Hi all We want to open a NRO account so that we can remit the amount here in dollars. The reason is we will be receiving rent from our property & we don't have a reliable source to receive that in India. It will be really helpful if any of you have NRO account for this purpose.(remitting rent) & can give me some info. Thanks in Advance. Dhivya
Dear Dhivya, Just googled it for you... Check the link, it may be helpful to you. You can email them and enquire them too. Indian Rupee Account | HSBC Bank India
Hi Dhivya, You can open a NRE/NRO account in any bank in India depending upon your need. Lthe rent of NRI's has to be collected using NRO account.I'm personally using State Bank of India and ICICI bank.WellsFargo has a tie-up with ICICI bank so you can transfer money using u'r bank account directly.We do have a SBI bank in SanJose which will do all the paper work for opening NRO account. Do you have a State Bank in the place where you live ? For ICICI account you download the forms online.Fill them and send it to Mumbai office.If you have already ICICI account in India then you can convert that into NRO account.Let me know if you need any other info. Thanks Mangai
dsrini, you can ask the person to remit the rent into nro account only as you are already aware. if you already have a nre account, ask the same bank for an nro that is the easier procedure. and you can ask for a bank transfer from your tenant, or you can ask for pdc submitted to the bank who will deposit it to your account accordingly for a small fees. it is all dependent on how friendly your bank and branch is..
Thanks everyone for ur reply. Sorry for this delay. My Dh & I went thru' all ur replies. We have Citibank NRE account & we are planning to open NRO account even though we can deposit (Rupees)money in NRE & repatriate it. Thanks again. Will let u guys know if I have any more questions. Dhivya
Dhivya, I have an NRO account with Citibank in Bangalore to receive my rent. See below explanation Non-Resident External Account (NRE account) can be a current / savings account held in India, in Indian Rupees. The account can be funded primarily by funds from abroad. In an NRE account -<table class="NGRbodytext" border="0" cellpadding="2" cellspacing="1" width="100%"> <tbody><tr> <td valign="top" width="2%">•</td> <td width="98%">The principal amount and the interest are fully repatriable (can be converted to any foreign currency) </td> </tr> <tr> <td valign="top" width="2%">•</td> <td>Income from the interest on the amount is non-taxable </td> </tr> <tr> <td valign="top" width="2%">•</td> <td>The money from the account can be transferred to any other account </td> </tr> <tr> <td valign="top" width="2%">•</td> <td>The interest earned in the savings account is 3.5% per annum<sup>4</sup>. The current account is a non- interest bearing account. </td> </tr> <tr> <td colspan="2"></td> </tr> <tr> <td colspan="2" class="NGRbodytext" height="20">Non-Resident Ordinary Account (NRO account) is a current / savings account held in India, in Indian Rupees. An NRO account is best suited for NRIs who have sources of income in India, such as rent, interest gained from any mutual fund, pension, etc. </td> </tr> </tbody></table> In an NRO account - <table class="NGRbodytext" border="0" cellpadding="2" cellspacing="1" width="100%"><tbody><tr> <td valign="top" width="2%">•</td> <td width="98%">Current Income like rent, dividend, pension can be remitted abroad through the NRO account. Funds which can be repatriated from the NRO are subject to a maximum limit of USD 1 million per financial year. </td> </tr> <tr> <td valign="top" width="2%">•</td> <td>Income from the interest on this account is liable for Indian Income Taxes </td> </tr> <tr> <td valign="top" width="2%">•</td> <td>The interest earned in the savings account is 3.5% per annum<sup>4</sup>. The current account is a non- interest bearing account. </td></tr></tbody></table>
Thanks pray2god. Citibank has asked us to submit couple of documents for the money transfer. Once we finish that I guess it should be ok. Thanks everyone for ur reply. Dhivya
Hi, I have a NRO acct in SBI, the tenant in india has to remit the rent in my NRO acct and i have given them my acct number. but when they are trying to do it online, it asks them details of the payee, and acct type. the options given for acct type is savings acct, current acct, loan acct, NRE acct. they dont give option for NRO acct. the tenant asked me which one he has to choose and i am not sure. If anyone knows pls let me know. Thanks.
chaaral, just check it is a nro or a normal savings account. recently, what we thought was a nro account turned out to be normal savings account. the mistake by a nationalised bank... or ask them present the check in person. sometimes online banking transactions do not allow nro remittances..from third party is my thinking..somebody should correct me if i am wrong.
