For a person working is overseas, employed to overseas company and Salary transferred to Overseas account.
However, he is resident of India and travels overseas when he has work.
What type account should he open – NRE or NRO
What are the benefits of it?
If working is overseas, then how can his residential status be resident Indian? To which account the money transferred?
Money is transfered to NRE account.
He is resident of India but he travels often to overseas where he is employed.As he is more than 182 days overseas he gets to Open an NRE Account in India
So based on this he should open an NRE or NRO account in India.
Money is transfered in USD to NRE account where it is converted in Indian rupees in NRE account
Once an individual turn to NRI, then he is not eligible to operate the savings account. He has to inform to Bank for the same and convert his existing account to NRI account.
Yes but then should he open an NRE or NRO account ?
Or what is he eligible for NRE or NRO account?