InvestorQ : Who should open an NRE account?
Niharika Kamble made post

Who should open an NRE account?

3 years ago
A non-resident external (NRE) account is a type of savings account that NRIs or non-resident Indians have to open in India to conduct any kind of financial transactions.
This is in accordance with the Foreign Exchange Management Act (FEMA) guidelines that makes it illegal for NRIs to have saving accounts in their name in India.
Thus, 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