| Author |
Message |
    
Ranga
Bewarse
Username: Ranga
Post Number: 1880
Registered: 03-2004
Posted From: 65.208.22.25
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 3:42 pm: |    |
>> Inda lo mandatee pattaledu kadaha - mari meeku emi advantage ante India lo evaru aa dabbulu vaadukokalekapothe elaga - malli meere India vellinaapudu paniki vasthundi ana <<
Kaadu Singh Z. Maa vaallaki ikkada already vere ICICI account vundi. Manam dabbului transfer chesetappudu direct gaa vaalla account ke cheyyocchu. |
Andhrawala
Vooriki Bewarse
Username: Andhrawala
Post Number: 4797
Registered: 03-2004
Posted From: 192.58.204.226
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:54 pm: | |
Kushi babai,
The tax will be on the interest earned. Tax will be deducted at SOurce.
For example if u send 11K USD which is equivalent of Rs 5 lakhs (example only) and if u get interest of around Rs 40 K in one year they will deduct around Rs 8K as tax. |
Krishna9
Bewarse
Username: Krishna9
Post Number: 2477
Registered: 04-2004
Posted From: 199.29.247.140
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:51 pm: | |
Spitfire sodara, please ignore my previous post. I understood the thread.
Coming to Citibank, when you want to open NRI accounts, there are 2 options which are NRE and NRO.
Both these accounts have their own limitations. Depending on what suits you best, go for it. I have both the accounts.
With NRE account, you can send money to India, your family members/you can withdraw from there, you can also withdraw money or buy using your NRE Account bank card in U.S. as well. You can still deposit using DollarsBut the limitation is, you can't deposit money into this account from India (using rupees). You can only depost money using Dollars.
With NRO account, You can send money to India and at the same time, you can deposit from India(in Rupees which is not possible through NRE account). But the limitation is you can't use this bank card in U.S. to buy anything/withdraw money. It is useful only if you/your family members use it in India, but NRO account gives very good interet rate when compared to NRE account.
|
Spitfire
Bewarse
Username: Spitfire
Post Number: 1069
Registered: 03-2004
Posted From: 161.107.1.137
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:49 pm: | |
K9 mama:
Yes - exactly - we ill communicate soon.
Thanks,
Singh |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1068
Registered: 03-2004
Posted From: 161.107.1.137
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:48 pm: | |
AW Sodara:
The no mimum balance reuirement is a running deal kadha - anyways I think that is good.
>>>Citibank account- U need to open with $500 or $100 to start with. Later there is no requirement for mainitaining min. balance
Ante - both NRE and NRO are taxable ani chepputhunnadu anukuntaa.
Question, if we open an account before April 1st do be become an OLD account ?
Singh |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3936
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:45 pm: | |
only on fresh deposits or renewals from April 1, 2005
AW mama, Fresh accounts kadu fresh deposits anta sariga chaduvu..ANTE Inka Western Union e dikku annamata..TAX enduku pay cheyyali mama double times akkada ikkada..
Donga Nayalu Middle class e dorukutundu veediki.. |
Andhrawala
Vooriki Bewarse
Username: Andhrawala
Post Number: 4796
Registered: 03-2004
Posted From: 192.58.204.226
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:43 pm: | |
All NRI accounts are taxable from April 1st of this year.
But they may give an exception to the old accounts that were alreaduy in existance. This is what I received in email from my bank
-------------------------
FM LIKELY TO TAX ONLY FRESH NRE DEPOSITS
Feb 1, ’05.
The finance ministry is likely to reconsider its earlier decision of taxing NRE (non-resident external) deposits. It might tax interest income earned only on fresh deposits or renewals from April 1, 2005 and not on the entire stock of existing deposits. The Finance Act of 2004 had proposed to withdraw tax exemptions extended to NRE deposits from April 1, 2005
---------------- |
Krishna9
Bewarse
Username: Krishna9
Post Number: 2475
Registered: 04-2004
Posted From: 199.29.247.140
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:39 pm: | |
Spitfire mama, I have with Citibank NRI accounts (NRE & NRO). Is that what you're looking for? You need info on these NRI bank accounts? |
Andhrawala
Vooriki Bewarse
Username: Andhrawala
Post Number: 4795
Registered: 03-2004
Posted From: 192.58.204.226
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:38 pm: | |
Spitfire sodara,
Citibank account- U need to open with $500 or $100 to start with. Later there is no requirement for mainitaining min. balance.
|
Sollu
Vooriki Bewarse
Username: Sollu
Post Number: 3208
Registered: 03-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:37 pm: | |
>>DO you work for ICICI in India.
yaa ayanatho meekosam account open sepiddamana? KIKIKIKI |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3935
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:37 pm: | |
Ledu mama i have been using ICICI Bank account since i started to work..so all my transactions are through the same account for the past 6 years or so from bombay.
