Opening NRO / NRE account

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kulb
Member since: Sep 08

Posts: 224
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Post ID: #PID

Posted on: 02-12-09 13:17:57

Friends,

I would like to open a NRO / NRE account. Which financial institution would you recommend based on ease of opening account and maintaining the acct in future? How is HDFC bank?

Thanks.

desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
Post ID: #PID

Posted on: 03-12-09 02:45:35

HDFC is a good bank, but it doesn't have any local office and no 1-800 number for customer service as yet.

ftfl
Member since: Jul 06

Posts: 2335
Location:
Post ID: #PID

Posted on: 03-12-09 02:55:21

Quote:
Originally posted by kulb

Friends,

I would like to open a NRO / NRE account. Which financial institution would you recommend based on ease of opening account and maintaining the acct in future? How is HDFC bank?

Thanks.

________________________________

Each Bank will demand that you meet a few of their criteria before they will take you as a customer of theirs. Some banks will open an account for you with ZERO Balance also.

HDFC wants Rs.10,000/= in their NRO account. They will also provide you with a debit card and cheques too. You will have to maintain this balance for such services. They also provide you interest on these deposits and it fluctuates from time to time.

All of the banks, They normally convert any and all of the sums sent as de[posits to them, to Indian Rupees first, as they do not want to take the rate fluctuations and the market movements. You absorb the losses and the gains in the exchange rates.

NRE accounts are maintained with a deposit of funds in a GIC format and they will want a minimum Rupee deposit. It varies from Bank to Bank. With HDFC it is a sum of Rs50,000/=

There are other Banks such as SBI and ICICI. Please do the appropriate search on this forum and determine their suitability for yourself. You will have to do your own Due Diligence from those postings. I for one will choose a Bank that is handy to me here in Canada and one that I can access with ease, and close by.

Freddie.

lali
Member since: Apr 05

Posts: 173
Location: Toronto
Post ID: #PID

Posted on: 03-12-09 08:08:15

Hi Kulb

Send me an email or PM me, I can definitely help.

-----------------------------------------------------------------
Best regards

Lali

Monusingh
Member since: Jun 05

Posts: 57
Location:
Post ID: #PID

Posted on: 03-12-09 09:26:56

Quote:
Originally posted by lali

Hi Kulb

Send me an email or PM me, I can definitely help.

What is the difference between NRE & NRO a/c ? I am going to start a job in India and will be earning in Rs. and would like to send the money for my family here in Canada.Which a/c is to be opened and where I have to open the a/c here or in India?How this a/c will be operated.Your advise would be appreciated.

Monusingh

Monusingh
Member since: Jun 05

Posts: 57
Location:
Post ID: #PID

Posted on: 05-12-09 10:40:56

Quote:
Originally posted by Monusingh

Quote:
Originally posted by lali

Hi Kulb

Send me an email or PM me, I can definitely help.

What is the difference between NRE & NRO a/c ? I am going to start a job in India and will be earning in Rs. and would like to send the money for my family here in Canada.Which a/c is to be opened and where I have to open the a/c here or in India?How this a/c will be operated.Your advise would be appreciated.

Monusingh

Any advise on the above would be appreciated.

Monusingh

desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
Post ID: #PID

Posted on: 05-12-09 11:45:45

If you are going to earn in India then you have to open NRO account. NRE account is for foreign income and remttances. You can open account in India or here.

Contributors: ftfl(3) Monusingh(3) Happy(3) desi-friend(3) lali(1) mehul_pds(1) kulb(1)

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