Many of my NRI readers ask me frequently, should I open an NRI saving account in India? Is it must for an NRI to open NRE or NRO account? Can I continue my existing Saving account in India? etc. Well, If you are going abroad for short term let's say less than 6 months then you don't need to open an NRE or NRO savings account and you can continue to maintain your existing Resident Saving account in India, but you are going overseas for long term e.g. more than 6 months you must inform your bank about your NRI status and subsequently then will convert your Resident Saving account to an NRO (Non-Resident Ordinary) account.
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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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