So have used the service a lot.
Ninna ney pampincha dabbulu through e-transfer into the same account. |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1067
Registered: 03-2004
Posted From: 204.253.137.213
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:36 pm: | |
KR Mama:
DO you work for ICICI in India.
Sam Mama:
Sure gaa mail chestaanu - we can talk tonight. Thank you for the offer.
Singh |
Sollu
Vooriki Bewarse
Username: Sollu
Post Number: 3207
Registered: 03-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:36 pm: | |
thanks KR babai.....
lekapothe malli ellinappud account open seyyatam oka pani ga pettukovali...... |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1066
Registered: 03-2004
Posted From: 204.253.137.213
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:34 pm: | |
KR and Sam Mamalu - Thank you for the very pertinent information.
I greatly appreciate it.
Singh |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3934
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:34 pm: | |
KR babai...if it is a joint account how does it go??? tax kattala daniki kuda
Idea ledu mama kanukovali, I will send a query to our company's Finance department and get the answer. |
Sam
Bewarse
Username: Sam
Post Number: 2008
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:33 pm: | |
if you still have questions email me your number samdeals@sbcglobal.net , I will explain in detail. |
Sam
Bewarse
Username: Sam
Post Number: 2007
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:31 pm: | |
If you want transfer money (US $ to INR)
Then you don't need anything. You can directly send money to any ICICI bank account. You can ask your raltives to open account in ICICI Bank on their name.
---You can also have an NRE account. In this case you need to maintian minimum balance (25K INR) and you can transfer money to your account. Then you have two options. You can ask your realtives to open their account in ICICI and transfer money from your NRE to their account (INR) instantly. Or you can mandate them to operate your NRE account.
------
Having NRE Account
You don't be charged tax on any interest you earn on NRE account.
You can transfer money when you think $ is good against INR
You need to maintian min bal INR 25K.
YOu can transfer money using ICICI bank's Money2India option
http://www.icicibank.com/pfsuser/icicibank/ibank-n ri/nrinewversion/m2i.htm
Not having NRE account:
On regular saving account you will have to pay tax on interest.
No minimum balance required.
YOu can transfer money using ICICI bank's Money2India option
http://www.icicibank.com/pfsuser/icicibank/ibank-n ri/nrinewversion/m2i.htm
Finallt the excahnge rate at ICICI is always better than Citibank. |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3933
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:31 pm: | |
Singh mama
https://m2inet.icicibank.co.in/m2iNet/remittanceCh arges.misc
select Transfer mode You want
Country of Remittance will be USA
Currency will be USD
Select your Disbursal Mode
Enter the amount you want to transfer
Click on Submit and see the charges.
For most of them its free |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1065
Registered: 03-2004
Posted From: 204.253.137.213
Rating: 
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:30 pm: | |
KR Mama:
>>Anduke it would be better if we have the account setup in our name in india.
I got your point - I think I will do that.
NRE account America nunchi open chesthe - Interest taxable kaadyu kadha - Only NRO account ayithe taxable anukuntaa. But anyways an ccount on my name in Inda seems more beneficial.
Singh |
Sollu
Vooriki Bewarse
Username: Sollu
Post Number: 3204
Registered: 03-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:30 pm: | |
KR babai...if it is a joint account how does it go??? tax kattala daniki kuda
i've an account on myname and my uncle's name and my uncle is primary user for that account and i'm secondary
or should i be the primary to avoid taxes? |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1063
Registered: 03-2004
Posted From: 204.253.137.213
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:28 pm: | |
Ranaga Z:
Hows you?. India lo chesaara. Hmm Pasport and Photos SSN VISA Drivers lincense lantivi vunte saripithundi ani ardham ayyindi --
Inda lo mandatee pattaledu kadaha - mari meeku emi advantage ante India lo evaru aa dabbulu vaadukokalekapothe elaga - malli meere India vellinaapudu paniki vasthundi ana
Singh |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1062
Registered: 03-2004
Posted From: 204.253.137.213
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:26 pm: | |
SS - Single star Sodara - nanu vadileeyi Mama
Sam Mama:
Emi ledyu mama CItibank Vaadi mari $1000 ante ekkuva anipinchindi - 25K is managable.
Thanks.
