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  Canada Immigration Forum > General > Our Native Country! > Indian Bank : FACTA declaration
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Indian Bank : FACTA declaration




One of the Indian Nationalized Banks with whom I have accounts with , is asking for a FACTA declaration , the other one (SBI) has still not asked .

FACTA has more to do with IRS asking details of US related people ... However the Banker clarified that Canada is also a part of the 58 countries who have signed FACTA ...

I am hesitant in giving this , if it is not mandatory.

Have others CDs also received request for FACTA declarations from their Indian Banks ?

(Fyi , I have a Canadian Passport and the Bank is aware of that )

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Fido.

 
Fido

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Member since: Aug 06
Posts: 5261
Location: Canada

Post ID: 230583 15-03-16 11:56:05
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Full House
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Member since: Oct 12




Posts: 2215
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FATCA..: It is now a reality and it is also becoming a night mare for a few who were living in the wood works. Lucky for us that they do not ask for Pan Number and also the SIN card numbers, because it will nail you down to the cross.

If you do have some one there to take care of the affairs, then, please drain the account to a level that will not attract any attention, say Two lakhs or lower. Alternately closeout the balance and bring it down to a level where they will not charge you a maintaining fees.

I am closing them down shortly, but no demand from the HDFC Yet.!! I am keeping my fingers crossed.

FH.


 
Post ID: 230601 15-03-16 16:26:01
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rbot2008
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I closed my Indian bank account for this reason. I opened accounts at BMO and Zenbanx. Between the two, I have all services I need in Canada and for traveling.

 
Post ID: 230685 18-03-16 23:31:49
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Canada_Ka_Bhikari
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Member since: Mar 16




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Quote:
Originally posted by Fido

One of the Indian Nationalized Banks with whom I have accounts with , is asking for a FACTA declaration , the other one (SBI) has still not asked .

FACTA has more to do with IRS asking details of US related people ... However the Banker clarified that Canada is also a part of the 58 countries who have signed FACTA ...

I am hesitant in giving this , if it is not mandatory.

Have others CDs also received request for FACTA declarations from their Indian Banks ?

(Fyi , I have a Canadian Passport and the Bank is aware of that )



Are they asking it for NRO and/or NRE accounts ? What's their issue ?

You can't have any ordinary Resident Indian account any ways, once you have a Canadian passport & citizenship, its illegal to have that. If you return back for good, you can have it, but then any NRO/NRE account has to be converted to a Resident account immediately.


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America Ka Vyapaari Canada Ka Bhikari

http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" border="0" alt="http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" />

 
Post ID: 230686 19-03-16 00:07:04
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Canada_Ka_Bhikari
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Member since: Mar 16




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Quote:
Originally posted by rbot2008

I closed my Indian bank account for this reason. I opened accounts at BMO and Zenbanx. Between the two, I have all services I need in Canada and for traveling.



You have to close it or convert it to NRO/NRE, if you take Canadian or any foreign citizenship.

Its illegal to have Resident ordinary accounts in India, once you take foreign citizenship, as India doesn't allow dual citizenship.

http://www.hsbc.co.in/1/2/personal/nri-services/compare-nr-accounts

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America Ka Vyapaari Canada Ka Bhikari

http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" border="0" alt="http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" />

 
Post ID: 230687 19-03-16 00:11:52
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Fido
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Member since: Aug 06




Posts: 5261
Location: Canada


It is with respect with NRO / NRE accounts only .. They say its a regulatory compliance .. I have not filled the declaration but when I viewed it - it was quite expansive ...

Surprisingly SBI has not sent me this declaration though I have similar accounts with them also ....

I don't want to do it unless this is absolutely necessary .... Appears a lot of CD s have not got this request ..

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Fido.

