The foreign currency you deposit into the account is converted to INR. These accounts can be in the form of savings, current, recurring, or fixed deposits. The NRE account is an Indian rupee-denominated account, offering complete security. What is a Non-Resident Rupee (NRE) Account Two, they can also retain their income from India (via any assets) in the home country itself. One, they can send their foreign earnings to India at any point. Opening an NRE or NRO account is, hence, a viable option for Non-Resident Indians. Therefore, continuing to use the savings account in the home country can attract hefty penalties. You must convert all your savings (money earned abroad) to a Non-Resident External Account (NRE) or Non-Resident Ordinary (NRO) account. Why do we have NRE & NRO AccountsĪs per the Foreign Exchange Management Act (FEMA) guidelines, an NRI cannot have a savings account in his or her name in India. Wondering how? Read on to find more about this. They also find it challenging to track bank accounts in a different country, and even when trying to repatriate money to their home account. An NRI (Non-Resident Indian) with earnings both abroad and in India often faces difficulties in managing his/her finances.
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