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ICICI Canada: Welcome to Money to India
Embark on a seamless financial journey with ICICI Bank Canada's 'Money To India' service. Experience swift and secure money transfers, ensuring your funds reach their destination reliably. Welcome to a world of convenience and trust in international remittances with ICICI Bank Canada
Empowering Business Growth: ICICI Bank Canada Commercial Loans
Fuel your business ambitions with ICICI Bank Canada's tailored commercial banking solutions. From short-term financial assistance to secured operating loans, and strategic Term Loans, we are your partner in driving success. Choose financial support that aligns with your business goals
Term Deposits in the UK: Explained
Fixed-rate bonds or terms deposits are not something new to the people in the UK. However, they have recently become popular for their fixed return benefits and low tenure options. Keep reading to find out what these are.
Fixed-rate savings instruments have become widely popular in the UK amidst the dwindling economy and volatile market conditions due to the COVID-19 pandemic. They offer guaranteed returns and some tax benefits too. A term deposit is one such deposit account that has appealed to a wide section of society in the country.
Let’s delve deeper into these.
What is the Term Deposit?
A term deposit, also known as a fixed-rate bond, is a savings deposit account that allows individuals to grow their savings at a fixed rate of interest throughout the pre-defined tenure. This tenure could range between 6 months, 1-year, 2-years, 3-years and 5-years. Upon completion of the tenure, the individual can either renew the deposit along with interest earned or withdraw it into linked savings or current account.
Minimum and Maximum Amount?
The minimum amount of deposit could vary between banks, £1000 or $1000 being the minimum limit usually. However, there is typically no limit on the maximum amount. The low minimum amount and no maximum limit on the deposit make it appealing to a lot of people in the UK.
Early Withdrawal Rules
Withdrawing the deposit before the completion of the tenure could be a bit challenging. The withdrawal rules could vary depending on the bank and the type of deposit you have chosen. For instance, some banks or types of deposits don't allow you to withdraw at all, while others may impose a loss of interest or a penalty on the interest earned.
Some deposits may require you to give 45-90 days of notice to the bank before you can access the money. And a few may only allow you to withdraw under extreme situations such as the death of the account holder or bankruptcy or face heave penalties. It is important to choose one that aligns with your saving needs. A rule of thumb - the more difficult or expensive it is to withdraw your money before maturity, the higher the interest rate offered.
Term Deposit and PSA
UK taxpayers are divided into 3 categories broadly;
● Basic Rate Taxpayers - Taxable income taxed at 20%
● High-rate Taxpayers - Taxable income taxed at 40%
● Additional-Rate Taxpayers - Taxable income taxed at 45%
Personal Savings Allowance or PSA enables individuals to save tax on the interest earned in a year based on their tax slab. Under PSA, basic-rate taxpayers don't have to pay any tax on interest earnings, from savings and deposits, up to £1000, whereas the same limit for high-rate taxpayers is up to £500 in a year. Additional rate taxpayers do not get any benefit under the PSA. PSA includes interest earnings from all types of savings, including savings account, deposits, etc.
Eligibility and Documentation
All UK residents above 18 years of age are eligible for opening a term deposit account. They’ll need to submit the following documents, typically accompanied by an application form and a cheque of the amount of deposit;
● Proof of Identity
● Proof of Address
Opening a Deposit Account
Choose a reliable bank that offers FSCS protection of deposits up to £85,000 on your deposits. Once you have chosen a bank, visit the bank with the application form and proof of identity and proof of address. Make sure you have read the terms and conditions carefully before you open the account. Happy saving!
