One of the frequently asked question by NRI who are traveling to India or currently in India is that whether they can deposit their Rs 500 and Rs 1000 notes in their NRE account or not? Some of them have withdrawn the cash from their NRE account itself prior to the surprise declaration of demonetization by the prime minister on the night of 8th November.
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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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