Indian Bank Accounts For an NRI
February 8, 2012 | 
Author Here is some basic information of the various accounts that an NRI can hold in India.
The type of accounts:
Non-Resident External (NRE)
Non-Resident Ordinary (NRO)
Foreign Currency Non-Resident (FCNR)
NRE Savings Account
Whether you are a salaried employee, a professional, an entrepreneur or even a student, an NRE account is something that can benefit you immensely since it offers significant Advantages:
Get higher interest rates
Interest earned is not taxable in India
Use any currency to credit the account.
Maintained in Rupees, giving you a liberty to Invest in India
You can always take the money back overseas, whenever you wish to
Empowers your family to access your account anytime, anywhere in India
You can maintain a minimum balance of Rs. 10,000; Some banks allow you to open a zero balance account
Almost every major bank in India today offers you the convenience of opening NRE Savings Accounts.
NRO Savings Account
An NRO Savings Account is the ideal choice for Non-Resident Indians who earn an income in India through rent, dividends, pension and so on. Since, they cannot deposit this income into their NRE Savings Account, an NRO Savings Account is best suited to them since it allows them to conveniently deposit and manage the local rupee, an ideal choice.
You can enjoy the following benefits with NRO accounts:
Get higher interest rates
Deposit your income earned in India into your account
You can always take the money back overseas, whenever you wish to
Empowers your family to access your account anytime, anywhere in India
Maintained in Rupees, giving you a liberty to Invest in India
Use any currency to credit the account
FCNR Account
These deposits can be maintained in 5 designated currencies i.e. U.S. Dollar (USD), Pound Sterling (GBP) and Euro, Australian Dollar (AUD) & Canadian Dollar (CAD). They can only be maintained in the form of terms deposits for maturities of minimum 1 year to maximum 5 years.
Principal along with interest freely repatriable in the currency of your choice
No Exchange Risk as the deposit is maintained in foreign currency
Loans/overdrafts in rupees can be availed by NRI depositors or 3rd parties against the security of these deposits. However, loans in foreign currency against FCNR (B) deposits in India can be availed outside India
No Wealth Tax & Income Tax is applicable on these deposits.
Gifts made to close resident relatives are free from Gift Tax.
Facility for automatic renewal of deposits on maturity and safe custody of Deposit Receipt is also available
I personally have an NRE account that I use to transfer my dollars that I spend in rupees when we visit India or when I buy my mutual funds. My account is with HDFC bank. And you really don’t have to be in India to open and NRE account. You need to send them some documentation as mentioned below and you can easily open your NRE account.
Photocopy of the pages of the passport containing passport details & personal details of all applicants.
Copy of valid visa* / work permit
One passport photograph of each applicant
Mailing address proof Click here for list of documents accepted as mailing address proof.
If you have already downloaded the application form, then:
All photocopies of the above documents to be attested by Indian Embassy or by Notary or by Banker overseas. If the documents are not certified then all documents need to be self signed or Self attestation letter has to be submitted along with one additional document.
One passport photograph of each applicant.
Who do you bank with in India?
Discover Card Account Login
You can have a secure online access to your Discover card account through Discover card account login. The account center through which you access your account is secured by the highest Internet security Secure Sockets Layer (SSL) encryption. Your information is safe through this enhanced security. It makes it impossible for anyone to access your account, unless you have inadvertently, or otherwise, disclosed your account login information to others.
Before you can login into your Discover account you need to register for online access. It is quite easy and fast, and once you have registered and logged in you can have access to improved management of your Discover account. You can receive your up-to-date account summary; access and review your statements and other activities up to the last 24 months; and make payments online, among other activities.
Once you login you can locate your account transactions, graphically analyze your spending pattern and track other activities. You save time when you login into your account online and use many of the online features available to you. Through financial tools, such as the recently introduced Spend Analyzer, you compare your spending patterns. You can graphically see how and where you are spending and your purchases are organized into broad categories. The Paydown Planner assists you in paying down the balance on your Discover card, and within a specific time frame. In addition, through the Purchase Planner you can plan your subsequent purchases as it helps you understand how your monthly payment could be affected by some large purchase.