Business Forex Payment in the UK: 4 Things You Should Know
Businesses in the UK involved in overseas operations often have extensive international fund transfer requirements. There are now business bank accounts that help such businesses manage international transfers in the most convenient and transparent manner. Read this post to know more. Be it making an overseas investment or paying an international supplier, several businesses have extensive forex transfer needs. These transactions should be managed effectively to protect the bottom line of the business. To make forex transactions convenient and quick, there are banks in the UK that offer business accounts with forex facility. Check out what these accounts are and how they can benefit your foreign transactions- 1. What is a Business Forex Account? A business forex account is a type of current account designed for businesses that regularly send or receive funds to and from international destinations. Apart from all the basic facilities that businesses look out for in their current accounts, these accounts come with a host of features to facilitate international transactions. For instance, the accounts are compatible with a host of currencies. This makes it easier for businesses to transfer funds to foreign beneficiaries without first exchanging the amount. They come with additional features such as working capital solutions, treasury solutions, etc. to facilitate international fund transfers. 2. What are the Different Currency Options Available with Forex Business Accounts? The currency options can vary between banks. If you are searching for a top bank to open a business forex account, then prefer one that offers maximum currency options. There are banks in the UK that offer more than ten international currency options, such as GBP, USD, Euro, INR, and more. Ensure that the bank you select has flexible transfer options for the foreign currency in which you mostly send or receive funds. For instance, if you regularly transfer funds to India in INR, then check the daily transfer limit, exchange rate, transfer fee, etc. before making a selection. 3. What is the Transfer Duration for Transactions Initiated from a Business Forex Account? When it comes to business banking, timely processing of your transfers is vital as it can directly influence your operations. The average transfer duration with a business forex account varies based on factors such as the amount you are sending/receiving, destination, currency, and even the bank you select for your account. However, there are reputed banks in the UK that offer same-day international remittance facilities even for business transfers. Also, transactions are generally faster if the international beneficiary also has an account in the same bank. 4. What is Cut-Off Timing for Forex Transfers? The cut-off timing is another critical aspect you should know about if your business is regularly involved in forex payment. It is the time limit within which the transfer should be initiated to ensure that it is processed within the average duration mentioned by the bank. The timing generally varies based on the currency in which the transfer is to be processed. To give you an example, a bank could have a cut-off time of 1 PM for instant GBP transfers. If the transfer is initiated after the cut-off timing, then the transfer might not be processed instantly. Before opening a business forex account, ensure that you thoroughly check the cut-off timings of the bank. Forex Transfers Made Easy with Business Forex Account A business forex account in the UK offers a host of valuable benefits to businesses that regularly send or receive funds from international destinations. With easy online access and multiple currency options, you are sure to experience a world of convenience and savings with the account. Ensure that you select a reputed bank after thoroughly understanding the terms and conditions to benefit from a business forex account effectively.
5 Things You Should Know About Tax-Free Savings Account in Canada
People in Canada looking for a way to earn additional income on their savings can consider opening a Tax-Free Savings Account (TFSA). Read this post to know five of the most important things about this account.
Term deposits are one of the most popular investment options in Canada. It allows you to earn fixed risk-free returns on the investment over a fixed tenure. But what if you don’t want to stay invested for such a long duration? The Tax-Free Savings Account (TFSA) can be an ideal choice in such a scenario.
As the name suggests, TFSA is a type of savings account that helps you earn interest on your savings without any commitments with regard to the tenure. Moreover, the interest earned from a TFSA is tax-free. Take a look at some of the most important things about TFSA in Canada-
1. What is a Tax-Free Savings Account?
The TFSA is a type of savings account that lets you earn additional interest income on your monthly savings. Based on the interest rate offered by the bank and the balance you maintain in the account, you will receive interest income on a monthly basis.
It eliminates the need for you to lock-in your funds for a fixed tenure. As it is a savings account, you can access and use your funds the way you like without worrying about any penalty.
2. What is the Interest Rate on TFSA?
The interest rate on TFSA can vary between banks. However, there are reputed banks that offer as much as 0.50% p.a. interest. This makes TFSA a smart way to earn some additional income on your ideal funds and savings.
Keep the savings in your TFSA when you don’t need it and withdraw and use the same as and when required. As long as the amount stays in the account, it will earn interest as it is calculated based on your daily closing balance.
3. What is the Annual Maintenance Fee?
The maintenance fee can also vary between banks. Most banks charge an annual administration fee on their TFSA. But you can also find banks that do not charge any maintenance or administration fee. This means that you get to keep all your money without paying anything to the bank.
Without any maintenance fee, your savings will also grow faster, and you will have extra funds to manage your expenses.
