NRE
Overseas Indians parked $1 billion in NRI deposits in April
During the month a bigger chunk was garnered under the NRE (RA) with deposits worth $583 million, while $483 million flows were in FCNR(B) scheme. In addition to these two schemes, NRIs also park funds in NRO or non-resident ordinary deposit schemes. The funds in these schemes are meant for local use by the NRI and repatriable upto a certain limit. About $27 billion is the outstanding amount parked in this scheme compared to the outstanding amount of $99 billion in NRE(RA) and $26 billion in FCNR(B).
ICICI Bank introduces UPI for NRIs through international mobile numbers
ICICI Bank has launched UPI for NRIs in ten countries, enabling global mobile number use without switching to Indian numbers. iMobile Pay facilitates utility, merchant transactions, and QR code payments, enhancing convenience and promoting UPI adoption across borders.
These NRIs can use international mobile numbers to make UPI payments in India: Step-by-step guide on how to do it
These NRI customers can pay using UPI in India using foreign mobile number. Earlier, in order to create a UPI ID and use any UPI app, an NRI required a working Indian mobile number. This will reduce non-resident Indians (NRIs) the cost of keeping an active Indian mobile number.
FD investors can earn up to 8.75% interest as this bank revises fixed deposit rates; check details
The RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 2 crore. The revised FD interest rates are effective from May 1, 2024. Check on which tenure the bank is offering the highest interest rate.
NRE fixed deposits: Know all about repatriation, taxation, interest rates
A fixed deposit is a secure and low-risk investment choice, particularly if you wish to invest in India and safeguard your foreign income. The rates for NRI fixed deposits in India vary according to the kind of deposit you select. Here are important things to consider before investing in NRI Fixed Deposits, according to the HDFC Bank website.
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NRI trading in India: Everything you need to know about accounts, rules & eligibility
A person who stays in India for less than 182 days during the upcoming fiscal year is considered a non-residential Indian. A person who has left the country in search of job is also referred to as an NRI. An NRI is a person who travels abroad for work-related reasons.
How to open NRI account in India: List of documents needed to open NRI savings account
NRI savings account: There are two types of NRI Savings Accounts: Non-Resident External (NRE) Savings Account, Non-Resident Ordinary (NRO) Savings Account.
ICICI Bank customer accuses manager of stealing Rs 16 crore from her FDs. Bank responds
A Gurgaon woman accuses an ICICI Bank manager, reported by BBC, of embezzling Rs 16 crore from her life savings. The manager created fake accounts, forged signatures, and manipulated transactions, leading to a police investigation.
Federal Bank revises FD interest rates; now earn 8% on this fixed deposit tenure
After the revision, the highest interest rate for general citizens is 7.55% which is offered on a tenure of 500 days. Check interest rate on other tenures.
NRE fixed deposit interest rates 2024: Which bank is offering highest NRE FD rate?
As interest rates differ with banks and tenure, here is a quick comparison of top banks NRE FD interest rates.
NRIs, OCI cardholders, PIO, foreigners can donate to Ayodhya Ram Mandir; here's how
Many individuals are not aware that even non-Indian passport holders or ‘devotees living abroad’ like OCIs (Overseas Citizen of India), PIOs (Person of Indian Origin) and foreigners can also now donate money to the Ram Mandir.
NRI Banking: What to know before you transfer money from your NRO account out of India
The maximum amount that can be transferred from an NRO account depends on the source of funding, with a cap of $1 million per fiscal year for non-current income. There are no restrictions on remitting current income from an NRO account.
How NRI can transfer NRO account money out of India
There are usually two types of bank accounts that are operated by an NRI in India. These are NRE and NRO bank accounts. The money lying in NRE bank account is easily remitted by an NRI outside India. However, the same cannot be said for the NRO bank account. There are certain rules that an NRI must comply with before making transfer either to overseas bank account or to NRE account.
Rent, FD, NRO account, share market: When do NRIs have to pay tax in India?
The salary that is received in India or the salary for service rendered in India is taxable for non-resident Indians. Text: Centre for Investment Education and Learning (CIEL)
Latest NRE FD interest rates: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Bank of India
The minimum tenor starts from 1 year in most banks. Here is a quick comparison of NRE fixed deposits 2023 of banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB.
NRE FD interest rates comparison: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Canara Bank
Non-Indian Residents (NRI) can choose from various types of NRE Accounts. These include savings, current, recurring, or fixed deposit accounts. NRE accounts can be opened either individually or jointly. Interest rates offered on NRE fixed deposits vary with each bank and deposit amount. While the minimum tenor starts from 1 year in most banks. Here is a quick comparison of NRE fixed deposits 2023 of banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB.
SBI launches digital account opening for NRIs via YONO app
SBI has launched a digital platform that allows Non-Resident Indians (NRIs) to easily open NRE and NRO accounts through its mobile app, YONO. This service caters to new customers and fulfills a longstanding demand from NRIs for a hassle-free method of managing their accounts in India.
SBI introduces digital opening of NRE/NRO account setup through YONO
State Bank of India (SBI) has launched a digital service on its mobile app YONO, allowing Non-Resident Indians (NRIs) to easily open NRE and NRO accounts. This service is designed for new customers, providing a hassle-free process for account opening and management. SBI has leveraged technology to create a seamless and efficient account opening process, offering a one-stop solution for NRI banking needs.
These four special bank FDs with higher interest rates will end on September 30
The SBI's WeCare special fixed deposits for senior citizens are now available until September 30, 2023. The scheme is available on fresh deposit and renewal of maturing deposits. According to the SBI website, “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public i.e., 100 bps over card rate for Public.” SBI offers 0.50% higher interest rates to senior citizens, interest rates on regular fixed deposits vary between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.
How to open an NRE/NRO account online in HDFC Bank
Do you want to open a Non-Resident External (NRE) Account/ or a Non-Resident Ordinary (NRO) Account in HDFC Bank? Here are the key things you must know
PSU banks NRE FD interest rates: SBI vs Bank of Baroda vs Canara Bank vs PNB vs Bank of India
Here are NRE fixed deposit interest rates offered by PSU banks in India like SBI, Bank of Baroda, PNB, Bank of India and Canara Bank.
Moving abroad to study, work or emigrate? 7 financial tasks to have on your to-do list
Here are some money matters to take care of if you decide to move abroad to study, work or emigrate.
Best NRE FD interest rates: HDFC Bank vs ICICI Bank vs Yes Bank vs SBI
An NRI can transfer money from their account to India. An NRE account has the benefit of high liquidity and allows for full repatriation of funds when necessary to the NRI's country of residence.
UPI for NRIs with international mobile numbers: Who can use, how to use, how it will benefit, explained
Until recently, an NRI would require a valid Indian mobile number to set up a UPI ID for any application. But, now NPCI has allowed NRIs living in 10 countries to use UPI using their international mobile numbers for bank accounts which are classified as Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts
Latest NRE FD rates 2023: SBI vs ICICI Bank Vs PNB vs HDFC Bank vs Canara Bank
Money transferred to an NRE account is converted to Indian Rupees (INR). In other words, you can deposit money in any foreign currency, such US dollars, and withdraw it in Indian rupees.
Latest NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Yes Bank vs PNB
NRE FDs tenure starts from one year, unlike regular FDs which can be opened starting from 7 days. No interest is payable if the deposit is withdrawn before one year.
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