[funnie]

Hi, Any one using HSBC NRI services. Please provide the feedback about their NRE Account. Also howz their exchange rates for HKD.

Many Thanks

[funnie]

Originally Posted by funnie

Hi, Any one using HSBC NRI services. Please provide the feedback about their NRE Account. Also howz their exchange rates for HKD.

Many Thanks

Seems No one here is using HSBC NRI services. Feedback about any other bank's NRI services is also welcome.

[freeier]

wats nri ?

[KnowItAll]

Freeier : Non Resident Indian .. most banks have a special "NRI Desk" to handle requirements of Indians working overseas.

[funnie]

Originally Posted by KnowItAll

Freeier : Non Resident Indian .. most banks have a special "NRI Desk" to handle requirements of Indians working overseas.

add to knowitall.

non resident indian: indian who are outside india for more than a specified period of time.

[climber07]

Just curious, why do Indians living overseas need a "special services" desk? Are there specific Tax / Regulatory needs or are the products India specific?

[freeier]

think they do.

ubs was docked off their private banking license because they apparently sold investment products to NRI and did not declare those on their list of clients.

the NRI are suppose to pay tax apparently ?

yes ? no ? that's what i heard.

[back2HK]

ubs was docked off their private banking license

??? where ? think you got mixed up

Are there specific Tax / Regulatory needs or are the products India specific?

Partly cultural, partly India specific products and investments (including bank deposits) into India..

Funnie - Citi used to be pretty standard, but haven't heard about them lately.

[freeier]

ok sorry i got mixed up.

it was UBS securities that got docked their deri license for 1 year. lots of reasons behind it but one part was the failure to furnish information on indian clients..

http://www.sebi.gov.in/cmorder/ubsorder.pdf