More and more Indians are settling abroad to improve their financial status. At times, they may need an NRI banking account for several reasons. In order to do so, they will require special accounts with certain functions that allow them to remit back home easily. With the NRI account, this is easily possible. However, each of these accounts will have different features, functions, rates, etc. Read on to know more which one is suitable for you.
NRO Account:
This is a popular NRI account for NRIs who already have some sort of passive income in India. With this account, you can open a savings account as well as a current account. A minimum maintenance of Rs.10,000 must be maintained in this account on a daily basis as per the requirement. If the account holder has any income from the home country, he can easily deposit it, in this account. This can be in the form of rent, salary or even dividends. Also, with this account the remittance is limited. One can only remit an amount of 1 million USD in one financial year.NRI accounts
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