Savings Bank Account in India


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Many   
Member since: May 13
Posts: 113
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Post ID: #PID Posted on: 15-03-15 10:11:04

If you want to remain within the Law ( clear conscience/ nobody like ITax to question you) convert your indian normal SB a/c to NRO. The interest/earnings on NRO will be taxed at source by the bank; no intervention required from your side. This conversion to NRO should be simple; a letter jointly signed by you and your spouse.
Open a separate NRE a/c if you don't have one; what money you send from Canada can go to NRE and onward to your parents etc; for NRE a/c no taxes, no questions asked.


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Many




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