Savings with the Anglo Irish Bank?

How to transfer of money from Normal Savings account of "SBI" to "NRE" account of Indian overseas bank?

• I have been working in Taiwan for last 3 years. I have normal savings bank account of State Bank of India (SBI) in India as well as NRE savings bank account of Indian Overseas Bank (IOB) which is recently made. Now I want to transfer the money from normal SBI to NRE account. Is it possible to do by online (onlinesbi.com) internet banking? If YES, how much online can be transferred? Does bank take any transfer fee? Does this amount will be considered as tax-free. Or it is taxable? Any answer will be highly appreciated.

• Answer:

  You are working overseas for last 3 yrs,& have already achieved the status of non-resident Indian.NRI status is given if you stay abroad continously for than 6 months & you should have informed the bank alonwith copy of your passport.It appears that you have not informed the bank that is why they are continuing your account as ordinary savings bank account.All remittances received rom abroad are tax free.Now you can not transfer the amount to NRE a/c opened with IOB as only amount received from abroad can be credited.Now use this amount for your local expenditre or transfer into term deposit of which interest is taxable & tds will be deducted but you can claim refund if you file IT return.Contact some CA for necessary guidance at a very nominal fees to streamline your transactions.Now onwards send remittance directly to NRE a/c with IOB through your bank at Taiwan.