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When you inform your bank about your NRI status, your bank can convert your existing Savings or Current account to an NRO account Non-resident Ordinary Rupee Account on submission of required documents Following are some information regarding the features, benefits, and advantages of an NRO account: You can deposit any savings that you had before moving to another country into this account. Similarly, you can deposit your earnings from other sources in India such as rents, dividends, etc.
Thus, this account is best suited for Indians who had earnings and assets in India before moving to another country. You can also open a joint NRO account with a resident Indian on former or survivor basis. Additionally, with banks such as Standard Chartered, you can mandate a resident Indian give the power of attorney to a person resident in India to help you carry out all the banking and account-related activities for your NRO Account.
Following are some information regarding the features, benefits, and advantages of an NRE account: Funds in your NRE Savings account are fully repatriable.
You can freely move funds both, principal and interest amount from India whenever you want. The interest earned on the funds in your NRE account will not be taxable in India, giving you more economic control over your financial wealth.
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