Maruti has created a new site where NRIs can gift car to relatives in India. The concept is good and site is also well created. Ads are also coming on Zee TV showing father getting phone call and car as surprise gift. Wait, it is not so easy. It cant be easy/surprise, you need to give many documents/proofs like ration card, passport copy etc of yourself and the person receiving the car.
Pros:
* Well designed site, most information like price, tax etc available easily
* Discount available for NRI customer
* Tie-up with Citibank for car loan
Cons:
* There is 1.65% charge if you use credit card.
* Forex rate will be determined by Citibank, which I feel will be lower than nationalized bank like SBI
* Too many documents required.
Overall, I will say it is good step. But I will wait atleast a year before I feel the whole process is streamlined and defect free.
humor: They cant get dollar/euro by selling car in USA/EUROPE so lets get it from NRI.
Friday, July 28, 2006
Sunday, July 09, 2006
US 101
Credit History:
Get atleast 1 credit card as soon as possible. I know of few friends who even after 1 or 2 years dont open credit card account thinking 'it is evil'. Best way to get credit card is when you are opening your checking account. Tell the banker that you want credit card and will keep salary in bank only if you get credit card. . Well in US, all bank (and many employers, landlords, utility, mobile phone compaines) looks for credit history. The better credit score will help you in getting many things done very quickly in US.
What if you are rejected on your first credit card application?
1) Try again after few months. Make sure you give same information (address, name, phone) each time.
2) Try for 'secure' credit card.
3) Add somone who is already has good credit history as your co-applicant.
Bank:
Choose a bank which gives you free checking without minimum balance. Also find out about "credit union" banks in your area. One of the most popular credit union among indians is DCU (Digital Credit Union), also known as Desi Credit Union. They have free checking and good rates for fixed deposits (CD).
Money Transfer:
There are many ways to send money to India. In last few years many Indian banks have opened "online" money transfers facilities. The famous one are ICICI Bank's Money2India, Times of India's Remit2India, Citibank, State Bank of India etc. Online money transfers gives better dollar to rupees than exchanging through counters at Bank or Western Union. I found Citibank as most quick and online SBI giving best rate. Other way is to give US issue debit/credit card to your parents in India. You will get best exchange rate on cards however of late many banks have started 2% foreign transaction fees.
SSN/ITIN:
Get your SSN and if your dependents are not eligible for SSN get ITIN for them. SSN/ITIN for dependents will be helpful in getting income tax deductions.
401(k):
Many employers have standard 401(k) retirement plans, however I have seen many Indian not opting for it. They say 'who will wait till retirement' or 'i will go back to India in few years'. The thing is you are missing employers match. Most employer match 6% of your contribution by 4.5%. So, if you save $6000 in a year employer will put $4500. I know few friends who get salary in 80K and 90K and not putting anything in 401K.
Immigration:
Many indian specific immigration sites are available. I find ImmiHelp, Murthy, Immigration, Immigration Law as helpful ones. Immihelp has many draft letters which are helpful if you are calling your parents from India to visit you in US.
Get atleast 1 credit card as soon as possible. I know of few friends who even after 1 or 2 years dont open credit card account thinking 'it is evil'. Best way to get credit card is when you are opening your checking account. Tell the banker that you want credit card and will keep salary in bank only if you get credit card. . Well in US, all bank (and many employers, landlords, utility, mobile phone compaines) looks for credit history. The better credit score will help you in getting many things done very quickly in US.
What if you are rejected on your first credit card application?
1) Try again after few months. Make sure you give same information (address, name, phone) each time.
2) Try for 'secure' credit card.
3) Add somone who is already has good credit history as your co-applicant.
Bank:
Choose a bank which gives you free checking without minimum balance. Also find out about "credit union" banks in your area. One of the most popular credit union among indians is DCU (Digital Credit Union), also known as Desi Credit Union. They have free checking and good rates for fixed deposits (CD).
Money Transfer:
There are many ways to send money to India. In last few years many Indian banks have opened "online" money transfers facilities. The famous one are ICICI Bank's Money2India, Times of India's Remit2India, Citibank, State Bank of India etc. Online money transfers gives better dollar to rupees than exchanging through counters at Bank or Western Union. I found Citibank as most quick and online SBI giving best rate. Other way is to give US issue debit/credit card to your parents in India. You will get best exchange rate on cards however of late many banks have started 2% foreign transaction fees.
SSN/ITIN:
Get your SSN and if your dependents are not eligible for SSN get ITIN for them. SSN/ITIN for dependents will be helpful in getting income tax deductions.
401(k):
Many employers have standard 401(k) retirement plans, however I have seen many Indian not opting for it. They say 'who will wait till retirement' or 'i will go back to India in few years'. The thing is you are missing employers match. Most employer match 6% of your contribution by 4.5%. So, if you save $6000 in a year employer will put $4500. I know few friends who get salary in 80K and 90K and not putting anything in 401K.
Immigration:
Many indian specific immigration sites are available. I find ImmiHelp, Murthy, Immigration, Immigration Law as helpful ones. Immihelp has many draft letters which are helpful if you are calling your parents from India to visit you in US.
Saturday, July 08, 2006
Life In Pardesh
Lets start with little introdcution about me. I am citizen of India living in USA. As per definition by Govt of India (and indian hotel/airlines/bank) I am NRI ( Non Resident Indian ). So when I visit my country I will be treated (finacially) like gora videshi by paying everything in dollars. Everyone in India (custom officers at airport, taxi driver, bankwala, airline, Taj Mahal guards....) will be happy to halal NRI bakra.
In coming days, I will write about my NRI experince here. I hate 'NRI' word, but it will be simple to use as it has become essential part Indian English. If you dont belive me, look at any leading indian english newspaper you will find headlines like 'NRI centre in US mooted', 'NRI yoga guru threatens to sue LA' etc. When an American goes out to other country, he is still called American citizen (until s/he has American passport), no one calls them 'Non Resident American'.
In coming days, I will write about my NRI experince here. I hate 'NRI' word, but it will be simple to use as it has become essential part Indian English. If you dont belive me, look at any leading indian english newspaper you will find headlines like 'NRI centre in US mooted', 'NRI yoga guru threatens to sue LA' etc. When an American goes out to other country, he is still called American citizen (until s/he has American passport), no one calls them 'Non Resident American'.
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