Saving/nro account

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Ashish (Querist)
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01 September 2012 I have a salary(or saving) account in Pune.
I am on company assignment in Europe from 2011 and will continue here till Feb-Mar 2013. From April 2012 my resident status is NRI.
Query:
Is it OK to keep my account type as saving and transfer money from Europe or shall I convert it to NRO account.
Please suggest.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2012 Since you are non resident as per Foreign Exchange Management Act (FEMA), you better open NRE aount and transfer the funs. NRO account is basically for INR funds

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SANYAM ARORA

SANYAM ARORA (Expert)
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01 September 2012 Agreed with the reply

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Ashish

Ashish (Querist)
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01 September 2012 Thanks Amol, Sanyam.
I wrote email to my bank and they replied they don't support NRE account for Italy.
Is there any other way?
My stay here is temporary aprox 1 year and want to use these money when I am back in India, so not sure if remitting to parents account will help.
Please suggest.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 September 2012 you can remit the amount to PARENTs if you wish,,, not an issue, Remittances are also tax exempt. (I am sorry to note that ITALY is not permitted...) Just a small query... which bank in INDIA is restricting such an NRE account? You can refer this matter to BANK OMBUDSMAN

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 October 2021 You saving account in India, need to be converted to NRO account, if your status changes to NRI.

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