In my last article is it possible to exchange old Rs 500 and to Rs 1000 notes overseas I mentioned that currently, it's not possible to change old Indian currencies of Rs 500 and Rs 1000 abroad because neither money exchangers are accepting those notes nor Indian banks at overseas, both public and private are accepting them. So, now the biggest question is how do NRIs living in US/Canada/Australia/Japan/Singapore/HongKong/UAE change their old notes? Are their cash is worthless now? The only way NRI can exchange or change old Rs 500 and Rs 1000 notes is either personally visiting any bank in India or authorizing someone to do the exchange on their behalf by submitting authorization letter and self-attested copy of passport. You should also remember the deadlines, 30th December 2016 and 31st March 2017
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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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