POSTED BY December 28, 2011 3:28 pm COMMENTS (6)ON
I have a query regarding NRE term deposit. I have a NRI status and will be visiting India next week. I do not hold any a/c in India and have planned to open a NRE & NRO a/c during my visit to India.
As most of the banks have revised attractive rates on NRE deposits, I want to create some NRE term deposits. As I currently do not hold any a/c in India I want to first transfer the money to my relatives and then with the transfer proof create NRE term deposit. Will the banks accept this as a proof?
As far as my understanding is, only the transfers from NRE/ NRO a/c, traveller cheque, foreign currency cash (with certain limits) are accepted for the deposits.
I will be visiting India next week, so I have to advice my local bank regarding the transfer before I leave.
Could experts throw some light on this?