Login For Customer Services
Through Discover card account login you can access its customer service for any information or query you may have. You can access your card account, learn about the rewards programs offered – such as the 5% Cashback Bonus program, make payments and transfers online, learn about your account activity and obtain account statements, among other information. Rest assured, your personal information and information about your account activities are safe and secure. The secure login protects the statements issued to you online, notifies you if there are any unusual activities involving your account, and if you are shopping online your real account number is never revealed.
You are allowed access to your account only after you provide certain information on logging in, such as your user ID or account number and the password which is known only to you. If either is incorrect you get The User ID and/or Password does not match our records or you are not registered message.
As of January 2009, Discover cardholders can access their account through their mobile phones. Through mobile access you can make payments and view pending payments, view your transactions, view your rewards activities, etc. With your mobile phone always next to you, you can now have your Discover account information practically at your finger tips!
You can access your Discover account via your telephone, through Internet on your laptop, and now through your mobile phone. All you need is to login into your Discover account.
7 Top Tips to Car Salesman’s Or Saleswoman’s Success
Given that car sales account for 19% of total U.S. sales in 2000 (source: U.S. Small Business Administration), a lot of people are buying cars which mean that are a lot of people selling cars. Additionally, new car sales have dropped from 63.4% in 1989 to 60% in 1999. Selling cars is not easy given that many still have a negative perception of car salesmen or women. Hopefully, these 7 tips may help you to sell more cars.
First and Foremost YOU need to think of yourself as a business. Car sales people work for an auto dealership, but most work on a salary and commission basis. When your compensation is commission based, this means you have more control of your destiny and should view yourself as a business instead of just a sales person.
Adopt a Planning Attitude. If you do not have a plan, then you are on some else’s plan – usually the successful car saleswoman or salesman. As a practicing performance improvement consultant or coach for the last 10 years, I have observed that most people plan less for their entire lives than they do for a simple visit to the grocery store.
Learn how to prospect. There exists a fundamental belief that the auto dealership is responsible for bringing traffic through the door because the dealership owners have all those “big bucks” for media advertising. Given that 80% of all new sales comes from referrals, would it not make more sense to prospect individually rather than rely on outside resources to control your destiny? Those media efforts usually bring in suspects, not prospects. Use your time wisely by focusing on prospects those who have a need, dollars and are a decision-maker. Don’t rely only on the auto dealer to send out letters. Take the time to write some handwritten notes.
Improve your sales skills to make more money. Today’s buyers are far more savvy than years ago. Learn how to cultivate and develop long term relationships. Consider a proven buying/selling sales process where marketing and selling skills are united to deliver to the desired results of another sold car. New car sales to used car sales are far more relationship based selling than years ago when car sales was a commodity sale.
Establish your sales goals using your great planning attitude. If you are a car salesman or car saleswoman and have 300 customers and the industry average sales cycle is 3 years, then every year you should be selling 100 cars. Focus your efforts of those who will be buying a car this year, but remember to continue to touch those who will potentially be buying another car in 2 or 3 years. HINT: Use the W.A.Y. S.M.A.R.T.criteria for goal setting.
Identify the attitudes or beliefs that are obstacles to your success. Working with those in the auto industry, I have heard countless reasons why sales cannot be made. However, when these reasons are reviewed, they are usually unfounded reasons based upon existing attitudes and beliefs. For example, “corporate has ruined the car industry by posting prices on the Internet. Everyone knows everything about the car.” My response is “if price was a real objection, then everyone would be driving a Yugo or a Chevette. And doesn’t it make more sense to have an educated buyer than an uneducated one when it comes to your time and resources?” HINT: When you change how you look at things, the things you look at will change.
Make managing yourself priority number one. You must learn how to maximize your time especially in the area of time management, ongoing professional development such as through business coaching training and personal life balance. The auto industry is truly a 24/7 business given that cars are with us each and every day of our lives. However, it is important not to lose sight of your personal life including family, friends, physical health, etc.
Yes, you can be an incredible car salesperson who can increase sales through these 7 simple car salesman tips. Just remember, sales regardless of industry is all about knowing your numbers and then multiplying your activity to secure those desired results.
Best Business Bank Account 2011
Think of the things that could be done online. Shopping, maintaining of relationships with loved ones, building of relationships with strangers, earning a diploma, making money through work- almost all essential things that could raise the standard of living and spice up one’s life can be done on the internet. So why not open a business bank account online? Let’s take a look at the online banks which are arguably the best in their sphere.
