Quote:
Originally posted by desi-friend
If you are going to earn in India then you have to open NRO account. NRE account is for foreign income and remttences. You can open account in India or here.
Thanks desi -friend,
Here which bank is better to open the NRO a/c.
Monusingh
SBI: http://www.onlinesbi.com/nri/accounts_deposits/sbinri_ad.html
ICICI: http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/canada/index.html
HSBC: http://www.hsbc.co.in/1/2/personal/nri-services/canada
ING: http://www.ingvysyabank.com/scripts/NRIBanking.aspx
CITI: http://www.online.citibank.co.in/citi-nri/usa-canada.htm?eOfferCode=NRHTLUSC
Check which one meet your requirements. Good luck.
Location: INDIA (sometimes Canada)
Posted on: 06-12-09 09:10:34
Hi there,
I wonder if CDs can explain - what happen to the people's savings accounts in India when they take Canadian citizenship?
Thanks.
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Enjoy Happiness -- Happy from India
Hi,
Legally you have to inform bank and they will change your account from Savings to NRO which is just a matter of filling one form at the bank.
if you don't inform bank, then nobody will notice this but if you are planning to carry out big transactions in the account better to inform them.
Location: INDIA (sometimes Canada)
Posted on: 06-12-09 19:57:16
Make sense. But If one takes PIO or OCI after Canadian Citizenship, then what the person or the bank is supposed to do?
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Enjoy Happiness -- Happy from India
All of the people in the Indian Continent have only one TYPE of account. They could have Ordinary Savings and Chequing Account.
Anyone who has moved out of India can have the rest of these Accounts, such as NRO, FCNR, NRE, NRNR and NRSR. They have special significance to each. It is interesting to note that there are so many. Incidentally they all have an NR to signify that the ones that hold are Non Residents, which COULD mean that they no longer Hold an Indian Passport, or living outside of the Indian Continent. And when you say they have PIO and/or an OCI card, it goes without saying that THEY all ARE Non Resident Indians.
It is plain, clear and simple.
Freddie.
Location: INDIA (sometimes Canada)
Posted on: 07-12-09 00:48:54
SBI website gives following definition of NRI.
http://www.statebankofindia.com/user.htm
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WHO IS AN NON-RESIDENT INDIAN [NRI]
A Non Resident Indian (NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka
Who
•At any time held an Indian Passport,
•He or any of his parents or grand parents was a citizen of India,
•Is a spouse of an Indian Citizen or a person referred to above.
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It also says that an NRI can open following types of accounts:
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HOW TO OPEN NRI ACCOUNTS WITH A BRANCH IN INDIA
To open an NRE account please complete the account opening form and mail it to the branch of your choice alongwith ;
•Passport copy
•Visa/residence permit
•2 photographs
•initial money remittance
Your signature may be verified by anyone of the following;
•Indian Embassy/consulate
•Any person known to the Bank
•Notary public
•Any of our offices abroad
You can open
•NRE Saving Bank a/c / Current Accounts
•Fixed Deposits in Indian Rupees •Fixed Deposits in Foreign Currency •NRO accounts (Rupee accounts for crediting income in India )
You can authorise a resident to operate your account through a Power of Attorney or Letter of Authority
Nomination Facility available (Nominee can be a resident Indian also)
NRIs can open the following types of accounts with us
· NRE Rupee Accounts.
· Savings Bank.
· Current Accounts.
· Term Deposits (Interest Paid out Quarterly).
· Special Term deposits (Interest compounded Quarterly).
· Non-Resident (Ordinary) Account .
· NRO A/cs - Rupee Accounts for crediting income in India.
· Foreign Currency Non Resident Accounts.
· Fixed Deposits in Pound Sterling, US Dollar Euro Canadian Dollar and Australian Dollar
· Resident Foreign Currency Accounts.
In case of any assistance/information, you may contact our Nodal Officers at all Local Head Offices:-
CIRCLE
NAME AND ADDRESS OF THE NODAL OFFICER
Ahmedabad
Ms.Nilamkunvar R.Zala
Phone : 079 - 25506425 Fax : 25507611
Email ID : nriservices.lhoahm@sbi.co.in
Bangalore
Shri C.R.Venugopal
Phone : 080 - 25943152 Fax 25943125
Email ID : cr.venugopal@sbi.co.in
Bhopal
Shri Anil Kumar Garde
Phone : 0755-4288207, 2576866
Email ID : nri.lhobhopal@sbi.co.in
Bhubaneswar
Shri K.N. Satpathy (AGM)
Email : agmib.lhobhu@sbi.co.in
Phone : 0674 - 2392443 Fax : 2393336
Chandigarh
Shri P.K. Malhotra
Phone : 0172-2709061 Fax :2540058
Email ID : mgrnri.lhocha@sbi.co.in
Chennai
Shri T.Siva Das, Manager,
Phone :044-28211045Fax-28312636
Email ID : nri.lhoche@sbi.co.in
Guwahati
Shri Gobardhan Pal
Phone : 0361 - 2237595 (O)
Email ID : managerib.lhoguw@sbi.co.in
Delhi
Shri Arvind Agarwal
Phone No.011-23407141
Email ID : nodalofficer.nri.lhodel@sbi.co.in
Fax - 011-23361098
Hyderabad
Shri Venugopalan
Phone : (040)23466316 Fax : 24761176
Email ID : cmib1.lhohyd@sbi.co.in
Kerala
Shri Pradeep Nair
Phone : 0471 - 6549966 (O)
Email ID : nri.lhotri@sbi.co.in
Kolkata
Shri Amal Kumar Choudhury
Phone - 033 22131707
Email ID : cmnri.lhokol@sbi.co.in
Mumbai
Shri D.G.Parande
Phone : 022 - 67514511 Fax : 67514505
email : nriservices.lhomum@sbi.co.in
Patna
Shri Rakesh Kumar
Tel No. 0612-2209081 Fax : 2209074
email : agmpb.sbu1pat@sbi.co.in
or
For any suggestions/information, pl. contact
agm.nri@sbi.co.in / cm.nri@sbi.co.in
DY. GENERAL MANAGER,
NRI SERVICES,
INTERNATIONAL BANKING GROUP,
CORPORATE CENTRE,
MUMBAI - 400021.
022 22820807
Now the question is when an PIO/OCI can open or have an ordinary saving account. what is the use of these accounts with a prefix of NR???
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Enjoy Happiness -- Happy from India
