NRI Must convert Resident savings Bank Account into NRO
NRI Must convert Resident savings Bank Account into NRO Yes, it is mandatory under the Foreign Exchange Management Act (FEMA), 1999, for an individual who has become a Non-Resident Indian (NRI) to either close their resident savings account or redesignate it as a Non-Resident Ordinary (NRO) account. Maintaining a regular resident savings account as an… Read More »