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Best Investment Plans while in the US

Discussion in 'Money Matters' started by Kam012, Feb 3, 2012.

  1. Kam012

    Kam012 New IL'ite

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    Hi All,

    This threads aim is to throw light on what are the best investment plans for Indians while in the US.

    You are also free to share other information like options to send money to India and which way people would benefit more in terms of time and charges.

    Is it a must to hold an NRI/NRE/NRO bank account or holding an Indian Account and using options like RemitIndia will do.

    When is it the right time to convert money from Dollars to INR and how ?

    The goal would stick to people who are in the US temporarily and not planning to settle or buy property in the US.

    That would call for a separate discussion all together.

    So share your ideas and views and let everyone benefit ...:thumbsup
     
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  2. Pranjjal

    Pranjjal Gold IL'ite

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    Hi kam,

    It is illegal to use Savings account when u r an NRI so as I hv multiple savings account in India I am not using them. So many of them get deactivated after some period if u don't operate it. Once u r back to India you can ask in bank to activate it again. I converted one of my resident account(savings account) into NRO account because I want to send my savings to India to invest it in India say Mutual Funds,FDs,Stock market,Real estate etc If you convert the savings account into NRO the interest earned on Capital amount is taxable 30% TDS + application surcharge + education cess in India and u can bring back only certain amount as per the RBI rules back to USA in each financial year if u r in need or want it to use it outside India. You can deposit the Indian income too in this account such as Rental income or from any other sources of income. You can sign mandate holder(ur parent or relative resident of India) to operate that account in India. I assigned my Dad as a mandate holder so he can operate it as per my instuctions given to him. One can open FCNR and NRE account also. In an NRE account, your funds in foreign currency are converted into Indian rupees(NRO also), at the rate prevailing at the time of making transfer the funds in the account. You cannot use this account to deposit your income earned in India. The principal as well as the interest is freely repatriable (taking money out of India) and tax free in India. However if ur balance in NRE account is $10,000 and plus in a financial year then you need to declare the amount to IRS while filing the tax as the interest earned on it is taxable in USA.
    Please also refer to my posts in the following link
    http://www.indusladies.com/forums/money-matters/157555-ok-transfer-all-saving-india.html#post2102987
    Hope these things will give clear idea.
     
  3. Kam012

    Kam012 New IL'ite

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    Thanks Pranjal. That was pretty informative. Which NRI banking would you suggest? Is Citibank good? I believe they have a very high min. balance to be maintained something like $5000.
     

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