r2i forum

Hello All,

I am new in US. I work as an IT professional. I want to send money to my Indian savings account and then from there I will sending money to different banks in India.

Now my concern is, Can I send money every month to my savings account in India? If yes, then do I need to pay any indian tax? I am really running clueless.:emdgust:

Any suggestion will be highly appreciated.:thup:

Thanks,
Ravi

Hi!
Welcome to US!
Since you are a NRI now, you have to open NRE,NRO kind of accounts.
1. You have to convert the savings to a NRO account. Nowadays the RBI regulations have changed and you dont have to close that account.
2. For NRO account, you have to pay Indian taxes.
3. You can also open NRE account, whereby you do not have to pay taxes to Indian Govt.
4. To transfer money, you can use services like money2india or remit2india.com.
5. You can send money as much and as many times you want, no restrictions there.

VS007 has provided you most of the information.

Transferring money from USA to India does not cost any taxes - neither USA taxes, nor India taxes.

However, when you transfer the money, unless you buy something with the money and use, the money is earning interest in a bank.

That interest earned is taxable by US regardless of which bank account it is.

When you transfer money to your bank accounts in India, you are allowed to keep NRE bank account, NRO bank account but not a resident bank account (being in USA you are not a resident of India).

If your money is in NRO account, there will be Tax deduction at source on interest earned and the tax will be sent to Govt of India (GOI) by the bank.

If your money is in NRE account, there will be no tax deduction and all interest you earn in account will be tax exempt from Indian taxes (not US taxes).

You have to ask yourself the question as to what is the purpose of sending money to India - if your goal is to earn interest and need this money in a few years and want low risk like a bank, then NRE account is fine.

Since you are new ,you may be eligible to open NRE/NRO account after 6 months of staying abroad for employment purpose. Please check with any bank like hdfc,icici or citi bank. NRI rules keep on changing.

SBI site says:

"A Non Resident Indian (NRI) as per India?s Foreign Exchange Management Act 1999
(FEMA), is an Indian citizen or Foreign National of Indian Origin resident outside
India for purposes of employment, carrying on business or vocation in circumstances
as would indicate an intention to stay outside India for an indefinite period.An
individual will also be considered NRI if his stay in India is less than 182 days during
the preceding financial year."

VS007;466865Hi!
Welcome to US!
Since you are a NRI now, you have to open NRE,NRO kind of accounts.
1. You have to convert the savings to a NRO account. Nowadays the RBI regulations have changed and you dont have to close that account.
2. For NRO account, you have to pay Indian taxes.
3. You can also open NRE account, whereby you do not have to pay taxes to Indian Govt.
4. To transfer money, you can use services like money2india or remit2india.com.
5. You can send money as much and as many times you want, no restrictions there.

Thanks for your prompt response.

Can I send money to my savings account in India directly. I have just come to US and do not have NRE or NRO account and I need to send money to INDIA every month. Please suggest if I can send money to my indian savings account legally via remit2india or xoom.com.

Thanks

ravisharma;466962Please suggest if I can send money to my indian savings account legally via remit2india or xoom.com.

Yes, you can. I have done this.

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