Working abroad is an ideal way to earn abundantly and sufficiently due to the various job offers and high standard of pay. After earning, they send part of their income back to the family at home through the NRI Savings Account. In this article, we give you details of how the best way to ensure that the family is financially stable is through this account.
There are two types of NRI Savings Account, namely the NRE and the NRO savings account. each of these accounts have different features and benefits that will ensure that the respective family members who have access or joint holders for these accounts are capable of using the funds transferred or stored in here.
NRO account
The main features of this type of account is that is mainly rupee denominated and cannot be repatriable. However it can be jointly held with a resident of the Indian country, where withdrawals can be made by the local resident in the currency of rupee. Although the interest from this account is taxable especially for income tax, it has several benefits.NRI Savings AccountNRE Savings Account
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