Indian Bank : FACTA declaration


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Fido   
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: #PID Posted on: 15-03-16 11:56:05

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.


Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 15-03-16 16:26:01



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.



rbot2008   
Member since: Mar 16
Posts: 1
Location:

Post ID: #PID Posted on: 18-03-16 23:31:49

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.



Canada_Ka_Bhikari   
Member since: Mar 16
Posts: 115
Location:

Post ID: #PID Posted on: 19-03-16 00:07:04

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

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Canada_Ka_Bhikari   
Member since: Mar 16
Posts: 115
Location:

Post ID: #PID Posted on: 19-03-16 00:11:52

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

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Fido   
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: #PID Posted on: 21-03-16 10:30:39

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.


GlobalIndian   
Member since: Apr 07
Posts: 171
Location: NB

Post ID: #PID Posted on: 22-03-16 09:13:57

@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.





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