NRO vs NRE<\/a> section above.<\/p>\n\n\n\nSummary<\/h4>\n\n\n\n
I hope it’s now clear that you do need to convert your resident savings account to NRO account or open a new NRE account to satisfy Indian law for NRIs.<\/p>\n\n\n\n
Please write in the comments section below if you have any queries or suggestions to add to this topic.<\/p>\n\n\n\n
And if you found this post helpful, again, don’t forget to share this with your friends, family members and anyone you think this information could help.<\/p>","protected":false},"excerpt":{"rendered":"
Do I need an NRE\/NRO account to send money to India as an NRI? Can NRI hold a savings account in India? Am I required to convert\u00a0my resident savings account\u00a0to an NRI bank account once I move abroad? Is there a penalty for not converting a resident Indian savings account to an NRO account? In…<\/p>\n","protected":false},"author":3,"featured_media":442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[8,9],"tags":[7,17,18],"uagb_featured_image_src":{"full":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false],"thumbnail":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account-150x150.jpg",150,150,true],"medium":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false],"medium_large":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false],"large":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false],"1536x1536":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false],"2048x2048":["https:\/\/www.comparism.com\/wp-content\/uploads\/do-nris-need-to-convert-savings-account-to-NRO-NRE-account.jpg",720,400,false]},"uagb_author_info":{"display_name":"Aman","author_link":"https:\/\/www.comparism.com\/author\/aman5ingh\/"},"uagb_comment_info":56,"uagb_excerpt":"Do I need an NRE\/NRO account to send money to India as an NRI? Can NRI hold a savings account in India? Am I required to convert\u00a0my resident savings account\u00a0to an NRI bank account once I move abroad? Is there a penalty for not converting a resident Indian savings account to an NRO account? In...","_links":{"self":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/18"}],"collection":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/comments?post=18"}],"version-history":[{"count":4,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/18\/revisions"}],"predecessor-version":[{"id":5086,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/18\/revisions\/5086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/media\/442"}],"wp:attachment":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/media?parent=18"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/categories?post=18"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/tags?post=18"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}