4. What is the Minimum Account Balance Required in TFSA?
Some of the banks do not have any minimum balance requirements on their TFSA. This ensures a higher level of flexibility as it enables easy movement of funds between accounts based on your savings and expenses.
Even if you withdraw the entire balance from your TFSA, you will not be required to pay any penalty for not maintaining the minimum balance.
5. How Can You Access Funds from Your TFSA?
Using the Tax-Free Savings Account in Canada is as simple as using any ordinary savings account. You can deposit and withdraw funds through online banking or even phone banking.
After opening the account, you will receive a user ID and password to log into the net banking portal of your bank. Using the account credentials, you can access your account anytime you like.
Earn Extra Income on Your Savings with TFSA
The TFSA is one of the smartest ways for people in Canada to make the most of their savings and ideal funds. It allows you to earn interest income while also ensuring complete flexibility with regard to the movement of funds and accessibility. Moreover, with some banks, you are not required to maintain any minimum balance or pay any account maintenance fee.
Look for a reputed bank to know more about TFSA and open your account as soon as possible to grow your savings.
Planning to Return to India for Good? Check Out What You Can Do With Your NRE Account
Most NRIs have an NRE account with an Indian bank for transferring their foreign earnings to India. But what should an NRI do with this account once he/she decides to return to Indian for good? Read this post to find out.
An NRE (Non-Resident External) account is the go-to bank account for NRIs who want to transfer their foreign earnings to India. It is a tax-free account with no limitations on repatriation. Apart from an NRE savings account, NRIs can also open NRE deposit accounts, like Fixed Deposit (FD) and Recurring Deposit (RD).
But as these accounts can only be opened and maintained by an NRI, what should NRIs do once they decide to return to India for good? Take a look-
Redesignating an NRE Savings Account
As per the FEMA regulations, NRIs who return to India permanently are considered resident Indians from day one of their return. As a result, they can no longer hold or maintain a bank account that is reserved for NRIs. After returning to India, the NRE savings account should be converted into a standard savings account and taxed accordingly.
Alternatively, an NRE savings account can also be converted into an RFC (Resident Foreign Currency) account. An RFC account allows resident Indians to maintain their account in a foreign currency. If an NRI has brought foreign currency from an overseas bank, an RFC account can be used for depositing the same without converting it into INR.
Redesignating an NRE Deposit Account
Just like the NRE savings account, the NRE FD or RD account should also be redesignated to a resident FD or RD account if the NRI wants the deposit account to run up to its maturity. The FD account will then be taxable as per the existing laws for resident deposit accounts. The NRE deposit account can also be closed by the NRI upon his/her return to India.
The contracted interest rate will be paid to the NRI on maturity if the NRE deposit account is converted into a resident deposit account. Premature closure/withdrawal will attract a penalty. Alternatively, the funds from an NRE deposit account can also be deposited into an RFC account.
No penalty is applicable for premature withdrawal from an NRE deposit account if the funds are deposited into an RFC account.
How to Redesignate an NRE Account?
Upon their return to India, NRIs should inform the bank where they hold their NRE account about the change in their residency status. The bank will then require the NRI to fill an account redesignation form as per the type of NRE account they hold.
Most banks now offer online account redesignation. With this, the NRIs can redesignate their account to a resident or RFC account by filling a form online.
Redesignating NRE Bank Accounts After Returning to India
According to FEMA laws, resident Indians are not allowed to hold or maintain a bank account that is reserved for NRIs. The bank can charge hefty penalties if an NRI maintains an NRE account after returning to India permanently.
If you are planning to return to India for good or have returned recently, get in touch with the bank where you have an NRE account to inform them about the change in your residency status and know more about the redesignation process.
Sending Money From Canada to India Is A Breeze! 6 Benefits of Online Transfers
If you are new to international fund transfers, do not worry. There are some simple and secure ways for you to make online transfers to your near and dear ones or your professional contacts, living abroad.
Anish recently moved to Canada for a job. However, his family is back home in India. He needs to transfer money back home regularly. With so many methods to choose from, he opts for the online transfer option.