Ally Bank
“Go branch-free.” This bank is all online, no buildings or branches attached. Because of the absence of tangible buildings, they offer competitive rates, ridiculously low fees, 24/7 customer care and will not charge you ATM fees at any ATM across the nation. And look at their freebies! Free payment of bills, free account alerts and notifications, free sleeping money alerts, along with simple online transfers and making deposits with online transfers or free postage-paid envelopes. All safe and secure. To top it off, you don’t need a minimum balance to open account!
WT Direct
Want to link your accounts to your twelve children? WT Direct might consider doing that for you, unlike the other banks that limits your links to three. And they’re direct to the point. Fast application, no monthly fees, well-guarded against unauthorized transactions, and an equally substantial online banking experience through your mobile phone. WT Direct Mobile Banking makes you want to bank anywhere without being noticed.
ING Direct
Being one of the online banks with the longest online presence, they sure are becoming wiser as they age. Their Business Savings accounts requires “no fees, no minimums and no catches.” And if you feel “old” like this online bank and is considering retirement, check out their Share Builder 401k plans, which is designed to help you out regardless of the size of your businesses. Now that’s wisdom and age in profit.
Ever-bank
Free-Net Checking, its premium checking account (guaranteed to having the top yields among the nations) has features that has done away with monthly fees and ATM charges, unlimited payment of bills, VISA check-card with worldwide use, rebates of ATM fees incurred by other bank ATM’s and downloadable transaction records into Money or Quicken. Ever-bank and Evergreen-they do have similarities, don’t you think?
USAA
Being a bank founded on military values, their online banking service could also battle well. They have no monthly service fees, despite of your balance. They would refund you if another bank charges you for using their ATM. They secure your funds transfer to any bank in the United States, for free. The more you save, the more you’ll earn based on their tiered rates. How’s that for victory?
Open a business bank account online. It’s as simple as that. Surf, compare, and contrast which bank might best cater to you and to the advancement of your business. Compare the fees (or the absence thereof), the rates, the freebies, the love – all these features which seek to make your online banking experience something to enjoy. What are you waiting for, then?
How to Maintain a Checking Account
It is no secret that many people don’t know how to maintain their checking account. They write checks and use their debit cards, make deposits and withdraw cash but don’t do anything else. Maintaining your checking account is necessary to avoid any charges or fees associated with overdraft and negative marks on credit reports as a result.
Checking account is just series of deposits and withdrawals. To maintain a checking account means to keep track of all the transactions and reconcile the account at the end of each month. Keeping track means writing down each transaction into the check register. This includes both deposits, debit card transactions and withdrawals made by check, at an ATM. Calculating the available balance is necessary to avoid overspending and accruing overdraft fees. It is not enough to just check the account balance every couple of days. Checks can take from 2 to 5 days to clear the account. This means that the available balance may be less than what it shows in the account. However, if you keep track of the transaction you take the outstanding checks into consideration and will not continue spending the money if the balance is not enough to cover the purchases. If you bounce a check or two by accident, your bank may extend a courtesy to you and refund up to 2 fees. They usually will not do more than once a year.
It is easy to find out which transactions have cleared the account. All financial institutions offer online banking services. You can log into your account and see the history. Telephone banking is similar and will give you the last transactions and the balance. If you have no access to these options, stop at a branch and ask a teller to print out the recent history of your account.
When you receive your monthly statement, take a few minutes to reconcile your account. If you’ve been keeping track of the transactions, this should not take longer than a few minutes. There is an easy step-by-step guide on the back of the statement on how to do this. Check the statement to make sure there are no unexpected transactions or fees. The balance on the statement should match the balance in your checkbook register plus the outstanding checks and transactions.
Keep in mind that bouncing checks will reflect negatively on your credit record and your relationship with the financial institution. The bank keeps track of your account. When it comes to receiving some perks, such as rewards on debit card transactions or lower rates on loans, you may not be eligible due to the poor standing of your account. The bank may even close your account if you have too many bounced checks. Other financial institutions may not open a checking account for you based on the information reported by your current bank.
