Ever since Indian PrimeMinister Mr. Modi announce demonetization of Rs 500 and Rs 1000 notes, many NRIs, PIOs and other Indians residing overseas are worried about how to convert their cash which is mostly in the denomination of Rs 500 and Rs 1000. It's very common for NRIs and Indians working overseas to keep small cash of amount 5000 to 10000 when they come back from India.
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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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