What is the difference between NRI NRE and NRO account?
What is the difference between NRI NRE and NRO account?
What is the difference between NRI NRE and NRO account?
An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. However, there can be a joint NRE account only with another NRI.
Can I transfer money from NRE to NRO account HDFC?
Yes, you can transfer money from your NRE savings account to the HDFC Bank Non-Resident Ordinary (NRO) Savings Account as an initial deposit.
Which account is best for NRI?
10 Best NRE Savings Accounts for NRIs in 2020
| Bank Name | Interest rate (%) p.a. | Minimum monthly balance requirements |
|---|---|---|
| SBI Bank | 2.70% | Rs. 1 lakh for Metro & Urban areas and Rs. 50,000 for Semi-Urban and rural areas |
| Bank of Baroda | 2.75% | Quarterly average balance Rs. 50,000 |
| Yes Bank | 4% to 6% | Rs. 10,000 |
| RBL Bank | 4.75% to 6.75% | Rs. 50,000 |
Can we transfer money from NRO to NRE account HDFC?
You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.
Can I transfer funds from my NRE to NRO?
As an NRE Account holder, you can transfer money not only to another NRO account but to n NRO account as well. However, as an NRO account holder, you may only transfer money to another NRO account. You cannot transfer money to an NRE account from an NRO account.
Should I send money to NRE or NRO?
If you foresee the need to repatriate more than a million dollars or if you want to maintain savings in INR then an NRE account may be the better option. If you want to keep India-based earnings in INR, then opt for an NRO account.
Can I have 2 NRI accounts?
In short, Yes, you can open more than one NRI account with the different bank in India. You can even open a different type of NRI accounts e.g. NRE, NRO and FCNR with the same bank e.g. HDFC bank or ICICI bank.
Can I transfer funds from NRO to NRE?
Yes, you can transfer funds from an NRO account to an NRE or Non-Resident External account. The Reserve Bank of India allows the transfer of funds up to USD 1 million a year from an NRO to an NRE account.
What happens if you don’t convert to NRO account?
Are there any penalties for not converting to an NRO account? As per Section 13 of FEMA, 1999, if anyone contravenes this rule, he or she can be penalized to the extent of three times the amount involved in such contravention. If the amount is not quantifiable, then the penalty would be up to ₹2 lakhs.