Wednesday, July 4, 2012

NRO To NRE Repatriation – Completed

This is why I prefer banking with Citibank:

In May 2012, I had posted about how upset I was with the new TDS and DTAA regulations for the NRI's. I was rather vocal when I expressed my displeasure to the relationship manager at Citibank, who said he would see what the bank could do to help.

I was even more upset about the paperwork that would have to be completed even if I decided to repatriate the NRO deposits. After thinking about it for a week and obtaining the required information, I spoke to the relationship manager and the service manager at Citibank making it clear that although I REALLY want to repatriate the NRO deposits to NRE, I am not very pleased about the amount of paperwork, formalities, running around that it would require.

The service manager at Citi got back to me the following day after she had spoken to the consulting firm that the bank has on retainer. She informed me that all I would be required to do was sign a few forms and they would take care of the rest. Of course, this would involve a small fee payable to the consulting firm.

And… they DID take care of everything. The service manager went through all my records of Fixed Deposits and remittances on the bank's system. She went through all the paperwork and made sure that all the documentation was in order. She filled out the repatriation forms and emailed me a copy so I could go through them while the courier delivered the originals.

All I did was sign and courier them back (Couriers to Citibank via DHL are free for all Citibank customers. How thoughtful). She followed up with the consulting firm and approximately two weeks later – Formalities complete, amount repatriated and credited to my NRE account with Citibank.

A flat fee to the bank's consulting firm – A few thousand rupees
Documents Couriered to the bank – INR 0
Excellent client support and hassle-free banking… PRICELESS!

Thank you Citibank

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