Posted on: 02-04-08 15:07:39
Dear CDs
I want to open a rupee account in India. Could you please suggest which is the best bank I should go with?
Thank you
Try in Citi Bank or Kotak Mahindra Bank
It will depend on where you want to open the a/c in India and what is the purpose of the a/c. If you are looking at lot of transactions, internet money transfer etc. etc. , even with all the poor service, ICICI is still a good bet. Their online banking has lots of functionalities and a good ATM network.
If you are looking just to invest and earn interest. Check out some of the smaller banks or corporation banks . Based on the city/town you want to open in India, a different one will have a better network. They normally pay higher interest and better service in person - but online banking will be on the weaker side.
I had opened a joint account with my wife with TD Canada Trust in 2007 when we first landed as PRs and returned back to our previous place of stay after couple of weeks of stay. In 2008 our daughter and our son came to Canada as PR holders for university education. IN 2009 we visited them and included their names in our account. We are still maintaining the account. We have lost our PR status as could not fulfill the residency requirement partly due to illness and partly due to employment elsewhere. My son is a Canadian citizen now. My daughter got married in India and started staying there since 2010. She also has a separate account of her own. She plans to return to Canada one day. Though she could not renew her PR before leaving for India but had fulfilled the residency obligations by then.
The question I am asking is can I still maintain my account jointly with my son without being a resident?
Also can my daughter as well maintain her account from India?
Thanks for any useful, concrete advice.
Quote:
Originally posted by gabs
I had opened a joint account with my wife with TD Canada Trust in 2007 when we first landed as PRs and returned back to our previous place of stay after couple of weeks of stay. In 2008 our daughter and our son came to Canada as PR holders for university education. IN 2009 we visited them and included their names in our account. We are still maintaining the account. We have lost our PR status as could not fulfill the residency requirement partly due to illness and partly due to employment elsewhere. My son is a Canadian citizen now. My daughter got married in India and started staying there since 2010. She also has a separate account of her own. She plans to return to Canada one day. Though she could not renew her PR before leaving for India but had fulfilled the residency obligations by then.
The question I am asking is can I still maintain my account jointly with my son without being a resident?
Also can my daughter as well maintain her account from India?
Thanks for any useful, concrete advice.
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Many here consider, having a BANK ACCOUNT, here in Canada is O.K. for people who just get in and obtain PR and leave. Not according to the Income tax act. So far you have not worked a day here and did not have to file a tax return. So, you are off the hook. You do not want to come back here and that closes the chapter, as regards PR and Taxes also.
If your son is also in the same account, write a letter and ask him to take it to the Bank Manager and close the same out and ask your son to open one in his own name. That will close the second chapter, which is the Banking operations.
When you say, you entered into Canada in 2008, with your daughter, she just completed her first FIVE years in 2013. Close enough to today. You also say, that she has enough number of days within Canada and if it is over and above 730+ days, she has a fairly GOOD CHANCE of renewing her PR card. For that, you should ask her to get back into Canada on a TRAVEL DOCUMENT any time soon. That will give her an entry back. Stay here and RENEW the PR card. They will not mail it to India, she will have to pick the same up after surrendering the previous one.
Her second FIVE YEARS will now roll in for her. She has a few more years to think after that to get back in and RE-SETTLE here. They normally say it takes just over six months to get the PR card renewed. They will write and ask her to pick the same up. Time factors enter into the picture and a lot of juggling has to be done and additional travels will also enter into the picture. All of these factors enters into the picture, but will save a lot of paper work and make immigrating into canada a brezze. If she did not pick the PR cards, she will have to re-enter back with another Travel Document, if she goes back after the request for renewal. It will be a minor irritant at that time.
Any one of them can sponsor YOU at a later date for PR inro Canada. You decide upon this when you are ready to cross the bridge. But prepare a few years in advance as there is always a delay associated with processing times and currently, there are limited entries into Canada for elderly and the door closes even before it opens. So, thorough preparation of applications is a must and have it ready for couriering, the very first day the gates open.
Any returning resident can have an open Bank Account. So, She is O.K. with that issue. She will still be a Canadian PR. Ask her to fly in and complete the process.
FH.
http://www.cic.gc.ca/english/information/applications/travel.asp
Thank you very much Full House for your time and reply.
My son has his own account as well plus a joint account holder with our (The account which I opened in 2007 with my wife). Since he is a citizen now can this account be maintained or as you have suggested that I write a letter to the Bank asking them to close it and transfer the balance to my son's account?
My daughter will not be able to travel back to Canada in near future as she is expecting a baby sometime in June. So what will be the best advice for her - to keep the account or close it?
You should close your Bank account. That way you don't have to worry anymore.
If your Daughter has intentions to return here to settle down. She can leave it. But if not topped up once an year, they will automatically close it out and once it is considered inactive, the balance is remitted into a location where it is hard to recover from. So, why not close and collect the sum and put it to good use. It may be late even now, a try will be well worth it.
She has to try to obtain a TRAVEL DOCUMENT first. See if she will get it now. If not used after obtaining, reapply once more, when she is ready to travel. The second time she will have to provide a change of status, becausem she is married and with a baby also.
FH.
