SBI 3.74% FCNR

[AlaElaAlaEla]

FCNR interest rates are good 3.74% for 1 year.

https://www.sbi.co.in/portal/web/interest-rates/foreign-currency-non-resident-deposits-fcnr

[Merabharathmahan]

problem is additional paper work like FATCA form file cheyali foreign lo 50k kante ekkuva unte. 10k kante ekkuva unte fbar cheyali. Vachina interest amount ni schedule-B lo chuyinchi tax kattali. 

Us lone CD or 2% interest iche savings accounts lo pettuko. 

[tacobell fan]

1 hour ago, AlaElaAlaEla said:

FCNR interest rates are good 3.74% for 1 year.

https://www.sbi.co.in/portal/web/interest-rates/foreign-currency-non-resident-deposits-fcnr

cc @jefferson1

[dasara_bullodu]

Better to put instead of leaving in bank

[dasara_bullodu]

48 minutes ago, Merabharathmahan said:

problem is additional paper work like FATCA form file cheyali foreign lo 50k kante ekkuva unte. 10k kante ekkuva unte fbar cheyali. Vachina interest amount ni schedule-B lo chuyinchi tax kattali. 

Us lone CD or 2% interest iche savings accounts lo pettuko. 

NRE account ki kooda anthe na ikkada tax kattakkaredu kani malli US lo kattala alrrady kattina daniki ?

[Merabharathmahan]

1 hour ago, dasara_bullodu said:

NRE account ki kooda anthe na ikkada tax kattakkaredu kani malli US lo kattala alrrady kattina daniki ?

Yes brether. NRE, FCNR account meeda vache interest ki US lo taxes kattali like 1099-INT. ikkada tax kattedi interest amount meeda(not on promciple amount). Interest meeda tax kattadam problem kadu but on top of it FBAR, FATCA forms every year evaru file chestaru. Enni lakhs FD chesav NRE account lo?

[Spartan]

Interest kuda Dollar roopam lo ne istada..?

[Merabharathmahan]

1 minute ago, Spartan said:

Interest kuda Dollar roopam lo ne istada..?

FCNR dollars lone untay mama. Ya interest kooda i think. But ee tax paper work lolli undi kada fatca, fbar, schedule-b....

[Spartan]

1 minute ago, Merabharathmahan said:

FCNR dollars lone untay mama. Ya interest kooda i think. But ee tax paper work lolli undi kada fatca, fbar, schedule-b....

hmm, nenu vesina SBI life  account lo advantage enti ante..

if u use that Money in India, that is tax free...u need to pay tax only if u take it out of india..

[AlaElaAlaEla]

2 hours ago, Spartan said:

Interest kuda Dollar roopam lo ne istada..?

yes everything is in dollars. no need to worry about USD-INR change.

[AlaElaAlaEla]

3 hours ago, dasara_bullodu said:

NRE account ki kooda anthe na ikkada tax kattakkaredu kani malli US lo kattala alrrady kattina daniki ?

 

2 hours ago, Merabharathmahan said:

Yes brether. NRE, FCNR account meeda vache interest ki US lo taxes kattali like 1099-INT. ikkada tax kattedi interest amount meeda(not on promciple amount). Interest meeda tax kattadam problem kadu but on top of it FBAR, FATCA forms every year evaru file chestaru. Enni lakhs FD chesav NRE account lo?

ooruko vayya, evvaduu cheyyadu. India lo vache interest meeda tax entha mandi kadatharu US lo ? 

prathi daaniki paper work ante, no one will do it. NRE accounts lo indian tax undadhu why because we are already paying tax here in US, not sure why this needs to be reported back again to US?

[dasara_bullodu]

2 hours ago, Merabharathmahan said:

Yes brether. NRE, FCNR account meeda vache interest ki US lo taxes kattali like 1099-INT. ikkada tax kattedi interest amount meeda(not on promciple amount). Interest meeda tax kattadam problem kadu but on top of it FBAR, FATCA forms every year evaru file chestaru. Enni lakhs FD chesav NRE account lo?

Account monne activate aindi SIP vesanu monthly 20k rs

[Spartan]

43 minutes ago, AlaElaAlaEla said:

 

ooruko vayya, evvaduu cheyyadu. India lo vache interest meeda tax entha mandi kadatharu US lo ? 

prathi daaniki paper work ante, no one will do it. NRE accounts lo indian tax undadhu why because we are already paying tax here in US, not sure why this needs to be reported back again to US?

Because that is the income u r getting and not paying taxes anywhere...

Interest amount is considered as income anywhere in the world.

[dasara_bullodu]

34 minutes ago, Spartan said:

Because that is the income u r getting and not paying taxes anywhere...

Interest amount is considered as income anywhere in the world.

Why should we pay for NRE if it’s already converted ?

[AlaElaAlaEla]

@Spartan @dasara_bullodu Do you file ITR in India every year?