Singh |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3932
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:25 pm: | |
But people will not be ready to accept money into their bank these days. Endukante it becomes taxable kada. YOu have to explain from where you got the money..
Mana peru meeda ne money unte we can show our salary slip here in US. Anduke it would be better if we have the account setup in our name in india. |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1061
Registered: 03-2004
Posted From: 204.253.137.213
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:24 pm: | |
Sam Mama:
Thanks.n Now it makes sense - you are sayin that all you need is your won account and teh receipient his won account - and the transfer can be made free of cost with an exchange rate better than CItibank.
Am I right.
Singh |
Ranga
Bewarse
Username: Ranga
Post Number: 1879
Registered: 03-2004
Posted From: 65.208.22.25
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:23 pm: | |
One more thing. India lo Naa account operate cheyyataaniki evarni pettukolaa. |
Sam
Bewarse
Username: Sam
Post Number: 2006
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:23 pm: | |
>>DO you mean maa relative to valla peru meda - or can they open an account on my name in my absense.
You can transfer funds to anybody's ICICI account in India using their free service. |
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3931
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:22 pm: | |
DO you mean maa relative to valla peru meda - or can they open an account on my name in my absense.
Mama if you fill the form and then send it to those guys then that should be enough. Just ask any of your family members to enquire at any ICICI counter its open 12 HRS a day.. |
Sam
Bewarse
Username: Sam
Post Number: 2005
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:21 pm: | |
>>ICICI ki mimum balance vundaa - ante will you b e fined if your account fdoes not have a specific amount.
Yes, I think it is 25000. The fine is also not very much.I never had that situation so far so I don't know exact fine amount |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1060
Registered: 03-2004
Posted From: 204.253.137.213
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:20 pm: | |
KR Mama:
>>SINGH mama okka pani cheyyi mama india lo mi relatives tho okka account open cheyinchuko
DO you mean maa relative to valla peru meda - or can they open an account on my name in my absense.
I apologize for these stupid questions - but it has been a while I went personally to an Indian bank.
Singh |
Ranga
Bewarse
Username: Ranga
Post Number: 1878
Registered: 03-2004
Posted From: 65.208.22.25
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:20 pm: | |
Singh Z:
I have NRE account in ICCICI. Last time India ellinappudu open chesaa. Chaalaa veasy, They just asked for passport, four photos, not more than that. Minimum balance Rs. 5000/-
Basically I used that account to tranfer some money back to India at free of cost. Tranfer ayipoina tharvaatha daani mokham inthavaraku choodalaa.
House loan koodaa isthaamani visiginchaaru, vadduleraa baboo ani cheedarinchukunnaa vadallaaa. LIC agents ni minchipoyaaru veellu.
. |
Sam
Bewarse
Username: Sam
Post Number: 2004
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:19 pm: | |
>>Can you open it from here - while you are in the US. I need teh madatee option - is your account being operated by family/relative/friend in India.
Yes, I opened it from here.
Yes, you can sign and send mandate form, so your designee can operate funds
No, I didn't take that option. Instead the best thing is ask your relatives to open their own account and transfer funds. There is an instand transfer option available to any ICICI bank account in India.
|
Kushi_ram
Vooriki Bewarse
Username: Kushi_ram
Post Number: 3929
Registered: 04-2004
Posted From: 192.62.193.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:18 pm: | |
SINGH mama okka pani cheyyi mama india lo mi relatives tho okka account open cheyinchuko. You can use the same account to transfer the money. Ask them to open up a savings account. These days you can open an account in a single day.
Only probleM in the above case is the interest is taxable for a resident savings account. |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1059
Registered: 03-2004
Posted From: 204.253.137.213
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:18 pm: | |
Sam Mama:
ICICI ki mimum balance vundaa - ante will you b e fined if your account fdoes not have a specific amount.
Singh |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1058
Registered: 03-2004
Posted From: 204.253.137.213
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:17 pm: | |
Sollu Sodara:
Citibank is the brighter option now - I saw their ads - kaani 1000 min balance is very taxing. They have a current offer for $500 - 20,000 INR.
In the regular case when the balance drops below 1000 uS $, you are fined about 25 dollars a month - a little tto much.
In the 20,000 INR offer I see that it is waived for 20 years - but it is not clear from their information whther it is gone for all - or you have to maintain $500 instead of $1000.
Maybe as Sam said - the customer support should be able to answer these questions.
