Dear sir, advice your son to open NRE account at any bank. Any deposit made in this account will not attract Income Tax and in future you can utilize this to any purpose like house construction etc., and no need to show the source of income since it is coming from abroad. Don,t go for ICICI/HDFC in particular. . All other banks are giving the same service. You go to any bank which is near to you and open the account. They will help you.
Regarding NRO account, it is meant for income of your son in Indian rupees.,like rent from houses, shops standing in the name of your son etc...,,,.
Muthuram.
From: "'Sujoy Datta' sujoy.datta@rp-sg.in [worldmalayaliclub]"
To: worldmalayaliclub@yahoogroups.com
Sent: Monday, April 4, 2016 2:09 PM
Subject: RE: [World Malayali Club] NRE NRO Bank a/cs
Hello Friends,
My son is working in an Indian IT company in Dubai. He gets his entire Indian salary in Dirhams and also gets local allowances in Dirhams. He wants to transfer some foreign currency earned in Dubai to India. What kind of account should he open in ICICI/HDFC bank in India, NRE or NRO ?
I would appreciate your valued suggestions/advices.
Sujoy Datta
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Posted by: Balasubramaniam Muthuram <lvbmuthu@yahoo.com>
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