QueriesOn Different Bank Accounts / Types of Bank Accounts

Discussion in 'Money Matters' started by Deep78, Oct 8, 2009.

  1. rosary

    rosary Gold IL'ite

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    Re: what type of account should I open in state bank of India ?

    thankyou siltu ,

    but NRO account is subjected to tax deduction , and my dh says he cannot run behind all this ... i mean paying tax and other things

    how do you think NRO is better than NRE fixed deposit?
     
  2. shravanicool

    shravanicool Junior IL'ite

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    More Information about the Demat Account

    I want to open a demat account to start trading which of the banks are suitable and the best . also provide tips on using the Demat account for profitable trading.

    regards,
    shravani
     
  3. Devinaren

    Devinaren New IL'ite

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    Re: More Information about the Demat Account

    Hi shravani,

    If you are looking for cost-effective demat charge, try opening demat a/c in CSDL. NSDL also provides demat account but their charge are bit high. Demat account opening is free but most brokers will charge AMC for demat a/c. If you are very long term investor go for life plan or else you can use year plan, around Rs.250 to 800 per year.

    Hope this information was useful to you. Please do get back here if you have any other query on the same.

    Happy and safe investing,
    Devi Narendar

     
  4. SriVidya75

    SriVidya75 Platinum IL'ite

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    This thread is to discuss questions about different types of bank accounts in India/US?
     
  5. kokila19

    kokila19 Bronze IL'ite

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    Re: what type of account should I open in state bank of India ?

    Hi Rosary,
    Even we have NRI account with SBI.

    We had open a FD with this account itself and transfered the money through this NRI account. When we went for last time vacation.

    I suggest you to transfer the money to NRI account, and when you are going for vacation, you can deposit in FD. It tooks max one hour to finish this FD deposit.
     
  6. SriVidya75

    SriVidya75 Platinum IL'ite

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    Re: what type of account should I open in state bank of India ?

    Can we do FDs in our NRI / NRO accounts?? are the interest or principle taxable???
     
  7. richa2009

    richa2009 New IL'ite

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    questionsabout nre account from state bank of india

    1) how long a checque issued from a nri account is valid ? is it 3 months or 6 months or more. i could not find tht info on SBI website.

    2)what is the procedure to open/apply for a locker for a SBI NRE account and please give me an estimated monthy/annual chages to open and thereafter maintain the locker.


    2)if a POA is given to any relative for the nre account, will the POA holder will autmatically have access to the locker associated with that account or it need a separate POA for the locker.

    Please give me some input at the earliest.
    thanks
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    Re: questionsabout nre account from state bank of india

    A cheque is valid for 6 months from the date of issue.

    getting a locker is not easy. i think you can nominate a person to operate it.
    the power of attorney and the agreement has to be signed by you. I think the rent for the locker differs from bank to bank. in a nationalised bank it could be yearly 1500 for a small one to upwards...and a minum 5lac deposit.

    you need to have some deposits to get locker facilities these days
     
  9. Renu1999

    Renu1999 Bronze IL'ite

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    Re: questionsabout nre account from state bank of india

    I dont know about sbi A/c but for ICICI NRE account they strictly said they wont give locker for NRE customers.
     
  10. jthomas

    jthomas New IL'ite

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    I have a question related to NRO Fixed Deposit.
    I am in US now and if I open a NRO FD for say $20,000 for 3 years today, will I be able to convert that to US Dollars and bring it back into US if a need arises after 3 years? Could you please let me know the procedure for that?
     

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