Posted On
6/10/2017
12:14:38 AM
by
Abdul rahman
Yes, u must pay tax on the maturity time.
For new deposit, best option is post Office. If u invest 1.25 Cr in P.O, u will get 3.25CR after ur expiry, also so many benefits for ur family members.
Anyway ur 2Cr will be taxable, better withdrw it and invest in P.O., u will get 6Cr aftr ur expiry.
Post reply for others benefit.
God Bless.
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Posted On
6/10/2017
1:02:20 AM
by
Bank Manager
This is fake post. Assuming you made FD in the year 2016, no bank will allow you to make FD for such a long period i.e. 9 years. No way.
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Posted On
6/10/2017
1:56:51 AM
by
JG
@ bank manager,
Irrespective of whether this is a fake post, bank allows to make FD for long periods also. I have one FD (Not this much huge amounts) which the manager had advised me to put for 10 years in order to save from any interest fluctuations..
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Posted On
6/10/2017
11:22:34 AM
by
KV
Any NRI who returns after 7 years, would get 1 year of RNOR status. For 14 yrs, 2 years RNOR. Means if you stayed in Gulf for 14 years, you would be considered as NRI for 2 years post return. This is just approx calc and exact years of time entitlement of RNOR would vary as per your stay overseas.
If you returned to India in year 2018 after stay of 14 years in Gulf, you would be considered as NRI until 2020. From 2021 onwards, you need to declare annual interest on your FD as taxable income.
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Posted On
6/11/2017
12:43:58 AM
by
Hiho
You are wasting you money by putting it in FD. Deploy in the share market and reap the benefits.
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Posted On
6/11/2017
4:17:11 AM
by
Sm
@ Bank manager - SBI quotes for 10 year deposits - both NRE and NRO. @NRI - once you are no longer an NRI you have to pay tax on your interest income - even when you have RNOR status.
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Posted On
6/11/2017
4:49:04 AM
by
A Confused NRI
@Bank Manager I always deposit for 10 years. Most of my FDs are maturing in 2025. You can deposit more than 10 years also. So don't say its fake if you don't know the terms. @Abdul Rahman. I am interested to know things when I am alive. Who wants money after death? could you explain? @KV & others - Thanks Please post more information if someone knows about it.
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Posted On
6/11/2017
8:04:07 AM
by
ssb
After reaching India, please approach the Bank barnch and give Declaration that you came to India for permanent settlement and request them to convert your account in to "Resident" account . But they may convert in to NRO account. They will deduct TDS @ 30% on your Interest income and issue TDS certificate. Then file your Income tax return intime and get Refund of excess TDS deducted by the Bank. The refund amount will directly credited to the bank. If bank convert in to REsident account, then TDS will be lower amount. Please consult good practising Chartered accountant for more clarity. He may guide you for other avenues of invetsment and tax planning also. All the best.
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Posted On
6/11/2017
2:36:19 PM
by
Bank Manager
@A Confused NRI: I am sure that all of ur savings will reaches to ur family members,,,I felt so, thats wat u r investing on 10yr basis.. Live ur Life today man..Eating Kubboos and saving for 2025..hahahahahaha...good joke: What Mr.Abdul rahman suggested is best for you...Invest and Post Office and tell ur family members to wait......................:)
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Posted On
6/12/2017
12:14:26 AM
by
A Confused NRI
@Bank Manager Its my saving after living a luxurious life. I lived a very decent life. I am against people saving without living. You mind your business. I do not agree with Abdul Rahman's idea to keep all savings for the family after your death. For your information, if anyone ask anything about investment, Abdul Rahman's reply is the same. He is an agent of Post office. He has another business also - clearing the motion. I am intended to use my saving for many things which I have plans. I just wanted to know the taxation rules. The rest I know how to handle my savings. Hope you understand. Don't judge people with your way of thinking.
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Posted On
6/12/2017
12:29:00 AM
by
Abdul Rahman
I am the only one living joker in this earth Putting hole my money in post office & waiting to die tomorrow I die & my family alive My suggestions are my suggestions You take or not take no problem.
If your motion not stop, please don't post it here
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Posted On
6/12/2017
12:35:51 AM
by
Joker
Hahaha.. Dr.Abdul Rahman is angry for the first time. He was always cool. Why getting angry Doctor. IIK forum like your postings. You helped Sonu which we remember well. Take it easy. Cool down
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Posted On
6/12/2017
5:13:10 AM
by
Sm
@A confused NRI - an excellent reply. @Bank manager - people do invest in FD for long term when the interest rates are high. For example when FD interest rates were 10% I invested in FDs for 10 years and also opened a recurring deposit for 10 years. Now when the current interest rates are around 7% people like me are still getting interest at 10%. But investments I make now I don't invest for long periods.
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Posted On
6/13/2017
6:51:43 AM
by
A Confused NRI
What if I don't inform the bank that I am back to India and keep my account as NRE for few years?
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Posted On
6/13/2017
2:30:20 PM
by
Bank Manager
hahahaha....now he wanted to eat Ration Rice and Chadni at India...greedy...still thinking to violate rules and saving money...
