According to the FEMA rules, NRIs live in a foreign country for more than 183 days in a calendar year.
They earn their living in foreign currencies, which get deposited in the overseas savings account. However, those NRIs who have their income sources in India need an NRO account. Precisely why, even if you are based abroad, you need to check your finances in India.
Following are the reasons you need to open NRO account online once you move to an international country –
Takes care of dependents in India
The NRO accounts are two kinds of NRI accounts that Indians living, and earning income overseas can be considered. Despite moving abroad, the NRI account makes it possible for you to take care of your Indian dependents. So, if your spouse, parents, or children are still Indian residents, you can deposit funds in this account, which they can withdraw. However, you should assign the Indian resident as your joint holder so that they can withdraw the sum.
Can deposit foreign currencies
Although the NRO account is a rupee one, you can deposit both INR and foreign currencies in this account. Earning income in the money stronger than INR can be extremely beneficial. For example, if you live and earn in London, and deposit GBP 200, the amount gets converted to around INR 16,000. So, you benefit from the currency difference.
Keep a check on Indian income sources
The most prominent benefit of NRO accounts is that you can track India's income sources, despite being based in the country that is thousands of miles away. You can safely park the income earned through sources such as properties rented in India, FDs, share market investments, and more.
Make investments and pay bills
Through this account, you can continue the investments created before assuming NRI status. For example, the sum parked in this account gets used for paying loan EMIs and insurance premiums. Moreover, you can pay the utility bills in India quickly through the account. Most banks enable you to set-up the auto-pay facility for repaying the EMIs and utility bills.
Manage account through net banking
No matter where you are, you can manage the account from any corner. The bank offers you net banking credentials that you can use to check the account statement, make intra and inter-bank transfers, create FDs, and more. Banks also provide mobile apps through you can review the account on the move.
You should know the meaning and benefits before you open NRO account online. Research online before opening the account for gaining maximum benefits.
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