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Can an NRI continue with their Indian Bank Account?
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Most individuals make the mistake of continuing a resident savings account even after becoming an NRI but the law does not allow it. Or in simple words, it’s ILLEGAL to hold resident savings bank account for NRIs.
As per FEMA rules, the penalty for not converting a resident account to an NRE/NRO account is up to 3 times the amount involved in it or INR 2 Lakhs when the sum is not quantifiable. A daily penalty of INR 5000 will also be charged from the first day of the intervention until the penalty is paid.
Follow @wealthcafefinancial for more content on investing in money.
Most individuals make the mistake of continuing a resident savings account even after becoming an NRI but the law does not allow it. Or in simple words, it’s ILLEGAL to hold resident savings bank account for NRIs.
As per FEMA rules, the penalty for not converting a resident account to an NRE/NRO account is up to 3 times the amount involved in it or INR 2 Lakhs when the sum is not quantifiable. A daily penalty of INR 5000 will also be charged from the first day of the intervention until the penalty is paid.
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