If you have recently moved overseas from India and wondering should you open an NRI account or not then you should read this article. Do I receive questions like why should I open an NRI account? Is it mandatory for NRI to open NRE or NRO account? and much more on similar lines. I'll try to answer some of these questions in this article. First of all, it's not mandatory for an NRI to open NRI bank accounts in India, but it is mandatory to convert your resident bank account to NRO account according to FEMA law.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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