Transferring funds online from Canada to India is not just convenient; it also comes with a series of other benefits that make your banking experience profitable and hassle-free.
Here are six advantages of online international fund transfers:
1. The Convenience: With banking solutions available right at your fingertips, all you require to transfer money from Canada to India, is a steady internet connection. In a matter of a few clicks, you can transfer the money online, through the official bank website or the dedicated mobile banking app of the desired bank. You can also initiate transactions with just a phone call, without using the internet.
2. Enjoy the Privileges: It often pays to have a long-term relationship with a bank. Whether you choose to make your payment at the branch or online, most banks allow you to avail lucrative, locked-in exchange rates on the amount. There’s often a very low or zero tax rate to these transactions. At any customer-oriented bank, your money matters deserve undivided attention, and you get to enjoy personalised service. Furthermore, most banks levy very nominal service charges to their loyal customers, which save you from the inconvenience of paying a hefty sum to an agent.
3. Security Matters: Your hard-earned money warrants the optimum level of security during online transactions. Smart and safe banking from trusted outlets make the transfers traceable online and via email. This ensures that there is no loss of funds at any given time. Banking employees and back-end technical developers work day-in-day-out to facilitate transfers without hiccups all over the world.
4. Time-Saving: If one has an important meeting scheduled and is required to make payment around the same time, it would naturally put them in a tight situation. Not anymore! Now you can schedule your transfers at the bank specifying the date and time as to which the procedure has to be implemented and then sit back and relax because the bank will take it from there.
5. 24/7 Accessibility: International banking encompasses a wide range of banks and allows you to transfer money to hundreds of outlets in India. The services are available 24/7, thus rendering flexibility and unmatched stress-free banking experience to you at any given time.
6. Customised Service: Everyone has different banking needs. Therefore, the banks make sure that, apart from transfers, the credit and lending options are also tailor-made to suit each customer’s needs. This is especially useful for Indian students who are in Canada for higher studies.
Money transfer to India from an offshore account in Canada is a quick and cost-effective process with a legitimate financial benefit to the ex-pats. However, it is imperative that one must evaluate all the options before choosing the best option.
Starting a New Bank Account in Canada: Guidelines for Newcomers
If you are seeking immigration to Canada, a bank account in the country is one of the first things you’ll need when you land. Find out how you can open a Canadian bank account in this post. Keep reading.
Planning on relocating to Canada for an extended period? Whether it’s for academics, to explore work opportunities, or start a new life, one of the first things to do is open a local bank account. It will not only prepare for the move and help in managing your finances efficiently but also provide an understanding of the Canadian banking system. Thankfully, opening a Canadian bank account is a breeze. Nearly all the major banks and financial institutions in the country offer banking packages tailored specifically for newly arrived immigrants. Put together below are a few guidelines to walk newcomers through the process of opening a bank account in Canada.
Eligibility Criterion:
Residents from several countries like India, China, Bahrain, Hong Kong, Vietnam, Germany, Philippines, UAE, Singapore, UK, South Africa, the USA, and more have the right to open a bank account in Canada. The process is simple provided all the essential papers are in order. The applicant generally needs to supply the following documents and information for identification purpose:
● A valid passport
● Immigration papers for permanent residency
● Legitimate Work Permit (for more than 6 months)
● Study Permit
The requirement of the documents requested can differ from bank to bank, so it's best to ensure you have everything that is needed in advance.
Steps to Open Bank Account from Homeland:
It may come as a surprise to many, but yes, it’s possible to set up a bank account in Canada from your homeland. Big banks with a global network can help immigrants set up an account for full banking access ahead of arrival. The remote procedure of opening a Canadian bank account is pretty straightforward and involves just a few simple steps.
1. Register online with the select bank and fill the application form along with scanned copies of the following supportive documents.
● Valid Indian Passport (with full name, address, and photograph)
● Valid Canadian Visa (immigration, academics or work)
● Document from the employer or educational institution (for work or study visas correspondingly)
● Address Proof in India
2. Once done, submit the completed application for further processing.
3. International bank personnel will get in touch to review your application.
4. If no discrepancies are observed in the application form, you will receive a notification on your personal e-mail that your new bank account is functional. In addition, instructions will be furnished on how to transfer money.
