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The idea of moving abroad for higher studies or employment can be quite thrilling. To be able to explore new destinations, try different cuisine and discover unique cultures is a dream many people work towards. Therefore, when an opportunity like this knocks on your door, you are bound to get excited and start planning immediately for your accommodation, visa, travel, etc. However, in that rush, do not forget to add the most important thing in your ‘to-do’ list – your finances.
Before you embark on your new journey, there are a few financial arrangements you will need to make. Amongst them, sitting on top of the list, should be the idea to open an NRI savings account.
Well, you should know that your existing savings account will not be valid, once you become an NRI or non-resident Indian. Hence, you will need to re-designate these as NRO or you have an option to open a new NRE and NRO accounts. Let’s learn more about these types of savings account, shall we?
Making a transition from one country to another is no doubt exciting, but it surely invites a lot of added expenses and financial constraints too. Therefore, it is advisable to consider all your professional and personal requirements before you open an account.
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