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Online Banking Solution India
Any individual who lives out of India for a period exceeding 6 months, 183 days to be precise, within a calendar year, is regarded as an NRI. Such individuals need to reach out to their banks and inform them about their change in status from resident Indian to Non-Resident. You should seek NRI status either if you are moving abroad for this period exceeding 6 months or if you intend to migrate to a foreign country for the long term. You must then convert your regular savings account into an NRE savings account. Here is a detailed guide on NRE accounts.
Final word: Managing your NRE saving account is rather easy. You can easily deposit sums into this account through online transfers and also repatriate sums freely while living abroad. Such accounts have the potential to promote a lot of savings and can help you build a huge corpus in the long run.
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October 2020
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