Hello,
I work in the US and visit india for abt. 1 month in a year. I send money to india to a normal savings account in SBI bank. The account has my parents and my name.
Will I or my parents have to pay tax on the the money or the interest earned? Is it safe to keep a large amt. of money in that accnt. or shd. i transfer funds out to other people?
Is it better to send the money to an NRE account? What are the advantages and disadvantages of an NRE account over a normal savings account?
Thanks for any replies.
I work in the US and visit india for abt. 1 month in a year. I send money to india to a normal savings account in SBI bank. The account has my parents and my name.
Will I or my parents have to pay tax on the the money or the interest earned? Is it safe to keep a large amt. of money in that accnt. or shd. i transfer funds out to other people?
Is it better to send the money to an NRE account? What are the advantages and disadvantages of an NRE account over a normal savings account?
Thanks for any replies.