One of the frequently asked questions from NRIs, who has just opened an NRE (Non Resident External) account is how to fund their NRE accounts? Since you cannot transfer Indian rupees from your normal savings account in India to your NRE account, this question is common to arise. The simplest way to deposit money in your NRE account is remittance like sending money from your overseas bank account, but that's not the only way to transfer money to your NRE account.
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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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