InvestorQ : What happens if an NRI doesn’t open an NRE or NRO account?
divya Sing made post

What happens if an NRI doesn’t open an NRE or NRO account?

Answer
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Gauravi Patel answered.
2 years ago


If an NRI doesn’t open a non-resident external (NRE) or non-resident ordinary account he/she could face huge penalties. This is because the Indian government doesn’t allow NRIs to have saving accounts in their name in India, in accordance with the Foreign Exchange Management Act (FEMA).