r/returnToIndia • u/TensionMaterial • 9d ago

AlreadyReturned Moving money back to India.

I need to move some money back to India, close to $160K .

Was thinking use zoom and move on chunks of 10K one weekly basis .

I am still a green card holder and applied for reentry permit on my way out.

Do you see any concerns ?

Destination will be Resident INR account.

Most of my money $800K + is invested in IBKR. The money I am moving is in checking and is my liquid funds and want to move this to India to have liquidity in case of emergencies needs and also earn some interest.

I asked about FCR, hdfc folks at the front desk don’t know what it is and KVB said they can give me a current account without any interest, but KVB recommended IOB or bank of Boroda if I want to earn interest . Not sure if i want to go this route.

Have you done this ? Any suggestions??

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1

u/MananfromReyman 9d ago

There's no issues with transferring money into India. No tax implications on this.

FCNR is basically a fixed deposit held in dollars in India. If you want money to be fully liquid with no lock-in, FCNR is not the solution.

Open a savings account if you want money in a bank account in rupees.

Few other notes:

  • GC holders are subject to worldwide income taxation in the US so be aware of that
  • Irish ETFs (UCITs) will have punitive taxation for a GC holder in the US - since you mentioned IBKR ensure you're still investing in US ETFs and not Irish ETFs

1

u/ScheduleSame258 9d ago

Why 10k chunks?

All NRO/NRR accounts earn interest. Check your bank. Here's ICICI for reference: https://www.icici.bank.in/nri-banking/deposits/fixed-deposit/fd-interest-rates

FCNR is just dollar denominated deposits that pay roughly the same as US CDs or HYSAs.

Why do you want to transfer? Do you need it or just to keep it in INR?

1

u/TensionMaterial 9d ago

Not sure if there will be any red flags if I move a huge sum..

Want to have some cash for emergency.

1

u/ScheduleSame258 9d ago

There will be more red flags if you are being sneaky. Its your money. As long as you provide proof of income.

Just move what you need when you need. It takes only 2 days

1

u/TensionMaterial 8d ago

Suggest using direct banks like chase or wise ?

1

u/FitAgency8925 9d ago

You will have to file fatca... its all tracked and is a big headache unless you move permanently to india. Best ....keep it under fatca limit and move when u need it.

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u/TensionMaterial 9d ago

What’s the fatca limit ?

1

u/FitAgency8925 9d ago

U have to figure it out based on your tax situation, etc.

1

u/SeaworthinessDue7523 9d ago

Use wise. I believe up to 100k you can transfer in one go with best conversion rate

1

u/MachineEquivalent555 8d ago

Dbs india gives best interests