From Malaysia, where she now lives, writer Mythily Nair laments the cold attitutes of some fellow diaspora members toward the catastrophic second wave washing over India right now.
Highlights
One is NRE (Non Resident External) Account.
Other is NRO (Non Resident Ordinary) Account.
As per FEMA regulations, a Non-residential Indian or NRI cannot have a savings account in India. They need to transfer their bank account in India to an NRI account for;
● Holding their foreign earnings in Indian currency, or,
● Holding their Indian earnings in Indian currency
Alternatively, you can close your existing bank account and open a new NRI account from scratch.
There are two types of NRI accounts broadly;
1. NRE (Non Resident External) Account
2. NRO (Non Resident Ordinary) Account
Both these accounts are rupee-denominated accounts and can only be opened by an NRI or PIO (Person of Indian Origin). Moreover, both come in two variants - current and savings account.