If you\u2019re going to the foreign country, check your bank status.<\/p>\n\n\n\n
Have you changed it? <\/strong><\/p>\n\n\n\n Do you know the overall changes that you require to do with your bank account books?<\/p>\n\n\n\n First, you should know about the NRO account<\/strong>. It stands for the Non-Resident Ordinary (NRO) Rupee A\/c. It is a necessity to close any kind of saving, current or fixed account. But you need to have an account called the NRO a\/c. Rather than closing an old account, you should change it into this one.<\/p>\n\n\n\n\n\n\n\n What\u2019s an NRO A\/c?<\/strong><\/p>\n\n\n\n The Indian government orders banks to facilitate a saving account to NRIs. It lets the PIOs (Persons of Indian Origin) and OCIs (Overseas Citizen of India) to do banking through the NRO banking channel. Being a saving account, the immigrant Indians can stockpile their income via, let\u2019s say, rent, dividends, pension from abroad and so on. It offers convenience in managing and keeping your money safe. Several banks, like HDFC, ICICI, SBI, and much more, open this<\/strong> non-resident ordinary rupee account<\/strong>. However, the terms and conditions vary from bank to bank. <\/strong><\/p>\n\n\n\n Apart from the remittances between India and foreign, it allows local payment. Unlike an NRE or Non-Resident External Rupees account, you can keep the deposit safe in Indian currency.<\/p>\n\n\n\n Here is the list of \u2018what-to-do\u2019 before taking adieu from the home country:<\/p>\n\n\n\n As stated above, this NRO account ensures smooth, seamless and legible transactions. The Indian diaspora in any country can manage deposits and investment in India through it. You must know that the banks remit foreign currency. If you have a joint account, it\u2019s well and good. Many banks allow you to have it as per RBI rules. But the joint account holder should be an Indian. Even, repatriation is permissible for such a\/c holders. Make the mindset that such account permits certain repatriation not a full annual amount.<\/p>\n\n\n\n For opening it, you must provide your valid non-resident proof. That document can be a tax return file, or any other income proof. It\u2019s so because the tax laws enforce scripting NRI status on the document. The RBI strictly bars the non-residents from keeping any residential bank a\/c.<\/p>\n\n\n\n\n
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