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Hello guys, if you are looking for a long-term, tax-saving option to put your hard-earned income then you have come to the right place. While there are a lot of tax-saving options available to NRIs and Indians in India there is none that can beat inflation and give you handsome returns. I am not talking about crazy returns many people got on investing in Bitcoin and Etherium, they are not for everybody but a more modest but realistic and safer 10 to 15% return in the long term. If you think that makes sense then learning about the Equity Tax saving fund can help you.  Read more »

No, you cannot deposit Indian rupees into an NRE account . The only way to fund an NRE account is via foreign currency remittance, foreign currency deposit when you visit India, or via foreign currency traveler's cheque. Since the  NRE saving account is at par with the  FCNR deposit , this is the restriction they have imposed. This also means that you cannot ask your friends, relatives, and parents to transfer money to your NRE account. I think the only way to transfer Indian rupees into an NRE account is by transferring money from your NRO account.  Read more »

If you are an NRI and have income in India like rental income and your annual income is more than 2.5 lakh, the basic exemption limit then you can reduce your taxable income by investing in an NRO tax saver fixed deposit. NRO tax saver Fixed Deposit has 5 year lock-in period and it will be eligible for tax deduction under Section 80C of Income Tax Act, 1961. Investment in NRO tax saver FD also given NRIs an opportunity to diversify their investments in addition to other investments permitted in Section 80C like ELSS, PPF, NSC, or NPS.  Read more »

Can we withdraw money from the PPF account before maturity? One of the most common questions people ask before opening a PPF account is "can we withdraw money from a PPF account before maturity?" . One reason for this question is the long tenure of the PPF account (15 years). The short answer to this question is Yes, you can withdraw money from PPF before 15 years but you can only withdraw a maximum of 50% of the balance at the end of the fourth year, and that too only after completing 5 years. This means for the first 5 years you cannot withdraw any amount from PPF. Read more »

There are several ways to send money to India from Overseas, both online and offline. Some of the popular channel for remitting money includes the Western Union for the small amount of cash to online services like ICICI Money2India, Xoom, HDFC QuickRemit, Remit2India, Transferwise, CurrencyFair , and Axis bank Remittance allows you instantly transfer small to medium amount of money to India e.g. from 500 USD to 20,000 USD. Different websites and money transfer services have different limits and that too also varies depending on which country you are sending money to India. Read more »

You can send money abroad on your overseas savings account from an NRE account in India. You can do this both online from the comfort of your office or home and offline from any branch of your bank. This is also known as repatriation or outward remittance. Almost all banks in India, both private sectors e.g. HDFC bank, ICICI, Kotak, YESBANK, Citibank, and public sector banks like SBI, Bank of Baroda, Bank of India, and others provide an online facility in their net banking website to transfer money to your overseas account. Read more »

Apart from international wire transfers, western union, and MoneyGram, there are three major online services you can use to send money from Hong Kong to India. Apparently, Hong Kong has fewer options as compared to Singapore for sending money to India . Unlike DBS, the local bank in Hong Kong - HSBC, Standard Chartered, Citibank, and Bank of China doesn't provide direct remit to India. BTW, you don't need to be concerned because these three online services e.g. Money2India, Remit2India, and AxisRemit are backed by reputed private sector banks in India e.g. Money2India is backed by ICICI bank, Remit2India is backed by TimesOfMoney group and AxisRemit is backed by Axis Bank. Read more »

After Donald trump's victory and historic onRupee demonetization in India, many of my friends working in living me asked the question whether now is the best time to send money to India from the USA? Well, it certainly looks so. The USD/INR exchange rate is at an all-time high of 68.34 and very likely to go to 70, so it definitely sounds like the best time to send money from India to the USA. The US dollar or USD, in particular, is rising for the last 3 years against INR, particularly after the Indian election in 2014, and appreciated against INR, which has lost more than 8% since then.  Read more »

Even though both Wire transfer and ACH are ways to send a large amount of money from one place to another, there are some significant differences in the way they operate. A wire transfer, also commonly referred to as SWIFT transfer is an electronic transfer of money from one financial institution to another across the financial network. The word "wire" is chosen to signal the electronic transfer of money. It is fast and secure and can be used to transfer funds from one bank or credit union account to another. Read more »