By doing these simple procedures you will never have a bounced check and will maintain your checking account.
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Tags: Account, Checking, Commercial, Lenders, Maintain, Mortgage, Overview | 
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Credit Card Suppliers Compete for Balance Transfers
With tight credit seemingly becoming a footnote of history, several credit card issuers are fighting it out to be able to acquire customers with many dangling the attractive offer of zero percent interest on balance transfer offers as the incentive to get the consumer to change their provider.
Despite the fact that issuers offering up a zero percent account balance transfer alternative are undoubtedly providing an extremely useful resource to help intelligently take care of finances, there are some hurdles which should be avoided at all costs in order to make the most of the outstanding deals in the market. Be careful to always make sure to read through the stipulations before you apply.
Without a doubt, credit card deals supplying 0% interest rates on either expenditures, or as in this case, transferring balances, are unable to maintain this permanently and so they consequently supply this APR for an introductory period only. It is usually known as a teaser rate and often lasts anywhere from around six months to eighteen months.
In cases where a cardholder transferring their credit account has the ability to pay off their balance while the reduced rate applies, the move may possibly save a sizable amount of capital, but for the people whose obligations take a tad bit longer to repay, they may end up paying out a more expensive interest rate compared to their prior charge card issuer.
Even if your charge card features a greater than average APR when the offer ends, that doesn’t mean it isn’t worth switching the account balance. However, it in fact does signify a serious attempt ought to be made to pay off the debt prior to the zero percent interest period expiring, or perhaps uncover a different bank card to switch to.
Consequently if you take a holiday vacation and end up forgetting to pay for your bill before you leave, after you return you may very well find that the bank card provider has cancelled the 0% special offer and switched the balance onto its standard interest rates, as well as incorporating a penalty fee for overdue payment.
The rivalry in the credit card marketplace is unquestionably to the cardholders’ advantage, with issuers no longer limited to a small handful of creditors. It’s now a lot more common to discover many vendors credit cards within wallets and handbags across the country. These credit cards are usually very competitively priced and review web pages will help discover the companies providing the greatest deals.
Posted in Balan Ceaccount Articles | Tags: Balance, Compete, Credit, Liners, Plastic, Suppliers, Transfers | No Comments »
President Obama to Balance the Budget by 2013 – Nonsense!
The Public Relations Propaganda Machine of the Obama Administration is firing on all cylinders, unlike the economy, but the President has said no matter, he can fix the economy, offer healthcare to everyone, and still reduce the deficit by 2013. Oh Really, and just how does he propose to do that? Well, he says he will remove the troops from Iraq? And get this, Tax the Rich?
Well, he will not be able to tax the wealthy rich socialists that support him. Besides they all have offshore accounts in Lichtenstein or with Swiss Account Numbers at UBS. Worse, Obama is calling people that make over $250,000 per year as rich? Interestingly enough, with the coming inflation from all his spending, 250K won’t be nearly worth what it is today.
And in a recession there are a lot less folks making $250K these days. Of course, President Obama, the economist is going to give us another Really Big Speech this coming week of how all this will work. Believe me, I’ve heard his speeches, promises and talk, yet I just bet this plan of his will not be explained just a lot more fancy dancing.
How is someone who is going to have spent over 1.5 Trillion Dollars in his first 100-days in office going to balance the budget? That’s absurd and it is wishful thinking, even in a perfect world with no Earthquakes in San Francisco, no major Hurricane Disasters and no wars it cannot be done without cutting government costs.
Oh but he promises to cut military spending by leaving Iraq? And yet, he promises to give everyone universal health care. And we already know that he put forth the Stimulus Spending Package to pay off his socialist friends, campaign PAC groups, and supporters. Amazing the level of rhetoric these days – is anyone getting tired of this yet?
Posted in Balan Ceaccount Articles | Tags: Balance, Budget, Camping, Comfortable, Nonsense, President | No Comments »
Can Your Mortgage Be Your Savings Account?
It is becoming increasingly popular to use a mortgage in lieu of a low-interest savings account. Is this a good idea?
The latest version is a home-equity line of credit that is used to buy a home. It is marketed as a way to pay down your mortgage faster than the traditional mortgage. But it only works at this if you use it correctly. It could be both good and bad that you can use the funds from the account whenever you want to. All you have to do is write a check.
