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RBI allows banks to fix rates on non-resident deposits
December 18 2011 , 05:15 AM   #11
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Quote:
Originally Posted by manu813
True sirji.. looking at current scenario keeping money in FD is best option with 9.25% return and pay to builders whenever demand comes...
NRO FD return of 9.25% ?, wow great... what is the period of FD? Which bank gives this much interest, please let me know too...
December 18 2011 , 06:56 AM   #12
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I think all banks are offering this rate , I am getting from ICICI for 390 days FD
Quote:
Originally Posted by anuj2703
NRO FD return of 9.25% ?, wow great... what is the period of FD? Which bank gives this much interest, please let me know too...
December 18 2011 , 08:55 AM   #13
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A related question..

what if I transfer my money from NRE to another Bank's domestic saving account? is it against Income tax law?

I know you can not keep domestic and NRE accounts in same bank. I got notice from Bank to close domestic account. I'm planning to open NRO but checking the option that if I could use my another bank 's domestic saving account to park my money.

Please advice.
December 18 2011 , 09:03 AM   #14
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You can gift money to your parents in their domestic account but cannot have domestic account if you have NRI status..

Quote:
Originally Posted by newone001
A related question..

what if I transfer my money from NRE to another Bank's domestic saving account? is it against Income tax law?

I know you can not keep domestic and NRE accounts in same bank. I got notice from Bank to close domestic account. I'm planning to open NRO but checking the option that if I could use my another bank 's domestic saving account to park my money.

Please advice.
newone001 likes this.
December 18 2011 , 10:14 AM   #15
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This RBI moves to boost NRI deposits will only be succesful if banks increase NRE FD rates from current around 4% to atleast 8 -8.5% i.e. to be comparable with NRO FDs returns with DTAA benefit. NRE depsits being repatriable will be the advantage.
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