Indian Citizens who live in foreign countries find it very difficult to maintain their finances with their Indian savings account. To eliminate this issue, the government has introduced an NRE account. The full form of NRE a/c is Non-Residential External Account. An NRE account, meaning an account that allows NRIs to keep an account in India and transfer funds from abroad to this account in foreign currency. The funds are transferred in Rupees, which are converted by the prevailing foreign exchange rate. This is a much more convenient option, as NRIs are not allowed to keep a savings account. You can transfer the money from the country you are currently living in and from your other NRE accounts you hold.
The features and benefits of a Non-Residential External Account are as follows:
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