What are the different types of SAO accounts? What are the features of a typical NRO savings account?
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nro sao
- What happens to an NRO/SAO account when the minor attains majority? What are the specific requirements for opening an NRO/SAO account for trusts or other entities?
- What is the difference in taxation rules between NRO and NRE accounts? What are the key benefits of an NRE account over an NRO account?
- Can I use my NRO account for business transactions? Can I use my SAO account for business transactions?
- What information is required to initiate an international transfer from an NRO/SAO account? What are the common reasons for failed international transfers to/from NRO/SAO accounts?
- How does the concept of "deemed to accrue or arise in India" apply to income credited to NRO/SAO accounts? What are the rules for determining the source of income for taxation of NRO/SAO account holders?
- What types of funds can be deposited into an SAO account?
- Can I receive remittances in foreign currency into my SAO account? What are the permissible debits from an NRO account?
- What are the rules regarding joint holding of an NRO account?
- What are the charges for inward and outward remittances through NRO/SAO accounts? Are the remittance charges different for different currencies?
- What are the government initiatives aimed at attracting NRI investments into India?
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