NRIs are allowed to buy and sell properties in India, and they can also bring the profit post-sale of their property abroad, but there are a couple of things which you need to learn and remember. For example, you need to know that the sale proceeds amount can only be deposited into your NRO account and not on your NRE account. There are many similar points that every NRI should know and remember before selling their ancestral or self-bought properties in India. I have tried to list a couple of them in this article. If you have any suggestion or any other essential things which are not on this list, please suggest in comments.
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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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