View Single Post
Re: Banking News.....
Old
maverick_ronnie
maverick_ronnie has a spectacular aura aboutmaverick_ronnie has a spectacular aura about
 
Student of PGDM at INTERNATIONAL SCHOOL OF BUSINESS AND MEDIA
Pune, Maharashtra
Management Paradise Newbie
 
Status: Offline
Posts: 212
Join Date: Mar 2007
Location: Pune, Maharashtra
Re: Banking News..... - December 12th, 2007

ICICI Bank launches high yield fixed deposit scheme for NRIs

MUMBAI: ICICI Bank has launched a new non-resident ordinary deposit feature in order to enable NRIs to maximise their post tax yield on NRO fixed deposits.

With this scheme, namely NRO Fixed Deposit Plus, NRI customers can avail tax deducted at source at a concessional rate under the double taxation avoidance agreement. The bank will offer this feature initially to non resident Indians from countries such as US, UK, Canada and Singapore.

However, plain vanilla NRO deposits, which earn interest equal to the high yield resident deposits, are not eligible for the statutory tax benefits enjoyed by non resident external or foreign currency non resident deposits.


LYING HIGH

MAVERICK

DONT HESITATE TO PRESS THANX BUTTON IS U FIND THIS POST INFORMATIVE
Friends: (0)
Reply With Quote