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Can I deposit USD in Indian bank?

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Can I deposit USD in Indian bank?

NEW DELHI: You can now open a dollar account in your bank and operate it as you operate your rupee account. You can deposit money in foreign currency and withdraw it to meet your foreign exchange requirements. “This account will be maintained in the form of a current account with cheque facility”, it said.

Can I deposit foreign currency cash in my bank in India?

Yes, one can deposit check any currency cheque in his or her bank account. Once cleared by the source bank the amount will be converted to Indian rupees. The forex rates are pre-set by the banks for conversion. Finally, after the conversion, the INR amount will be credited to your bank account.

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Can we keep US dollar in India?

You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.

Can I deposit foreign currency in my bank account?

U.S. banks do not accept deposits of foreign currency into personal savings or checking accounts. A conversion must take place before the deposit can be made.

Can I keep US dollars in India?

Can I transfer USD to savings account in India?

Yes. Your USD will be converted in to Indian Rupees at the going exchange rate plus nominal expenses. You can then open a fixed deposit and get the same rate as applicable to all other deposits say 7.5\%.

Is money sent from US to India taxable?

When you send money from US to India, the relationship between the sender and receiver is not important. The maximum tax-free amount you can send in a year is $14,000. Up to $14,000, no tax is charged. Beyond that amount, it would be subject to gift tax for the sender.

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Can you open FD in NRE account?

NRE fixed deposits are restricted from being opened by transferring currency from an NRO account or a resident savings account.

Can NRI keep FD in India?

NRIs are not allowed to hold resident fixed deposits. If one already holds a fixed deposit jointly with a resident family member, the bank may allow the deposit to be held till maturity, but not renew it further.