Posted on: 07-01-12 16:59:51
Quote:
Originally posted by mkannuri
Thanks VJ,
I was suppose to go today, but they told me it will take at least 1 hour for the process and asked me to come before 11am. I guess i have to go next Saturday then.
So, do you think this is the best nationalize bank for NRI deposits in terms of comparable interest rates and processing time frames...
Or did you find any other banks better than this one.
Great!!
I was talking about the processing time to open the account (SB NRE first and then NRED FD) with ICICI Bank. It happens ONLINE and within 24 hours or even less.
They are are close to each other. Since I already deal with them, I continued with them for NRE stuff also. You can go witth SBI for sure.
Regards,
VJ.
Quote:
Originally posted by Nightmare
India has signed tax information exchange treaty with Canada. NRE interest income is taxable in Canada. I hope CDs factor this fact. Further MMS/Sonia might lose election in UP and go for bankrupting India all the way in which case rupee would go down to 60.
The FD interest rates make sense only if the interest is offered in dollar denominated FDs
Yeah,
That's right. Interst earned is TAXED by CRA under "World income".
Another plan can be to reinvest your quarterly earned interest in Private AAA companies' FD (almost up to 12 %). I will post about this after 3 months from now, once I know the LEGAL and COMPLIANT way of doing this.
"NOT TO BRING THIS MONEY BACK" should be a wise move.
Regards,
VJ.
I have dealt with SBIC in the past . If you have your NRE a/c set up in India , it takes 24 hours to transfer the money through SBIC .
Of ICICI & SBIC , I still prefer SBIC . SBI s NRI Branch , Delhi provides me with a remarkably efficient service when ever I happen to visit them .
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Fido.
Quote:
Originally posted by Nightmare
India has signed tax information exchange treaty with Canada. NRE interest income is taxable in Canada. I hope CDs factor this fact. Further MMS/Sonia might lose election in UP and go for bankrupting India all the way in which case rupee would go down to 60.
The FD interest rates make sense only if the interest is offered in dollar denominated FDs
Right now India needs dollar, much more after FDI in retail has been put on backburner. If they offered high interest rates on deposits denominated in dollars, it would be very costly for India since exchange rate in all probability would be up when deposits mature plus you have to pay interest on top of that plus there would be outflow of dollar.
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It would suicidal (for India) to pay the interest in Dollar.
NRI who have settled in Middle east / Asia region who do not plan to move any where further would continue send money to India, that doesn't make any difference.
The intention probably is to reach the (i) NRI who likes to hold their savings in USD, (ii) NRI who is holding in dollar to move abroad as a PR (iii) OCI.
The inflation would prevent the OCI to invest in Rupees as the profit (after tax) would be wiped out easily (5% probably) against a 15% inflation.
Quote:
Originally posted by rajcanada
Quote:
Originally posted by Nightmare
India has signed tax information exchange treaty with Canada. NRE interest income is taxable in Canada. I hope CDs factor this fact. Further MMS/Sonia might lose election in UP and go for bankrupting India all the way in which case rupee would go down to 60.
The FD interest rates make sense only if the interest is offered in dollar denominated FDs
Right now India needs dollar, much more after FDI in retail has been put on backburner. If they offered high interest rates on deposits denominated in dollars, it would be very costly for India since exchange rate in all probability would be up when deposits mature plus you have to pay interest on top of that plus there would be outflow of dollar.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
So, if you invest in this FD lets say for 1 year, when do you report your interest income to CRA? Or you report the income only when/if you bring the money back to CAnada?
When the income is happening is when it is supposed to be reported regardless of when you receive it .
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Fido.
