Posted on: 19-11-18 13:18:40
I got OCI a few years ago and have recently got a PAN Card.
I want to open a bank account in India, but not sure what type of account and how to open.
my purpose is the following:
- the bank account should be in a bank branch near where my parents live...ideally in the same bank. my dad has an account with Punjab & Sind bank in New Delhi. I want to open my account in the same bank.
- I should be able to wire transfer money into that account if needed...this will be rare, but if situation does arise I want to be able to wire money into that account from here.
- when I visit India, I should be able to withdraw and deposit money into/from that that account
other than that, there won't be much other transactions in that account.
my question is what type of account should I open & how?
this sounds like I need a NRO account but I want it at a specific branch
can anyone offer suggestions and guidance.
Thank You.
I
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can anyone please offer any suggestions?
i don't know much about India's banking system these days.
any help appreciated.
thanks.
Please see if you get teh hang of it from this small explanations yuou have hereunder.:
I will provide you with proper details and later on a few local addresses of the BRANCHES of a few INDIAN BANKS and if they are anywhere close by or on your work route, drop in and get some personal contacts from that branch and post the same to us. All you need is ONE BANK. My preference is for a Bank where I live in India or where I do have contacts inside the Banks.(Some one who works there.
In any case please make sure that there is a beneficiary that you designate in that account for them to receive the balance, rather than the Bank enjoying your money.
NRE.Account. and Fixed Deposit. (F.D.)
I do know you are a CANADIAN Citizen. So, it is nice to open a Non Resident External Account. They just call it NRE.What they do is.: They take your Canadian Dollar and convert it to Indian Rupees and provide you with interest on the deposit. This converting it to Indian Rupee takes away a rupee per Can.Dollar as commission when they do it. Like wise when you want to bring it back they will once again take another rupee as commission and give it to you as Can.Dollar. That is if you want it back some time in the future. The Interest rates on a FIXED Deposit per year is about 7.0 - 7.5% per year. That is good. Only disadvantage as I see currently is that the Indian Rupee is losing ground and the money you deposit will lose its value because of that.
NRE.F.C.
There is another account for Non Resident Indians which is NRE Foreign Currency Account. The interest rates will be more or less what you get in Canada. About 2.5 - 3.0 depending upon the Bank. It is O.K. too. But there is NO currency exchange involved in this. Except for postage or the Electronic deposit fee,(If any) the same amount of money can be brought back.
IN BOTH THE CASES YOU WILL HAVE TO REPORT THE APPRECIATION TO THE CANADIAN INCOME TAX PEOPLE, CRA, ONCE EVER YEAR. (Please make sure that the money you are getting back is not less than your deposited.) If it is, then it is a loss.
NRO Account.
Some banks give the options to open the same simultaneously along with the NRE. Some are cagey. This Account will enable you to receive amounts as deposit from people who live there in India in Indian Rupees. You can also pay anyone with a cheque if you want to pay them there. ASK the Bank Manager about it.
Some bank want a Minimum Deposit of Rs. 10,000 a few a little more to open an account with them. That is the branches in Canada. If you were in India and depending upon the CITY that you want the account in, (Where you live) they have a classification for that city such as Second Tier or rural etc., and will tell you that a smaller amount will do to open an account.
There are SBI (State Bank of India).:
There are ICICI.:
There are CITY.:
A FEW of them have opening facilities right here in Toronto and They will provide you a mail box number to which you can send the papers. But the down load and Printing is from web links. A few you have to mail it to US Address. I will work on it at a later date and provide you with all of the details. in my next edit. All of them have a TOLL FREE Number here in the NORTH AMERICAN Continent.
You can also Google and get more details.
FH.
Punjab National Bank I have heard. But not the one you specify.
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can anyone please offer any suggestions?
i don't know much about India's banking system these days.
any help appreciated.
thanks.
Quote:
Originally posted by captainbeam
I got OCI a few years ago and have recently got a PAN Card.
I want to open a bank account in India, but not sure what type of account and how to open.
my purpose is the following:
- the bank account should be in a bank branch near where my parents live...ideally in the same bank. my dad has an account with Punjab & Sind bank in New Delhi. I want to open my account in the same bank.
- I should be able to wire transfer money into that account if needed...this will be rare, but if situation does arise I want to be able to wire money into that account from here.
- when I visit India, I should be able to withdraw and deposit money into/from that that account
other than that, there won't be much other transactions in that account.
my question is what type of account should I open & how?
this sounds like I need a NRO account but I want it at a specific branch
can anyone offer suggestions and guidance.
Thank You.
Thanks FH.
Punjab & Sind Bank is a large bank with many branches in north India.
it is not the same as Punjab National Bank.
anyway...it sounds like I should open NRO account in India.
do you know if NRO account can be opened at a specific branch or is that an account located centrally?
also...is it better to open the account from here or go to India and then open it there?
thank you.
You SHOULD and MUST BE able to open an ACCOUNT with PUNJAB and SIND Bank itself. Ask your Parents to visit the branch that they have account with and get the Account Opening papers for an NRE account with them and The SECOND Set of forms to open an NRO account also. If they provide you with a WEB LINK to do that it becomes a lot simple.
PLEASE DON'T GO ANY OTHER ROUTE or TO ANOTHER BANK. IT WILL BE A ONE SHOT DEAL.
In the current day ELECTRONIC Transfers, all they need is an ABA NUMBER OR A SWIFT # CODE and the method of transferring to them. The funds gets to them the same day. Then it gets posted manually into the account you choose. SUCH AS NRE or if you want to pay some one in a hurry , then into the NRO Account. Even the transfer to some one else can be done Electronically if they will give you their Bank and account number they have with them.(If they refuse, then they are dummos, because your bank will provide that after the check clears anyway)
SO, take your time do it all properly and then your Parents can help check any account postings etc., for which you will have to provide them with an Authorization to handle it. Please don't forget to nominate some one as a beneficiary, I am sure you can have more than one or an alternate also.
FH.
You will get a few phone numbers in these links to talk with during their operating hours. Also you can message and get a response back from them
https://www.psbindia.com/document
/MSME/ACCOUNT_OPENING_FORM_FOR_INDIVIDUALS2018.pdf
https://www.psbindia.com/content/home-page1
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Quote:
Originally posted by captainbeam
Thanks FH.
Punjab & Sind Bank is a large bank with many branches in north India.
it is not the same as Punjab National Bank.
anyway...it sounds like I should open NRO account in India.
do you know if NRO account can be opened at a specific branch or is that an account located centrally?
also...is it better to open the account from here or go to India and then open it there?
thank you.
