benefits of DTAA to get tax benefits on your interest earned on NRO account , you need to speak to your chartered accountant. DTAA agreements are country specific. Thank you very much for your query. Please subscribe and share videos with your friends
NRI Money Clinic Thanks sir. One more query. I was not aware of that whenever you attain status of NRI we should be informing the bank to convert the savings account to NRO. Now that I know this and as I attained NRI status since 2018 July end if I inform bank now about that what are the tax implications and would there be any penalties.
While it’s important to know the regulation its sad the implementation and framework is not available. After watching this video i sent account opening form to SB branch thru mail. My account was opened but its over 45 days that I have not received my welcome kit or online banking information. I am running from pillar to post calling customer support and mailing but no positive response. Looks like state bank of india has very poor process and customer experience for NRI accounts
Sir one question.. in abroad people are sending money directly to their india salary account which is not NRE account. Im bit confused to open NRE account or i should follow their way.. please help me in understanding. What they are doing is right ?
Thanks a lot for clear explanation, sir. I have 2 questions: (a) Is it possible to do equity trading from NRE account? (b) What happens to the NRE account when it is closed? Is the money transferred to Saving account and is it taxed at that time?
You need to have special PIS account to trade from NRE account . When you close your NRE account , it will either be converted to SB account or you move the pending amount to some other account . It will not be taxed immediately. However interest earned from SB account is taxable .
Sir, as I understood from your video that as soon as we can we should redesignate our resident account to NRO account. When applying for the same in SBI bank, it needs an application form to be filled in with supporting documents like resident id card for residence status, tax certificate with tax identification number, cancelled cheque from present bank. All these documents needs time to acquire. So, on the mere basis of VISA, work permit or employment contract, it is difficult for someone who is going out of India for employment purpose to redesignate the resident account to NRO, before leaving India. UBI and SBI do not accept self attested documents too. In these circumstances, how someone should proceed to avoid FEMA law breach and open NRO account.
Hello Sir, I am planning to do some investment in MF and stocks. Should I do through my NRO or NRE account? Will I get any tax benefits if I do through NRE account?
Hi, fund transfer from one NRE account to another NRE account is it taxable. For example x persons transfer fund from his nRE account to y person NRE account is it taxable?
Sir. I am living in the USA since the last 7 years and have applied for an NRE/NRO Account with the ICICI bank in India. The main objective is that I want to have a bank account in India so that I can once in a while keep putting some few hundreds of Dollars whenever possible and pay for some utilities there and also when I travel to India I can have the local expenses taken care off from my NRO/NRE account or pay people locally through my bank account. I would also like to locally put in some money while I am there as deposits or my family in India would want to deposit into my account. Can you please advice me in these both scenarios which account would be the best to have? Would it be NRE or NRO? The ICICI bank informed me that I can have the feature of both in the same account Ie. NRO/NRE together. What is your advice on this?
Superb video Sir. Very informative. Quick question. If my family needs to send me money, can they send money from their Indian SB account to my NRE or NRO account?
Sir, I got call from SBI where we have our NRO account. They said that due to latest circular of RBI, two NRI's can't have joint NRO account. Me and my wife have joint NRO account. Are you aware of any such change? I checked RBI website and it says "The accounts may be held jointly with residents and / or with non-residents."
I already have a savings account in India. I have come to live in Canada and I want to start investing in India. Can my existing account in India be converted into NRE account or do I need to create a new account from scratch?
@NRI Money Clinic -- Hello Sir, Nice video just wanted to know if we've Salary account and opening DEMAT account for the same, should we convert salary account into NRE or NRO. That would be helpful for trading shares via DEMAT account, whenever required. Please suggest
The video is very educative . Currently I have some mutual fund which release dividend occasionally directly to my saving bank account. When I convert this to a nre account. Do I need the get the CA letter ?
Suppose NRI is selling property in India then in which bank account he should take that amount ....as in NRE only foreign currency can be send from abroad ..and u can't hold ur saving account in India.
Clear explanation sir.. thank u.. can we invest in mutual funds through nre account. If so which one is the best bank to open an nre account and also for fcnr. Pls guide
You can invest in mutual funds through ypur NRE account . You can open account in any of the large private sector banks or large PSU banks like SBI. Please subscribe and keep sharing the videos
hello Dr, thank you for all the great information ! I have watched few of your videos but still looking for an answer to a use case of an NRI or PRI(who has green card and soon be converting into NRI) earning an income in the form of pension in India which is being deposited to regular savings account and would like to repatriate the pension income overseas. Please advise..
Can i open 2 demat accounts with 2 different brokers, in 2018 i contacted Zerodha to open a demat account that it happen but i ended up with 4 bank accounts with YES Bank. Recently i opened a demat account with Kotak Securities along with Kotak bank account. Is it advisable to open another demat with Zerodha using my YES Bank accounts. Is it legal to do it? Will appreciate your advice. Thanks
Hello sir, thanks for the very informative video. My query is can donation/charity for the purpose of scholarship be done from accumulated interest in an nre savings account?
I have existing life insurance policies with LIC and other private insurance providers for which I was paying insurance premium from my savings bank account when I was in India. Now when I move abroad and become NRI, should I use NRO or NRE account to continue making insurance premium payments ? Also, when I sell my mutual funds which I bought when I was working in India, should I take the proceedings of the sale of mutual funds into my NRO or NRE account ?
Sir Wonderful analysis.Some one advising to open the IT portal and change the NRI status for my daughter residing USA. But NRI changes every year .Is this is mandatory? NRI status changes every every year but my daughter's staying is continuous, it necessary? Any other sources is there it can be done easy way?
My daughter is staying and working in USA for last 10 years continuously Is it mandatorily to change her status of IT portal as NRI? is any other easy way to do? If the amount in NRO account is meager like interest is less than Rs 2000/- per accounting year then also submit IT return every year?
Sir, Can you assist in knowing if whether USD account can be opened in any of the Indian banks ( incl. foreign banks in India)? I’m not meaning the FCNR (Foreign currency non-resident) deposit, but just USD savings account. If yes please name the bank. Thanks
To best of my knowledge you will get FCNR only as term deposits . May be you need to check with your bankers . You can also check for similar accounts in overseas branches of Indian banks like Singapore branch of ICICI. Send a query on their website for clarification
RFC accounts are only for NRIs who have returned back . It is FCNR accounts which get converted to RFC if the account owner wishes . Thanks for your inputs . We value them most .
