You can use Western Union's money transfer facility If you are sending money to your parents or relatives in India, who are not used to modern banking and don't have any internet banking or simply a bank account. The Western Union has a tie-up with a Federal bank which allows a Hassle-free method of money transfer where the receiver need not have an account. How does it work? Well, an NRI sends money and informs the receiver about a PIN number, who can then collect money from any Federal bank branch by producing PIN and their ID proof e.g. Aadhar card, Voter Id card, Rashan card, PAN card, or any other acceptable document as ID proof by banks. This facility is offered in association with Weizmann Forex Ltd.
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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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