 
Post ID: 230698 21-03-16 10:30:39
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GlobalIndian
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Member since: Apr 07




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@Fido thanks for that bit of info; in two months, i am planning to open some accounts and will do with SBI (I hate to do all this additional work). However, these accounts can not be converted to local accounts (If you return back for good, you can have it, but then any NRO/NRE account has to be converted to a Resident account immediately), since you still remain with foreign passport even after returning for good. If you want to turn the nre accs to local, you have to first reclaim Indian citizenship which takes many years to do.

 
Post ID: 230722 22-03-16 09:13:57
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nayadesi
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Member since: Aug 16




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FATCA has become mandatory, They are asking for SIN number, now. Received email from SBI. What to do? Can any one please guide? If I do not provide prior to Dec 31 2016, details will be provided to CBDT of India. Please help?

 
Post ID: 233483 06-12-16 22:28:25
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Fido
Senior Desi
Member since: Aug 06




Posts: 5261
Location: Canada


We will cross the bridge when we reach it.

I did not submit the FACTA declaration to the Bank which asked for it till now and after a few follow ups, they have stopped sending me any emails.

I am not supplying any additional information to them till I visit India next OR they serve some kind of an ultimatum.

Providing details to CBDT -let them go ahead and do it as India has a dual treaty with Canada and whatever I am earning here , I am paying taxes on that - I am certainly not merging the 2 accounts till both the Govts make it mandatory.

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Fido.

 
Post ID: 233488 07-12-16 10:50:50
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RBO
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Member since: Aug 06




Posts: 1739
Location: Mississauaga


OFF TOPIC :

Recently I got request from ICICI bank to update PAN card information to issue a TDS certificate...It is a joint NRO/NRE account. Cross the fingers hope not getting all additional request from the bank...

see Below e-mail copy:

Dear Customer,

Greetings from ICICI Bank NRI Services India.

As new notifications, circulars and guidelines get issued by statutory authorities, we endeavour to provide timely updates in order to enable you, to benefit from the information and make changes to your Banking as and when required.

We would like to bring to your notice that as per the circular issued by Central Board of Direct Taxes dated May 13, 2011 all Banks will be required to issue TDS certificates (Form 16A) only through TRACES (TDS Reconciliation Analysis and Correction Enabling System) website of Income Tax Department with effect from January 1, 2013.

Please note: TDS certificates will be issued only if the PAN details are updated with the Bank.

We would also like to bring to your notice that your PAN is not updated in our records. You are requested to immediately update your PAN details to ensure you receive the TDS certificate with appropriate TDS rates. You are also requested to update your latest contact details.

Please update your PAN and contact details in our records.

You can update your PAN in any one of the following ways:

Log on to your Internet Banking account and Under Service Requests, click on Request for PAN Updations

Visit the nearest ICICI Bank branch in India with a valid copy of your PAN Card to update your PAN details

Send physical request letter with self attested copy of PAN card to ICICI Bank Limited, RPC NRI Cell 5th Floor - A Wing, Autumn Estate, Chandivali, Mumbai 400072, India

For your reference, we are pleased to attach your Interest & TDS details for your Cust ID 54XXXXXXX for the quarter July 1 to September 30, 2016

To open this file, you need Adobe Acrobat Reader. If you do not have Adobe Acrobat Reader, please visit the following link to download it: www.adobe.com/products/acrobat/readstep2.html.


Add tdscertificate@icicibank.com to your white list / safe sender list by clicking here. Else, your mailbox filter or ISP (Internet Service Provider) may stop you from receiving your TDS Certificate.
For any clarification, please call our 24-hour Customer Care or visit www.icicibank.com/nri.
Sincerely,


ICICI Bank Limited
This is a system generated e-mail, please do not reply on this mail.


 
Post ID: 233490 07-12-16 11:57:52
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Contributors:
Canada_Ka_Bhikari(2)  Fido(3)  Full House(2)  GlobalIndian(1)  Many(2)  nayadesi(1)  pendse(1)  
RBO(1)  rbot2008(1)  
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