It is basically an adjustable-rate home-equity credit line that is based on the value of the property. You make interest-only payments for the first 10 years. The balance is then fully amortized over the next 20 years. You will pay both the interest and the principal at this time.
If you go ahead and own the home for ten years, you could be facing amazing monthly payments. Your monthly payment could more than double on you. Yet, there is no negative amortization on this loan program. The interest is capped for five years and high-credit score borrowers are currently looking at a cap of 8% over the starting rate. In today’s world, the maximum the interest rate could hit is in the 14% range. Yet, after five years, the cap could revert to either 21% of the state’s usury.
This plan could work well for the dedicated purchaser who puts all extra money and bonuses into the mortgage account as payment on the balance. The interest is then lowered and the loan is paid off much faster. Most borrowers must have a score of over 660 to be approved.
Many advisors suggest the use of a 30-year fixed-rate mortgage with interest-only payments for the first ten years instead. Yes, the payment will go up after the inital ten years, but the interest rate won’t. The concern against the equity-line to purchase is that borrowers would simply write checks without thinking about the addition to their mortgage balance. Plus, the interest rate is adjustable — always a risk.
If you are considering an alternative loan program for the purchase of your home it is important that you sit down and do all of the necessary math. For example, you should calculate how high the payment could go due to rising interest rates on an adjustable rate mortgage. You should be able to afford the worst. If you can’t, you probably should look to a less expensive home.
If you only plan on living in a home for three to five years, a loan in which the interest is fixed for five years is perfect for you. You get the lower rate, but you have to be sure that you are going to want to move in the time period. It still remains that the best long-term bet for a mortgage is the 15-year fixed rate mortgage. You pay less interest and build equity faster.
Other new trends to watch for in the marketplace include mortgages that can be automatically converted into reverse mortgages and longer fixed-rate term mortgages.
Credit Repair – Having Collection Accounts Deleted From My Credit Report
Most people are unaware of the fact that it is possible to delete collection accounts from their credit report. Collection accounts can be one of the easier negative items to delete if you have the proper information.
Deleting collection accounts will surely help to improve your current credit rating.
Collection Accounts- Collections accounts are accounts that the lender has given up on collecting the money from you and have decided to write off the account on their books. A lot of lenders will sell these accounts to third party collection agencies and these guys will call you trying to collect the money.
The account will show on your credit report as a “collection account” and the best way to get rid of the account in this particular situation is to negotiate with the collection company. Because the account has been written off, the collector will be willing to take less than the original balance but you want to come to an agreement ONLY If they will have the collection deleted from your credit report.
On the other hand if it’s an older account, you can try a different approach, which will involve you challenging the account with the credit bureaus. Challenging the account will cause the credit bureaus to investigate the account and if they cannot find proof that you own the account, it has to be deleted by law from your credit report.
Another way collections can be deleted from your report is based on the age of the collection account. If its older than seven years it needs to be deleted according to the law.
Posted in Balan Ceaccount Articles | Tags: Accounts, Collection, Credit, Deleted, Having, Repair, Report | No Comments »
CP 501 – Reminder Notice, Balance Due
CP 501 notice, Reminder Notice of Balance Due, is a simple letter that is easy to understand. If you have a balance due the IRS sends this letter. It is the first notice that is sent to let taxpayers know about money being due on their account.
What should I do after receiving a 501 letter?
Just as the notice itself is simple, the first step is just as easy: pay the money that you owe. The IRS tells you how much of a balance is due, and it is your responsibility to send the money. Use the provided envelope, and include your payment along with the bottom portion of the notice. This will ensure that your payment makes it to the right place, and that the payment is applied to your account without delay.
How long can I wait to respond?
You do not want to wait after receiving a CP 501 notice. Even though this is a simple letter, it is not one to take lightly. It is up to you to either remit payment in full, or to contact the IRS to see what other options are available.
What if I can’t pay in full?
Depending on your balance, you may not be able to pay in one lump sum. At this point you have to contact the IRS. You may quality for an installment agreement. Those in bad financial shape should consider an offer in compromise.
If you do not agree with the CP 501 letter, for whatever reason, contact the IRS and explain the mistakes that you see.