InvestorQ : I will get my NRI status in a few days. Can I open both NRE and NRO accounts?
Shobit Khurana made post

I will get my NRI status in a few days. Can I open both NRE and NRO accounts?

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Gauravi Patel answered.
2 years ago
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Yes, you can open both NRE as well as NRO accounts.
However, do understand the difference between the two so you know which account is to be used for what purpose.
An NRI should open an NRE account if he/she wants to:
- Send overseas earnings to India
- Convert earnings into Indian rupees while keeping it liquid so that it can be mobilised whenever required
- Hold a joint account with another NRI
- Send money to native country (India) free of cost
In contrast, an NRI should open an NRO account if he/she wants to:
- Keep the India-based earnings such as house rent, dividends, etc in India itself
- Have a separate account for deposit income earned in India
- Open an account with a resident Indian; this resident Indian has to be a close relative
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