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Need Advice: Fixed Deposit Options for US Citizens in Indian Banks
Hi all, My aunt and uncle, both US citizens, are interested in opening an account in an Indian bank to invest in a fixed deposit (FD). Here’s what I need to know: 1. Which banks in India allow US citizens to open accounts for FDs? 2. What are the best interest rates currently being offered for NRE or NRO FDs? 3. What would their tax implications be? For example, are there any exemptions or benefits under the India-US Double Taxation Avoidance Agreement (DTAA)? 4. What documents are required for US citizens to open an account in India for FDs? If anyone has experience with this or any helpful insights, I’d really appreciate your advice. Also, if there are specific banks you recommend, please let me know. Thanks in advance!4
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