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Click here According to FEMA guidelines, NRIs or Non Resident Indians are those individuals who live in a foreign country for more than 183 days in a calendar year. They earn their living in foreign currencies, which are deposited in their overseas savings accounts. However, those NRIs, who have sources of Income in India, need a Non Resident Ordinary account as well. This way, even if you are based abroad, you can keep a tab on your finances in India. Here’s why you need an NRO account on moving abroad.
Final word: You need to understand NRO account meaning and its benefits before you open your account. Visit your bank or research on the internet before opening your account to gain maximum benefits. to edit.
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October 2020
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