r2i forum

Hi,
I want to do automatic deposit of NRO-FD interest into my NRE a/c.
I am already doing this in my icici bank, But looking for other banks who will support this kind of setup. I tried SBI, HDFC but I didn't have that option.

Does any one did this kind of seup with any other bank(like axis bank, citi etc).

ICICI bank is very good in that, I can do every thing online, like open an NRO-FD, and specify monthly interest pay out, and specify in which a/c I have to deposit that interest monthly(where I provided my NRE a/c). But I dont want to put all my money in icici, so looking for other banks where I can do this kind of setup.

Thanks

Are you sure that's what you are doing at ICICI? You can put money in NRE only from foreign currencies, you can't deposit rupees into it. I don't think the rules allow you to direct interest from NRO-FD to an NRE account. Better double check.

kkr;408419Are you sure that's what you are doing at ICICI? You can put money in NRE only from foreign currencies, you can't deposit rupees into it. I don't think the rules allow you to direct interest from NRO-FD to an NRE account. Better double check.

Any body can deposit rupees in to your NRO account.

cmk786;408434Any body can deposit rupees in to your NRO account.

Correct, but he is talking about depositing rupees in to NRE account, which he can't do.

Hi kkr,
I am doing this from long back. No doubt. I am not depositing rupees into NRE, I am depositing interest generated from NRO-FixedDeposit into NRE savings a/c.
According to RBI rules the interest generated by NRO accounts are fully repatriate, and icici bank is the only bank I have and I know who can do that automatically.

I tried SBI and hdfc they said they will do that, but I have to submit paper work(like tax return statement, letter from CA etc).

Again I am confirming I am not depositing any rupees directly into NRE, but depositing the interest I earend from NRO-FD into my NRE a/c at icici bank from long long time (may be more than 5 years).

I talk to sbi and hdfc about this and requested them to provide that kind of facility, but they said icici bank is doing it wrong :-)
and they dont want to do that. But I dont think icici bank doing it wrong, because according to RBI guidelines the interest from NRO-FD is fully repatriate.

so trying to find out if any other banks(like new banks axis, citi etc) are allowing that.

If any one have accounts in those a/c, may be try this online. Because if you talk with the Representatives they always say its not possible.

Thanks