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
Automatic Deposit of NRO-FD interest into NRE a/c
Automatic Deposit of NRO-FD interest into NRE a/c
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.
Automatic Deposit of NRO-FD interest into NRE a/c
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.
Automatic Deposit of NRO-FD interest into NRE a/c
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.
Automatic Deposit of NRO-FD interest into NRE a/c
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
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