Hello guys... Please excuse me for my bad English and grammar... English is not my native language. I am in US for more then 6 + months, however I am waiting for my h1B extension.. not sure whether it will approve or not. Now Indian banks are suggesting me to convert my savings accounts to NRI accounts. Should I opt for it ? What are pros and cons ? What if my visa gets rejected and I need to go back (I should be knowing in next 4-6 months max). Please suggest only if you really have experience... no troll please ... Thanks in advance...
Ideally it’s better to converting it to NRI account but if you wanna wait for 5 months that should be fine as well but don’t transfer any money to your account. Make sure you convert it to NRE account once you visa situation gets clear.
Only advantage of an NRE account is that you can transfer the money back to US without any hurdle. With a normal savings or NRO account you will have to get an accountant to provide a letter that you have paid taxes on the money that you want to send outside India and take that letter to bank before transfer can begin. Also NRE/NRO accounts have lower interest rates.
thanks for a good point, Ya this is one of those points that makes me think is it worth all hurdles for 5 months ?
You can convert it with a document and if you have to go back, you can convert it back to a regular account. Won't be a problem.
Ok
You can get new NRE/NRO accounts while keeping the old India accounts intact; doesn’t make sense to convert
Ok this is new suggestion... just curious to know your reasoning behind this logic
Are you Indian?
Obviously man!
Wow that was dumb
If he is not Indian why would he ask about NRE account 🙄
Is NRE non resident European?
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When u leave the country (india) with an intention of becoming an nri .. you should convert your bank account to nre or nro.. thats the law.. i am not sure it is part of money laundering law or something else... so it is not a choice.. u have h1b, ur intention is to become an nri.... so u need to convert those accounts... in case u go back, u can obviously convert back to normal savings account
Technically, you have to be away from India for 181 days to become a non-resident.