Some choose to close their savings account rather than turn it into one of the NRI banking accounts with more and more people moving abroad.

Some choose to close their savings account rather than turn it into one of the NRI banking accounts with more and more people moving abroad.

If he moves abroad for whatever cause, an Indian resident can convert their regular savings account into an NRO account. Through this conversion, the NRI deposits the NRO account from their investments, loans, rent, etc. In the form of the Indian currency, all gets carried out.

Here are the benefits of holding an NRO account

To reap the benefits of various tax provisions, NRO account holders need to ensure that additional work is done. Currently, 30 per cent of the interest earned from the NRO savings account is withdrawn, which is high. There are circumstances under which lower rates apply. However, you need to consult the bank on the same matter. It makes it essential to file tax returns and get refunds for individuals.

How to convert regular savings account to NRO account:

If the savings account is a zero-balance accountFree Reprint Articles, you would need to change it to a minimum average balance savings account.

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ABOUT THE AUTHOR

Arjit Chalmela is a finance aspirant who loves writing on the same. He has spent considerable time researching NRO accounts. Through his work, he has listed its benefits

Arjit Chalmela is a finance aspirant who loves writing on the same. He has spent considerable time researching NRO accounts. Through his work, he has listed its benefits