Certificate of Deposit

Posts Tagged ‘money’

Question: I have NRI savings account with ICICI bank,I have some questions.please read inside?

I have NRI savings account with ICICI bank,I have some questions.Since I live in USA and not visiting often to india and also didn’t do any transaction with them even online since time they disabled my log in ID and password.I know I can reactivate by calling them.Now I have another problem that I have Certificate Of Deposit that already matured in 2007.This COD was given by my mother and its in her name.How can I transfer that all the money from COD to my NRI savings account?what is the requirement and what else I should do?Please reply in details and only if you really have good answer.Thank you in advance.

Answer: Your NRI earnings as the name suggests are earnings which are outside india and not in Indian Rupees. So the question arises that whether your Certificate Of Deposit is in indian rupees? or generated in india?
If any of the answers to the above two questions is or are yes then i am very sorry to say but its not possible to transfer your money in NRI account.

Whenever you would be re-visiting India for some purpose, please do the following, go to the bank branch and open a NRO account. This account is for income of NRI generated within India and in indian rupees.
The interest amount you generate in a NRO account is taxable at source or TDS at 30.8% (rates may change at any notice)
Along with this activate your “Third Party Transfer” such that you can transfer money from other accounts to your NRO account when generated in rupees and in india.

Also do not fail to log-in into your internet banking account once in 90 days such that they wont disable your log-in and password

Investing Information : How to Invest in a CD

Question: What are the rates now for ING Direct and HSBC Direct?

I am thinking about taking 11K out of my Money Market, which is only yielding 1.75%/mth, and a small amount of $60 out of my “just in case” savings account that is only yielding .54/qtr. I know I’ve waited late, especially when you don’t really know what is best to do right now as the economy is so bad. But it just came to mind that maybe there’s something better than what I’m getting now. Yet I don’t know if online banking is safe or not. At least I’m secure at my bank, and have just been complacent. There’s alot of TV commercials now about banking online, so I’m wondering if online is what I should do. I would appreciate the experiences you’ve had, and your advice.

Answer: 1.75% per month is 21% per year!! Somehow, I don’t think those facts are quite straight because if they are, you would be making one of the highest returns in the country!!

I’ve been with HSBC for over 6 months, and my money’s still there. They didn’t steal it yet, and no one hacked into it, so I’m assuming it’s all good. I get about 3.2% per year, which is probably the highest savings account rate in the country.

ING suspends withdrawals from two bond funds

Question: How much will I pay in Tax & Penalty on a IRA CD?

I have a Individual Retirement Account Certificate Of Deposit at a bank , I’m 54 years old , the total account value on the last statement I recieved is $22,195.27 , I asked the branch manager what the tax and penalty would be and she gave me the jerk around with no answer , I applied for a $13000.00 personal loan using the IRA CD for colateral and she said the IRA can not be used for colateral , so I’m thinking about cashing it in and paying the tax and penalty…Thanks! for your answers in advance…

Answer: The penalty will be $1300 (10%). You will also pay income tax on the early distribution. That amount will depend on your tax bracket. 15%, 25%…………….and if you are single married filing joint head of household or married filing separate.

Check the link below

http://www.irs.gov/pub/irs-pdf/i5329.pdf

You can also get an estimate on the link below

http://hrblock.com/taxes/tax_calculators/index.html

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

http://www.hrblock.com/tax_professionals/christine_wilkins.html

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