If you are one of those people who has begun to earn your income abroad, then you must be knowing that you cannot continue with your existing bank accounts. Your income must be in a different currency and some of your expenses might be in Indian rupees. You might also expect some income in India like interest and dividend and so would like to have an account in a bank that operates out of India. It also might be the case that the interest rate in your bank account abroad is not the greatest rate and you might be thinking of keeping some of the money earned in a bank in India to avail of better interest rates. Here are some pointers on how to do the same and we also compare different avenues of saving money earned abroad in banks.
There are three types of accounts for NRIs to operate –NRE, NRO and FCNR accounts. Many banks in India have the facility to open any of these accounts.
Let us look at the salient features of each type of account.
There are three types of accounts for NRIs to operate –NRE, NRO and FCNR accounts. Many banks in India have the facility to open any of these accounts.
Let us look at the salient features of each type of account.
NRE Account – Non Resident External Account |
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NRO Account – Non Resident Ordinary Account |
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FCNR – Foreign Currency Non Resident Account |
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Summary – There are different types of accounts available for Indians earning income abroad- NRE, NRO and FCNR accounts. Depending on requirements, one should choose the most convenient type of account/accounts.
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Vidya Kumar
Team GettingYouRich.com
#gettingyourich
Vidya Kumar
Team GettingYouRich.com
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