One of the common questions among new NRIs or Indians who just went abroad is whether they can deposit rupees in an NRO account or not? The short answer to this question is YES, you can deposit INR or Indian rupees into an NRO account. In fact, that's the sole purpose of opening an NRO account because you cannot deposit rupees into an NRE account. If you are new to NRI banking facilities available to Non-resident Indians then let me tell you there are two main types of saving accounts NRIs can open in India, NRE (Non-Resident External) and NRO (Non-resident Ordinary).
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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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