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Recurring Deposit in Hong Kong?

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  1. #11

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    Sep 2007
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    Yes it's an Indian thing and tbh I think its fantastic way for saving for people like yours truly.
    No wonder I signed up for TRC soon as I heard about it (btw from mercury_element).

    OP, you can also look in to tax reserve certificates scheme as its a good way to save for that big slap in face every January/April.


  2. #12

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    Dec 2002
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    >> It's an Indian bank with one office, in Alexandra House.

    Most of the Indian banks in HK have one office, or two (to serve their Kowloon customers).

    Just make sure the deposits are insured by the HKMA protection thingy.

    And yes, I suspect most of the Indian banks in HK will have the 'recurring deposit' scheme.

    ICICI has a NRO recurring thingy - http://www.icicibank.com/nri-banking..._accounts.html

    Not sure if the OP is Indian, but helps if he is...


  3. #13

    Join Date
    Jan 2014
    Posts
    36
    Quote Originally Posted by gunsnroses:
    OP, you can also look in to tax reserve certificates scheme as its a good way to save for that big slap in face every January/April.
    Looked up TRCs and appears to be a great way to save for that big tax cheque. Thank you!

  4. #14

    Join Date
    Jan 2014
    Posts
    36
    Quote Originally Posted by shri:
    The ICICI option allows for a Non-resident Indian living in Hong Kong to open a Non-resident Operating (NRO) Account in India, AND a Recurring Deposit option in India through the NRO Account, using Indian Rupee.

    This is not the same as holding a Recurring Deposit in Hong Kong to deposit a said sum in HKD, and that, was the original question.