HUGE Penalty if you don’t do this before going to Canada | Canada Malayalam Vlog | NRE, NRO accounts

There is NRE Account and NRO account.

Non Resident External (NRE) Accounts are to deposit for overseas earnings.

Non Resident Ordinary Rupee (NRO) Accounts are for depositing income earned in India.

The two distinctions above doesnt explain the consequences. The feature that makes a difference is that NRE account is fully repatriable. What that means is that if you are an NRI earning money abroad, you have an option to save your money in an NRE account in an Indian Bank. You get a slightly better interest rates that what you get abroad. The balance is maintained in INR, so you run the risk of exchange rate changes. But you can otherwise treat it like any other bank in the country of your residence.

If you are an Indian citizen living and earning abroad on a work permit and you don't have plans to change your citizenship then you would want to get back to India with your money. In that case an NRO account helps. It offers you the same interest rates that resident Indians get. But you pay 30% income tax on it. You have a limit to withdrawal of money in foreign currency. The limit is pretty high $1 million.

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