Tuesday, March 13, 2018

Can You Deposit Money in Rupees in NRO Account?

One of the common questions among new NRIs or Indians just went abroad is whether they can deposit rupees in NRO account or not? The short answer to this question is YES, you can deposit INR or Indian rupees into NRO account. In fact, that's the sole purpose of opening an NRO account because you cannot deposit rupees into NRE account.  If you are new to NRI banking facilities available to Non-resident Indians then let me tell you there are two main types of saving accounts NRIs can open in India, NRE (Non-Resident External) and NRO (Non-resident Ordinary).

Monday, March 12, 2018

10 Important Custom and Baggage Rules for NRIs - Indians Returning from Overseas

India is getting prosperous and foreign trip are not the privilege only rich people had in the past. Nowadays, many middle and upper-middle-class  Indians  are traveling abroad for holidays, vacations, honeymoons, study and just for work to nearby countries e.g. Singapore, Malaysia, Dubai, Thailand etc. Apart from the hassles of Passport and VISA, one more thing which bothers many Indias is the customs rules and the worry about what they can carry back to India without paying customs duty while shopping overseas.

Tuesday, February 13, 2018

5 Difference between L1A and L1B USA Visas

If you are working for an investment bank e.g Barclays or CitiBank or service company like Infosys or TCS and thinking to move to the USA on L1 VISA then but don't know the difference between L1A and L1B USA visas then you have come to the right place. In this article, I'll explain the difference between those two. Many of my friends have moved to the USA on L1A and L1B in last a couple of years hence I have some personal experience talking with them. Similar to H1 VISA, L1 VISA is also a temporary VISA which allows a foreigner to work in the USA.

Tuesday, January 9, 2018

H-1B VISA May not be extended for those waiting for Green Card( permanent residency) in USA.

One of the big news I have heard this week was the changes in H-1B VISA by Trump administration which can affect as many as 500K Indians living in the USA and working in the technology sector. The H-1B VISA is the most popular way for Indian IT professional to travel the USA. In general, it is first issued for 3 years but can be extended for another 3 years. Which means an individual who goes to the USA on H-1B VISA can stay their as long as 6 years. After that, he has to come back India or go outside the USA for another 1 year before he can come back, but there is a twist.

Sunday, December 31, 2017

How to Check if Your Aadhaar is Linked with Bank Accounts Online - Status Checker Tool

Hello Guys, welcome to the last post of 2017 in NRISavingsFunda and what could be the better topic than "linking Aadhaar" to close out the year. In this article, I'll show you how to check the status of your Aadhaar and bank account linking status online. The whole 2017 can be dedicated to Aadhaar linkage.

Tuesday, December 26, 2017

NRI should use Portfolio Investment Scheme (PIS) to buy shares

If you know, NRIs are allowed to invest in Stock Market in India i.e. they can purchase and sell shares in Stock Exchanges (Secondary Market) as well as they can buy stocks on Initial Public Offering (IPO), the Primary Market. Unfortunately, not many NRI knows about Portfolio Investment Scheme or PIS. It's a scheme of RBI under Schedule 3 of Foreign Exchange Management Act 2000 which allows NRIs to purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange routing such purchase/sale transaction through the account with the designated bank branch e.g. ICICI bank.