If you are like many NRIs which keeps some amount of cash from 2K to 25K in denomination of Rs 500 and Rs 1000 notes which are now banned in India and thinking to either exchange them for new notes or deposit in their bank account, so that you can withdraw them later using ATM, then this post is a must read for you. In this article, I am going to share 7 important points every NRI should know and remember who is thinking of exchanging or depositing old Rs 1000 and Rs 500 notes.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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