"saving after living a luxurious life" hahahahahahahaaa.... crying for tax.....
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Posted On
6/13/2017
11:38:10 PM
by
Senior Branch Manager
Confused NRI. At the end you showed your true color. When all your life you have lived luxurious life then why look for ways for cheating.
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Posted On
6/14/2017
12:21:34 AM
by
A Confused NRI
I don't mind paying tax it benefit me. In European or US, people get Social security after paying the tax. What benefit we are getting after paying the tax. Only the Politians become croe pathis. Their wealth in 1000s of crores. We the innocent people pay the tax. What benefit we get from the Govt on paying the tax. Don't just make fun of my statement. I am ready to pay any legal amount due to the Govt. but since they don't favour us or nothing in return why should I pay tax- that also huge amount. Please explain than barking at me.
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Posted On
6/14/2017
12:26:21 AM
by
Vice president MYBANK
I totally agreed with what confused NRI. There is no benefit for people who pay tax than our so called law makers.
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Posted On
6/14/2017
1:01:46 AM
by
Chairman of MY BANK
Confused NRI what you said is truth. We don't get anything in return after paying tax. Let me tell you one thing. I am out of India since 1985 and till date I have not paid any tax to Indian govt.
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Posted On
6/14/2017
3:57:00 AM
by
Sm
@confused NRI - If you don't inform the bank they won't deduct TDS. But once in two years they have to do re-KYC. At that time they will ask you proof for proving your NRI status. Then they will come to know. And even if the bank does not deduct tax, you are liable to pay tax. It is your call whether to pay or evade.
@MY BANK - every time you visit India you do pay tax to the Govt which is included as a part of your air ticket. Apart from that when you buy things in India you again pay tax. Income tax you may have not paid I guess.
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Posted On
6/14/2017
4:12:54 AM
by
Chairman of MY BANK
@ SM you are right. I have not paid any income tax because I don't keep any money in India. All my savings are off shore (tax free locations). When I visit India, I carry some amount to be spent in India.
My logic is:-
I don't get anything from Govt. so I will not pay anything to Govt.
If I pay tax to Govt. then all chor politicians will eat it.
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Posted On
6/14/2017
11:30:24 AM
by
m bhargav
you will have 2 years exemption , for two years will not have to pay any tax in india on intersest, you will not be able keep your status undeclared as bank will ask for kyc update . and if income tax found tax hiding will have to pay big fine. better plan now . itself consult some practicing tax lawyer who will give practical advice, start filling tax return from now . even you do not have to pay tax . . if any tds deducted you will get return from it. also paying tax is not bad and you have to pay
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Posted On
6/14/2017
2:35:12 PM
by
A Confused NRI
I am ready to pay the tax. But for this huge amount, I am little worried. Mr.Abdul Rahman, could you please provide the details of that Post Office investment. I have to think that way too. I am not interested in Charity and all. This is my hard earned money. I lived in Kuwait for long with limited facilities, then I have to enjoy my life in India with the interest money which i saved.Thanks to everyone who gave good and bad suggestions.
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Posted On
6/15/2017
1:56:42 AM
by
A Confused NRI
FOR YOUR KIND INFORMATION: THE LAST POST IS NOT FROM THE ORIGINAL USER.
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Posted On
6/15/2017
3:40:49 AM
by
Sm
Some one has mentioned that you have a 2 year exemption from tax - i.e. that you don't have to pay tax on the interest for two years after you return to India. This statement is made possibly under the assumption that if your status is RNOR you don't have to pay tax on your interest income from NRE deposits. This is not correct. When you are RNOR only your foreign income is exempt from Indian income tax. Like if you have deposits abroad the interest you earn from those deposits is not taxed by India. Once your RNOR status ends your global income is taxed.
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Posted On
6/17/2017
9:10:26 PM
by
A Confused NRI
@Abdul rahman: I checked with Post Office, seems great. So I planned to invest some money. Thanks for your advice.
I am suggesting this invest plan to all fellow Indians for your family. Donot neglect Mr.Abdul Rahman's advice about P.O investments.
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Posted On
6/18/2017
12:47:19 AM
by
Real NRI
All the post supporting Abdul Rahman is made by himself. This is for your information.
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Posted On
6/19/2017
1:58:22 AM
by
Amit Thomas
If anyone stays more than 180 days in an year in India, then he is not an NRI. Now the immigration is linked with your bank account and they will come to know that you are not an NRI. So better be careful.
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Posted On
6/19/2017
3:32:54 AM
by
Sm
"Now the immigration is linked with your bank account"!! Please don't post such ridiculous statements.
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Posted On
6/19/2017
2:29:01 PM
by
Abdul rahman
@ A Confused NRI:
Your post is regarding NRE FUND or Abdul Rahman??? Why you are deviating the topic and put me in between.If you dont like my comment, just ignore it..Please dont poke me like this.
God Bless
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Posted On
6/21/2017
12:24:35 AM
by
A Confused NRI
@Dr. Abdul Rahman... Which post are you taking about?
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