Singh |
Sam
Bewarse
Username: Sam
Post Number: 2003
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:17 pm: | |
spitfire/sollu:
Don't open citibank they give the lowest exchange rate I think almost one rupee less. |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1057
Registered: 03-2004
Posted From: 161.107.1.137
Rating:
Votes: 1 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:14 pm: | |
Sam Mama:
Is that true - vaala rules and regulation no necessary documents lo - I think there are a lot fo conditions. I will try to talk to them.
So you have an NRE RUpee Cheking account with ICICI - is that right.
Can you open it from here - while you are in the US. I need teh madatee option - is your account being operated by family/relative/friend in India.
Singh |
Sam
Bewarse
Username: Sam
Post Number: 2002
Registered: 03-2004
Posted From: 155.139.50.14
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:09 pm: | |
spitfire:
Did you try talkin to ICICI bank cust. service on toll free? They can help you. I opned ICICI without any other bank account in India. |
Sollu
Vooriki Bewarse
Username: Sollu
Post Number: 3197
Registered: 03-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:05 pm: | |
spit sodara citibank checkc ehsara? i remember seeing tons of ads in various sites about "citibank NRI accounts" and "send money to india easily"...are captions for those ads |
Cool_phani
Desanike Pedda Bewarse
Username: Cool_phani
Post Number: 6020
Registered: 03-2004
Posted From: 70.242.193.78
Rating: 
Votes: 2 (Vote!) | | Posted on Thursday, February 10, 2005 - 2:03 pm: | |
 |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1054
Registered: 03-2004
Posted From: 161.107.1.137
Rating:
Votes: 3 (Vote!) | | Posted on Thursday, February 10, 2005 - 1:57 pm: | |
Mamalu:
Inka evarikaina emaana information vunte cheppandi. Chaala mandi vunnaru - and most of you might have accounts already.
Singh |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1053
Registered: 03-2004
Posted From: 161.107.1.137
Rating:
Votes: 4 (Vote!) | | Posted on Thursday, February 10, 2005 - 1:56 pm: | |
Lax Mama:
Thanks. ICICI vaadu adige documents naa deggara levu mama - for example compulsory ga Inid alo Bank account (Savings/CHecking) in Indian bank and passbook vundaali antunnadu - Unfortunately I do not have any active Indian back accounts at this point.
Singh |
Lax
Pilla Bewarse
Username: Lax
Post Number: 241
Registered: 09-2004
Posted From: 68.58.14.99
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, February 09, 2005 - 10:45 pm: | |
SpitFire,
I am not sure about NRI accounts. When i went to INDIA, i tried to open NRI account in INDIA. Later i opened regular savings acccount with my mother name.
Currently I am transferring money to INDIA with out any charge through ICICI bank. You can even transfer money to Non-ICICI banks also(Limited to important cities).
You can transfer money to any ICICI account directly from your bank(In USA) funds.
I can give you more details if you want. |
Amar
Kurra Bewarse
Username: Amar
Post Number: 620
Registered: 03-2004
Posted From: 64.108.204.148
Rating:
Votes: 3 (Vote!) | | Posted on Wednesday, February 09, 2005 - 8:57 pm: | |
evaru babu naaku 5 stars vesindi, deniki kuda stars enti babu? |
Spitfire
Bewarse
Username: Spitfire
Post Number: 1051
Registered: 03-2004
Posted From: 68.49.136.211
Rating:
Votes: 5 (Vote!) | | Posted on Wednesday, February 09, 2005 - 8:51 pm: | |
Amar Mama:
Sure -
Anonymous Mama:
Deeniki kooda single vote vesaaru - Kharma - Naaku evaro telispoyindi - Seious gaa -
Singh |
Amar
Kurra Bewarse
Username: Amar
Post Number: 619
Registered: 03-2004
Posted From: 64.108.202.67
Rating:
Votes: 3 (Vote!) | | Posted on Wednesday, February 09, 2005 - 8:46 pm: | |
spitfire mama
after ur research, post which one is best one
i have an application of HSBC but didnot apply yet.
|
Spitfire
Bewarse
Username: Spitfire
Post Number: 1050
Registered: 03-2004
Posted From: 68.49.136.211
Rating: 
Votes: 6 (Vote!) | | Posted on Wednesday, February 09, 2005 - 8:37 pm: | |
I am trying to research the BRI Banking Accounts. I have done reasonable homework - could more experienced people throw some light. A synpopsis on specific advantages(personal experiences) of Rupee Checking would be reaaly great.
Do all/most banks offer the "Mandatee" option.
Any HSBC customers ?? .This is of particular interest.
Thanks in advance --- Singh |
