NRO , NRE and FCNR accounts Explained | Moving to UK | Desi Couple in London

NRO , NRE and FCNR accounts Explained | Moving to UK | Desi Couple in London
In this video, I will discuss about the bank accounts that should be opened in India or NRIs. We will talk about savings, FD , interest, tax etc on these accounts.
We are Indian KZbinr in England ( Indian Vlogger in UK / Indian vlogger in London ) and we are currently living in London.
#lifeinlondon #movingtouk #desicoupleinlondon
We will talk about some of the topics & some are related topics to our video-
1) nro vs nre account
2) nro to nre fund transfer
3) nro and nre account difference
4) nro account tax rules
5)hnro nre fcnr rfc accounts
6) nro nre
7) nro nre fcnr acccounts
8) bank account nri
9) nri account
10) nri nro nre account
11) nri account kya hota hai
12) nri nro account hindi
13) non resident bank account
14) non resident indian
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checkout our other UK videos.
⚡️ Vlogs [playlist]: • Vlogs
⚡️ My parents first visit in UK [playlist] : • My Parents First UK Visit
⚡️ Moving to UK [playlist] : • Moving to UK
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Keywords:
desi couple in london, indians in london ,indian in london ,indians in uk ,indians in uk ,life in UK ,Indian students in England, indian students in UK, lifestyle vlogger uk, uk vlogger, London vlogs, UK, all about uk, moving to uk, living in uk, life of an indian in uk,Indian KZbinr In England,Indians in UK, indians abroad,indian vlogger,united kingdom,england,uk,london,desi couple in london,vlogs,vlog, life in london
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Disclaimer: We are not immigration consultant . We make videos for life in UK with our experience so far in this country as we work here. This video is created based on the information we have found in our research, experience, and knowledge. Use it at your own risk. This includes our comments on your questions, too, as we answer based on our knowledge, experience, and research. Although we try to be accurate in all our comments, We take no responsibility if anything happens because of that.
Point to be Noted:
We are not Solicitor or Visa Consultant or Legal Advisor.. therefore please don't ask us these information.

[@DileepBajaj87]

This is very helpful and so are your other videos. Keep up the good work and thanks a lot

[@DesiCoupleinLondon]

Thanks Dileep

[@adityavyas7694]

The way you explained the things very clearly that’s what makes your channel unique than others Thank you so much…🤗 Can you please also make one video or provide information on how we can send money to India via apps or some means plz?

[@rabiyaali4734]

Very helpful video.thank u

[@DesiCoupleinLondon]

Thanks. ☺️

[@vindapatkar9181]

I just gave example of pension. Are all credits (rentals,dividends , pension etc ) taxed @ 30 percent or only nro savings interest is taxed at 30 percent.

[@only42vinod]

Mere pas NRE account hai to kya maine apne NRE account se Indian ordinary account(NOT NRO) me paisa transfer kar sakta hun waha se bhi kharch kar sakta hun na Mere pass India me koi income nahi hai

[@cheemabegowalia]

Hello sir mai spai mein hoon mai apne nre account mei deposit kaise kar sakta hoon?

[@KHUSHAL2489]

Sir, NRO and NRI account ke debit card bhi hote hain kya? Agar in accounts me har month paisa aa raha hai to kya family members us paise ko India me debit card se nikal sakte hain ya kis dusre tarike se ye paisa use kar sakte hain.

[@thetatatrading]

Mutual fund mein agar invest kiya toh with nro account kaya baad mein mutual fund k return par v 30 % tax lagega kaya???

[@pg3226]

Sir sapose if I opned nro account bank will give a housing loan?and what documents require to open nro account?

[@rajendermaheshwaram3805]

Very valuable information, thanks bro

[@DesiCoupleinLondon]

🤝

[@smithanarayan9217]

Thank you so much for making this video.. this was very helpful for me as I am traveling to UK in next 2 months

[@DesiCoupleinLondon]

Cool thanks smitha and all the best

[@smithanarayan9217]

@@DesiCoupleinLondon Thank you ✨😊

[@moumitachitrakar5228]

Agar may UK sift korna chahata hu to mujhe konsa account khulna haii Muja permanent sift karna chata hu Ghar kharitna chahata hu muja konsa account khulna chahiye? India ka money uk may move karna K liya konsa account best hai please reply.

[@vedantballal7329]

This was really helpful!

