India is getting prosperous and foreign trip are not the privilege only rich people had in the past. Nowadays, many middle and upper-middle-class Indians are traveling abroad for holidays, vacations, honeymoons, study and just for work to nearby countries e.g. Singapore, Malaysia, Dubai, Thailand etc. Apart from the hassles of Passport and VISA, one more thing which bothers many Indias is the customs rules and the worry about what they can carry back to India without paying customs duty while shopping overseas.
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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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