Where to keep my money?

59POSTS

7 years ago

Guys in India. I've got a serious issue...

I'm trying to find a safe haven for my money. This is money paid to me by the US gov't every month, and I am retired on this money.

I have tried to do an NRO bank account here, and after a number of incidents on the part of a nationalized bank, I am finding that a foreigner from the US can only have an NRO FN (foreign national) account. This means no FDs or any other instruments are available to the foreigner. Only an NRO savings account. The problem IS that the account is closed/deactivated after 6 months, which is absolutely untenable since I stay here permanently (stay here six months, leave for a few days, and come back again for another six months, etc.).

I am concerned about having cash and gold in my residence for fear of theft.

I am concerned about having my money in a US bank account in the event of confiscation through a bank collapse "bail-in."

Where else can I put my money? Multi-currency accounts don't seem to be an option for India.

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JeetM Member

2POSTS

7 years ago

Hi

Why don't you just leave your money in the US and move it across so you have enough in your Indian account for spending? That way the risk is minimal. This is what I do and I use transferwise. The fx rates are good, fee's very low and money is usually in your indian account before you have even closed down the browser. Also try and use one of the top Indian banks. I use ICICI, but Axis or HDFC are also ok.

Edit: Forgot to add. Neither myself or my expat colleagues have had issues with any 6 month limit. Maybe talk to the bank and certainly try using an established private bank.

Regards

J

deafdrummer Active member

59POSTS

7 years ago

J, that doesn't work. You may be here on an employment visa, which gives you that option, but a tourist visa does not. You have to close your bank account every time you leave or ask for written permission. You have to do this twice a year. The banks will tell you that you have only one option - an NRO account that is open to the duration of your stay, and you cannot even have any Fixed Deposit instruments, or they are limited to 6 months (depends on who you ask, LOL).

The only catch with leaving the money in the US account is that it is subject to bail-in confiscation in the event the bank fails. I've made sure that my bank is not a "systemically-important" bank where this could happen.

Nonetheless, I'm able to transfer money here from my US account without issues.