Non-resident Indians or NRIs must maintain an NRI account to maintain and manage their funds in India effectively and efficiently. When it comes to managing foreign earnings, NRIs are not permitted to manage it through regular savings, current, or FD accounts in India. For that, they must open an NRI account.
There are three types of NRI accounts that can be opened in India by NRIs: NRE accounts, NRO accounts, and FCNR accounts. An NRE account is the best choice if you want to keep your overseas earnings in Indian currency. There are four types of NRE accounts to choose from: savings, current, recurring, and fixed deposit. NRIs can choose to open an NRE account in joint operation mode with another NRI or a resident Indian. Here are some of the benefits of having an NRE account:
So, these are the major benefits of having an NRE account.
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