Non Resident Indians, who want to invest money in India, must first open a savings bank account. This will not only help you to easily remit money to India but also to transfer Indian rupees to your friends, relatives, and parents. You can also pay bills on behalf of parents, recharge mobile phones, pay DTH charges, etc. If you have aged parents, then you can really help them to pay their bills online using your Indian Rupees NRE or NRO Saving accounts, I have opened NRO accounts for just that purpose. Anyway, there are mainly three basic types of bank accounts for non-resident Indians, NRE, NRO, and FCNR. NRE stands for Non-resident external, NRO stands for Non Resident ordinary and FCNR stands for Foreign currency Non-resident 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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