Now we are familiar with NRE and NRO accounts, there are three more types of foreign currency accounts worth knowing – FCNR, RFC, and EEFC. These accounts are designed to meet different needs based on whether you’re: Let’s break down each one in simple terms. 1. FCNR (B) Account – for NRIs An FCNR (B) […]
If you’re an NRI (Non-Resident Indian), understanding the difference between NRE and NRO accounts is crucial for managing your finances efficiently in India. Let’s begin. What is an NRE Account? NRE (Non-Resident External) Account is designed to hold your foreign earnings in India. It is maintained in Indian Rupees, and both the principal and interest
Understanding NRE and NRO Accounts: A Simple Guide for NRIs Read More »
Once we’ve understood the concept of residential status in India, it’s essential to know the banking options available for individuals based on their status. In this blog, we will explore all major types of bank accounts and banking options available to a Resident Indian citizen, qualified as a “Resident” under Indian financial regulations. Let’s walk
All Major Banking Options Available for a Resident Indian Citizen Read More »
In Indian financial and tax systems, an individual’s residential status determines how they are taxed and what financial privileges they have. Here’s a simplified breakdown of the major categories: RESIDENT INDIAN Who is a Resident Indian? As per the Income Tax Act, an Indian citizen is considered a Resident Indian if; Exception: For Indian citizens
Understanding Residential Status: Resident Indian, NRI, PIO, Seafarer & Foreign National Read More »
There’s a new development related to ATM withdrawals, the Reserve Bank of India (RBI) has increased the maximum charge banks can levy for ATM transactions beyond the free limit. Earlier, banks could charge up to Rs. 21 per transaction after the free withdrawals were exhausted. Now, they are allowed to charge up to Rs. 23.
Why RBI Permitted Increase in ATM Withdrawal Charges? Read More »
How Your Debit Card Works? In India and Around the World?
Have you ever wondered how you can withdraw cash from any ATM, even if it doesn’t belong to your bank? Or how your Indian debit card works when you’re in another country?
It turns out, there’s an interesting system running behind the scenes, both inside and outside India that makes this possible.
How Banks Allow You to Withdraw Money from Any ATM? Read More »