Are you very anxious and disturbed about the safety of your fund which you have earned by hard working in foreign land? Do you like to send money back to your home country for the future use? See everyone has the ardent wish to be rich or financially affluent. They don’t want to find them in miserable condition. Therefore you must be a good planner how to save money for the future expense. If you are married and you have children and wife, you should be economical.
Open your Online FD Account in India: http://www.nriinvestindia.com/bonds.html
- The best way to save money is to opt for the fixed deposit scheme. Fixed deposit will launch you in the orbit of sound financial position. Let’s took a short analytical overview how Indian banking sectors offer the fixed deposit schemes for non resident Indians like you. Just upgrade your knowledge by taking few tips into consideration.
- It will help you out to take the proper decision. If you are an NRI and like to open an account in your home country, you are free to do that. You will have to apply for NRE, NRO or FCNR type fund deposit. This kind of account is designed for the limited period. That means you can withdraw the deposited fund after the fixed period of the maturity.
- If you want to know in details, kindly request the bank manager or the concerned authority of the banking sector to award you some documents or information booklet to build up the clear ideas about the different procedures of FD plans. The bank will surely help you to make the decision.
- However, you must acknowledge the fact that the interest rate fluctuates in different times in this case and this fluctuation depends on the RBI’s regulatory machinery. You need to make close monitoring to get the proper information in this regard. Now let’s have another look at the different interest rates. See in actuality, the rate of interest is at variance with the types of accounts.
Monitor Interest Rate Fluctuation
- In the case of an account for the deposition of foreign currency, the interest is offered twice in a year plus the principal amount after the expiry of the maturity date. There is another important factor which you must keep in mind that in the case of NRE and FCNR type FD plans, the interest is given without charging any tax. On the other hand, if your account is NRO type, the rate of interest on the principal amount is taxable at the rate of 30.60% which will be deducted from the deposited fund.
- Last but not the least, if you suddenly experience any financial breakdown in your life, you need ready cash to fight the awkward situation, you can break the fixed deposit bond and withdraw money.
In this case, 1% interest will be taken as penalty charge. However, in this case the bank’s decision is final. You must know the different withdrawal periods prior to maturity of your fund.
For NRE the minimum deadline for withdrawing money is 1 year, in the case of FCNR it is again a time range of 12 months and lastly in the case of NRO the withdrawal period is 15 days. You should remember all these time slabs for the withdrawal of money from your NRI accounts before your bond reaches the point of maturity.
Finally, ICICI bank has offered a number of facilities to the NRIs for opening accounts for the fixed deposits. It has earned international accolades and recognition in the banking and finance. You can opt for the NRO FD. This NRO fixed deposit is available for those who live in America, Britain, Singapore and Canada.
In addition, under NRO Fixed Deposit Plus, the bank has brought the color of flexibility to the payment of taxation as per the agreement or contract on the basis of DTAA and TDS. To know in details, you will have to log at the official sites of ICICI bank for getting updated data in this connection.