5. You can wire money into the new account from any bank in your home country if you choose to do so.
6. On landing in Canada, visit the bank in person to activate your account by showing your original ID documents for verification.
● Alternatively, you can start a bank account after landing in Canada by visiting the local branch in person.
Get Set Go with a Bank Account in Canada
Opening a new bank account in Canada is a simple process but crucial to start your financial life on the right foot in the new country. What say, ready to set up a new chequing account in Canada?
Detailed Guide on High Interest Savings Account
Most people deposit their monthly savings into a savings bank account. This ensures that they can access their funds anytime they want. Another significant benefit of the savings account is the interest income. Depending on the bank you select, you earn interest on the balance you maintain in the savings account.
But wouldn’t it be great if you could enjoy all the benefits of a savings account but earn a higher rate of interest on the maintained balance? Some banks in the UK now offer high interest savings account to make this possible. Let us have a look at what this account is and some of its biggest benefits-
What is a High Interest Savings Account?
As the name suggests, a high-interest account is similar to a standard savings account but with a higher rate of interest. In simple words, you get to earn more interest income on your spare funds as compared to a standard savings account. You are free to withdraw your funds anytime you like, and there are no withdrawal charges or penalties.
Here are some of the biggest benefits of opening a high interest account-
1. Higher Interest Income
The most significant advantage of opening a high interest account is the higher rate of interest. With some banks, the AER (Annual Equivalent Rate) can be as high as 0.75%. This allows you to earn a higher interest income when compared to standard savings accounts offered by most banks.
The interest is calculated based on the daily closing balance. Moreover, you also get the option to receive interest monthly or annually.
2. Instant Withdrawals with No Penalty
Unlike a fixed-term account where you need to deposit funds for a fixed duration, high-interest accounts offer instant withdrawals anytime you like. There is no lock-in period or any penalty on the withdrawals.
You are free to withdraw your funds anytime without worrying about any penalty or loss of interest income.
3. Regular Savings Plan
Some of the banks also allow you to set up a regular savings plan with your high interest account. With this option, you can link a standard current account to the high interest account.
You can then select a fixed amount that will be deposited from your current account to the high-interest account every month. This will not just add more discipline to your savings plan but also enable you to earn more interest income.
4. Joint High-Interest Account
If you have a joint current account with your spouse or any other family member, you also have the option to open a joint high interest account. This will allow both the account holders to access the account and deposit and withdraw funds when required.
With this facility, the high interest account is also a great financial tool for families wanting to save more and earn more.
How to Open a High Interest Savings Account?
You can visit the nearest branch of the bank to open a high interest account. Some of the banks in the UK also allow you to open the account online if you already have a savings or current account in the same bank.
If earning higher interest on spare funds with easy funds accessibility is what you are looking for, a high interest account is surely a great option. Get in touch with a reputed UK bank to know more about the benefits and understand the account opening process in detail.
Planning to Return Back to India? What Will Happen To Your NRO Account?
Even after moving to a foreign country, many of the NRIs continue to have income sources in India. As NRIs are not allowed to hold a resident savings account, they open an NRO (Non-Resident Ordinary) account for managing their income earned in India. But what if an NRI decides to move back to India for good?
What will happen to the NRO bank account then? Can the NRI still hold an NRO bank account after returning to India? Let us have a look at what the FEMA (Foreign Exchange Management Act) guidelines suggest-
What Will Happen to Your NRO Bank Account After Returning to India?
As per FEMA, if an NRI has permanently returned to India, he/she will be considered a resident Indian right from the first day of return. Resident Indians are not allowed to open or hold an NRO bank account as this account is only for NRIs. No matter if you have NRO savings or FD/RD account, it needs to be changed into the standard rupee savings or FD/RD account.
As soon as you return to India, you should inform your bank about this change in your status from NRI to resident Indian. The bank will then re-designate your NRO bank account to a resident account. Note that your account will then earn interest as per the bank’s applicable rates for resident accounts.
How Will the Interest Be Taxed?