[@DesiCoupleinLondon]

Glad it was helpful!

[@seshashayana]

I have accounts in HDFC and SBI. Should I get both my bank accounts converted to NRO accounts?

[@arabindaghosh511]

NRO account sey 30% tax deduction ka matalab Kiya hay. Paheley residential account sey Jo sip key paisey jatey thhey orr lic premium, mediclaim Kay premium detey thhey unka kiya hoga, residential sb account,NRO account mey covert karney par old savings in rs. Unka kiya hoga..Agar aap kripaya karkey inkey baremey kuch kahey to upokri hoonga..

[@hamidanwar6456]

Sirf dollar ya pound hi kr sakte hai riyal ya dinar nhi kr sakte hai plzzz reply kijiyega

[@sreenivasas6770]

Nice info. Pl let me know being outside the country how to open NRO and NRE accont.

[@ravneetkaur6101]

Hi bro can you plss come with this topic that should girls come single or after doing marriage what you think about it and offcourse how difficult it will for unmarried girls . And offcourse can we study well if we have zero previous knowledge

[@tasneembhanpurawala1442]

Thanks for the video. I have a question, I have money in Rs. In my savings account, I want to take the money abroad. Whether I should take it through nre or nro?

[@dineshgadhiya459]

It's very helpful those who move uk amazing

[@DesiCoupleinLondon]

Thanks 👍

[@sardarcharanjeetsingh6880]

Very help full information

[@DesiCoupleinLondon]

Thankyou

[@OmarMohammed44]

I'm moving to uk next month, and this was really helpful

[@DesiCoupleinLondon]

Thanks Omar. All the best

[@latifkhan535]

Are you in UK now?

[@GagandeepSingh-xk2ou]

Just one question. If i open NRE account is am eligible to apply for Personal loan on behalf of NRE account?

[@rajajesson]

What happens if I don’t convert my Indian accounts?

[@sayalidr]

Very helpful video

[@DesiCoupleinLondon]

Thankyou

[@KaranSingh-qy6xm]

Very good suggestion sir

[@DesiCoupleinLondon]

thanks

[@CASomeshSukanshi]

very informative sir

[@DesiCoupleinLondon]

😊

[@reshubnigam8375]

Thanks for the informative video. Had a couple of doubts, if you can answer them would be great! 1. Can the current auto-debits (like SIP or loan EMI) from the savings account still continue when converted to a NRE / NRO account? 2. For sending money to parents back in India, if we deposit in our NRE account, can they withdraw using normal debit cards? Or it is better that we deposit directly to their account for their use?

[@munishkuvadia2080]

1. Use NRO account for auto-debits. Don't use NRE for that. Use NRE only if you don't want to open NRO 2. You don't need to open NRE account to send money to India. Its better to send directly to bank account of your parents using service like Remitly, xoom etc.

[@abroadxstories]

@@munishkuvadia2080 I have also one doubt regarding the SIP/shares - can we directly switch from indian saving account to NRO? Is there any restriction on SIP or shares which is linked to NRO account(For me, I have SIP and if I switch to NRO and withdraw it, is there any rules or extra taxes apply while withdrawing)?

[@munishkuvadia2080]

@@abroadxstories The process is too complex to explain in a comment. You will have to google/youtube and do your own research.

[@babbal786.6]

V good information sir

[@DesiCoupleinLondon]

Thankyou

[@HerDepressionFriend]

Very well explained

[@DesiCoupleinLondon]

Thanks

[@swatirai5521]

Nice video

[@iamthepratiek]

what happens to existing investment like mutual funds etc linked to a saving account which gets converted to NRO/NRE account

[@DesiCoupleinLondon]

you can still continue that

[@siyonajanegal368]

Good information 👍

[@DesiCoupleinLondon]

Thankyou

[@subhasish17]

Can we convert my current savings account to NRO account

[@gurtejsingh2940]

Hlo bhai NRM uk kya hai plz bataoo

[@manuengg001]

nre account main jo pound send kregy fir india currency ko saving account main ya phone py google pay ya sab kr skte hai na?

