I have a NRE Savings account with HDFC and SBI and also a NRO Savings account with HDFC. Trying to understand a couple of things:
- Can anyone go into say HDFC bank and deposit Rs into my NRO account? Do they need any ID proof, etc? Is there a limit of how much money can they deposit into my account, or can they freely deposit Rs, 10lakh - 20lakh?
- After I have the money in my NRO account, say I give 20lakh to my Mom(by transferring to her bank account) from my NRE/NRO accounts, and she needs to return this 20lakh back to me in 2 years, what is the best way to do so? Would she just deposit the money into my NRO account and I can transfer the money to my NRE account and then repatriate to US, or can she just wire transfer from her account to me in US?
- Are there any tax implications that I need to keep in mind in the case I have described above - anything at all that I need to report to IRS here in US or to Indian Govt? Is it okay to transfer Rs 20lakh to my Mom's account for her to use to say buy a property?
Give money to parents and get money back?
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