The taxation laws are the same for NRO bank accounts and the bank accounts for resident Indians. So, the interest will be taxed in the same manner, whether it is an NRO bank account or a resident account. Taxation matters for someone holding an NRE bank (Non-Resident External) account as the interest earned from such accounts are not taxed.
But once it is re-designated to a resident account, the interest will then be taxed as per the current tax laws. But NRE account holders do get the option to transfer their funds to an RFC (Resident Foreign Currency) account where the interest is not taxed in certain cases. But this option is not available for NRO bank account holders.
How to Re-Designate an NRO Bank Account to Resident Account?
You will be required to fill an NRO account re-designation form to change the account status. You can visit the branch office of your bank or some banks also offer the form at their official website.
Details such as the account number, customer ID, etc. should be entered in the form. The form can then be submitted at the branch or online. Once the bank has received the request, re-designation will be done within 2-4 working days.
Changing the Account Status After Returning to India
If you still want to maintain your NRO bank account after returning to India, it is mandatory to get its status changed. As you can see, getting the account re-designated to a resident account is a simple and quick process. Many banks let you do it online too.
Get in touch with your bank to know more about the re-designation process and how the status change will impact your account.
Do’s and Don’ts to Follow for Safe Transfers to Send Money Online to India from the UK
Here’s a list of simple do’s and don’ts to follow, while transferring money from the UK to India. Make sure to keep these points in mind to ensure that your transfers are safe and secure.
Did you know that the UK is home to one of the biggest Indian Diasporas? Millions of Indians living in the UK have family and friends living back home in India. And, with families residing elsewhere, NRIs in the UK send money home regularly to India.
If you are one among the thousands and thousands of Indians in the UK, sending money home regularly, then you need to find the right cost-effective method of overseas transfers. With the increase in money transfer services, today you can find a plethora of options to send money from the UK to India.
Thanks to advances in technology, today it’s faster, convenient, and simpler to transfer money from anywhere in the UK to your friends and family in India. But, there are still pitfalls that you need to be aware of. Online frauds, scams, and hacks could cause your hard-earned money to go down the drain. Here, in this guide, you can find the list of do’s and don’ts to follow while transferring money online from the UK to India.
Do’s
Choose a Transfer Service that Meets your Needs
While transferring money overseas, make sure to choose a remittance method that meets your specific requirements. There are plenty of ways to make international transfers – bank cheques and demand drafts, high-street transfer service providers, online transfer, via your bank, credit cards, and more. If you are looking to send money quickly, then online transfers are the best choice. With so many options, you need to spend some time researching and finding the right method that works for you and provides security for your transfers.
Compare Transfer Services
Make sure that you evaluate and compare different transfer services. Apart from the forex rates, you need to consider other charges like transfer fees, penalties (if any), service fees, and taxes. Even a slight difference in the forex rates could have a huge impact, especially when you are sending large amounts.
Use the internet to help you compare the forex rates of different providers. This will help you get a fair idea of the right service provider, who gives you the better deal.
Always Consider Security
While evaluating the different methods of transfer, make sure to consider the security of your money. You need to choose a transfer service that is trustworthy and gives you complete security for your hard-earned money.
Don’ts
Don’t Expect the Money to Reach Immediately
While transferring money overseas has gotten quicker, it still takes time. Always try to schedule your transfers ahead of time, so that there is breathing space and your recipient is not left waiting for the money right on the deadline.
Don’t use Public Wi-Fi Networks
Never use public Wi-Fi networks to make the transfer. Use your mobile data connection or trusted home network. Additionally, do not use a public laptop or tablet to access your account. Make sure to keep your device updated with the latest anti-virus software to prevent hackers and other scammers from stealing your sensitive information.
Look beyond the Exchange Rates
Just because an agency offers the lowest exchange rates, it doesn’t mean that it is the best way to send money online to India. Make sure to consider the overall charges like transfer fees, service fees, and more. Check that there are no hidden fees.
Never share your Banking Details with Anyone
Remember that no banking agent or transfer service provider will ask you for your banking details. Keep it safe and never write it down. Memorize it.
Following these simple do’s and don’ts helps you make safe and secure online transfers from the UK to India.