Bank Account in India after becomming US Citizen

fitness99 said:
Yes, you will get a 1099-INT every year as long as you earn interest in the NRE accounts.
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As far as I know only Citibank sends you the 1099 (because I got one from them a few days ago :p ) as it is a US based bank. Not sure if India based banks will send you the 1099 (e.g. ICICI, SBI etc.)
 
Deer said:
As far as I know only Citibank sends you the 1099 (because I got one from them a few days ago :p ) as it is a US based bank. Not sure if India based banks will send you the 1099 (e.g. ICICI, SBI etc.)
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I don't think india based banks send you a 1099 but you don't need one. What you need is the amount of interest earned and a statement which shows the same. (Check schedule B), also improtant to file form 90-22.1 if you have more than 10K in india (http://www.irs.gov/pub/irs-pdf/f9022-1.pdf)
 
I think the basic question got lost in somewhere here:

What is the legal status of NRI/NRE account betweemn the moment you get Indian Citizenship and when you got PIP/OCI etc. Because the moment you get US Citizen, you loose your Indian citizenship and you have to apply for OCI which might take 4-6 nonths.


I knowly practically it might not be an issue as banks etc. do a workaround . But it will be interseting to know the legal angle. Basically it is like having foregner account in Indian bank. And why do stop here. Farm land once you had as Indian Citizen , moment you get USC, you loose the right to own it. So what happens legally in this case ?
 
"What is the legal status of NRI/NRE account betweemn the moment you get Indian Citizenship and when you got PIP/OCI etc. Because the moment you get US Citizen, you loose your Indian citizenship and you have to apply for OCI which might take 4-6 nonths"
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As a matter of fact sbali is correct. I also wanted to know this also.
 
For banking purposes, still treated as NRI

usdude205 said:
As a matter of fact sbali is correct. I also wanted to know this also.
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For the purposes of banking/accounts, an Indian citizen living abroad and a person of Indian origin are treated the same. So nothing changes - your old Indian passport is sufficient proof that you are a person of Indian origin, among other things including Indian parents/grandparents, except for citizens of Pakistan, Bangladesh etc.

Similarly, the restriction on agricultural property applies to "aquisition" while an NRI or a foreign citizen - not to property acquired before the restriction applied, or to inherited property.
 
gc2cz said:
For the purposes of banking/accounts, an Indian citizen living abroad and a person of Indian origin are treated the same. So nothing changes - your old Indian passport is sufficient proof that you are a person of Indian origin, among other things including Indian parents/grandparents, except for citizens of Pakistan, Bangladesh etc.

Similarly, the restriction on agricultural property applies to "aquisition" while an NRI or a foreign citizen - not to property acquired before the restriction applied, or to inherited property.
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Thanks for replying. But I think it has flaws. There is differenece between being eligible to become a PIO and become a PIO. Old passport is proof that you were citizen and are eligible to become PIO but not proof enough that you are PIO. So technically you are not IC or PIO. So is there a clause that such a person can hold property or bank accounts in India. Agreed there might not be practical problems. But when it comes to law, what would it say? Any opinion. It might become very important if somebody has some property disputes or somebody taking advantage of this issue, tries to create problems.

Thanks for interesting discussion
 
Please read the FAQ on the Reserve Bank of India's Web-site

sbali said:
Thanks for replying. But I think it has flaws. There is differenece between being eligible to become a PIO and become a PIO. Old passport is proof that you were citizen and are eligible to become PIO but not proof enough that you are PIO. So technically you are not IC or PIO. So is there a clause that such a person can hold property or bank accounts in India. Agreed there might not be practical problems. But when it comes to law, what would it say? Any opinion. It might become very important if somebody has some property disputes or somebody taking advantage of this issue, tries to create problems.

Thanks for interesting discussion
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Please read the informative FAQ's on the Reserve Bank of India's web-site regarding these matters:

http://www.rbi.org.in/scripts/FAQDisplay.aspx


Please also see the State Bank of India's NRI Services web-site at:

http://www.statebankofindia.com/viewsection.jsp?lang=0&id=0,3



If you are in litigation/intend to litigate, please consult a lawyer.
 
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