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Topic: Banking between India and USA

Category: General        


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Topic : Banking between India and USA

Sy Z.
9/1/2011
Member of SeattleIndian.com
City: Seattle
Hi -- has anyone set up a bank account in India and have been able to access it via banks in the USA? I noticed that deposit interest rates in Indian banks are SO much higher than ones in the USA. I wondered if any NRIs or PIOs here have taken advantage of this by depositing $$$ into Indian banks to earn those higher interest rates while living in the USA. If so, what are the pros/cons of doing so? Tax/legal issues? etc.

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kewl n.
9/2/2011
Member of PortlandIndian.com
City: corvallis
What do you mean by access via banks in US ? Do you mean, if i log into US bank account I should be able to view the corresponding Indian account linked as well ? I am not aware of any such bank service. Suspect there is no easy way to confirm the identity of the person for this service. You always loose money when you transact through the bank. This is the way, I handle it. I have a good network of friends and relatives who frequently visit US on and off. I pay them into their US bank accounts and the equivalent amount in INR is transferred into my Indian account. Of course, lot of it is dependent on trust.As far as PIOs go ( assuming converted to citizenship) , every US citizen needs to declare their offshore accounts/property/loans for tax purposes. Its better not to give up the Indian citizenship considering India still does not offer dual citizenship.


 
 
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