[@DesiCoupleinLondon]

NRIs can activate UPI by linking their international mobile numbers to their NRE or NRO accounts. The NRE or NRO accounts must be KYC compliant. The member bank must also ensure that the KYC process is done as per Indian laws, including the Foreign Exchange Management (FEMA) Act

[@manuengg001]

@@DesiCoupleinLondon my all kyc is complete and they send me kyc certificate on emails. i linked my NRE account with UPI through my indian number because i am using in the UK now my phone pay is linked with NRe account

[@Lamp141]

Thanks for making this vdo on my question asked in comments on one of your vdos. How can I carry my savings in INR say 10 Lakhs to use in UK, once I will be there on Tier 2 General with my family by end of 2022 ?

[@munishkuvadia2080]

Use a travel card from ICICI, HDFC etc

[@Rajatkedia1987]

Hey! Thanks for the video If we are travelling to UK now, we won’t be NRI until we stay 183 days in a year. Would the NRO and NRE account only open after that?

[@DesiCoupleinLondon]

Yes I belive so but do check with your bank they can guide better.

[@abroadxstories]

Hi, I have one doubt , it will be very helpful if you could answer. I have shares and Mutual fund which is linked to my indian saving account, and what could be the procedure if I want to transfer to my NRE/NRO account? Thank you in advance.

[@DesiCoupleinLondon]

Check with your bank they will be able to help better

[@abroadxstories]

@@DesiCoupleinLondon Sure! Thank you for the reply.

[@nandanr9867]

can we pledge NRE account and take loan against it?

[@munishkuvadia2080]

1. Do you have any suggestions on where to get documents in UK attested for reasonable cost to open NRO/NRE bank accounts? 2. How did you go about getting your documents attested in the UK? It seems very expensive. 3. Did you open the NRO/NRE accounts while in UK or when you visited India? Many thanks for making this video. Its an important topic. If you can make a follow-up video on your experience with NRE/NRO account opening, what documents you submitted etc that would be great. If you trade in shares what did you do about demat and trading account etc.

[@DesiCoupleinLondon]

India cheapest option but try checking with ppl in iil group may find someone reasonable here

[@abroadxstories]

Hey, I opened my HDFC NRI/NRO account in December 2021, and the post office attenstion service is not too costly. I had to attest to only my passport as per the HDFC bank account rule, and it was 12.75 pounds in my city(Oxfordshire). And the whole bank account opening procedure was online, and I was here in UK. I have tried many banks, so I suggest using HDFC bank service. They are really helpful, and you don't need to visit India. I hope this helps.

[@viv715]

@munishkuvadia2080: I'm at the same stage where to get document attested in UK How did you get it done ? if you could share your experience that would be great help, Thank you

[@munishkuvadia2080]

@@viv715 I haven't made any progress on this front. I think its easiest to do it when one visits India than try to do it from a foreign country.

[@bhavikatalaisa2244]

@@munishkuvadia2080 no u can easily open your account staying in UK too for account opening process plz drop your whatapp number will revert on that

[@deepakvasisht269]

Requirement of converting existing SB account to NRO account is governed by FEMA and as per this law, when person leaves India for employment he immediately becomes NRI

[@rdsingh2420]

Bro main January in take mein uk aa raha hun to mera SBI mein account h main us se NRE mein convert kra sakta hun ?

[@DesiCoupleinLondon]

yes you can ask to open NRO NRE

[@manuengg001]

one more question can we operate indian saving account in the overseas if our status has changed from resident to NRI

[@DesiCoupleinLondon]

Indian saving account to transact money to overseas you mean?

[@manuengg001]

@@DesiCoupleinLondon no no indian saving account use in india through different banks internet banking but all things we operate in overseas than india

[@yasharora7739]

Bro otp Indian phone number pe ayenge toh NRE or NRO m hum number bahr vala b la sakte

[@DesiCoupleinLondon]

yes

[@coffeewithkrupesh2113]

Helpful information. Thanks for sharing. Is there any mandate for a person to declare that he/she is now NRI. If they are paying Tax in UK , they need to clear any formality to not pay tax in India as well ? How does this NRE/NRO account comes into picture - means why not to keep the account as it is ?! Asking because we haven't come across any rule where we need to convert account or make a declaration about NRI . We really appreciate the value you are adding through your vedios. Thanks again.

[@DesiCoupleinLondon]

Will make a second part

[@gurumeharsharma7439]

Sir, Is it necessary to convert existing savings account in india to nro account , if we want to open an nre account. Or we can directly open a nre account?

[@ashishsajwan]

It not mandate but it will be good to use the existing saving account to convert NRO, and First NRO account will open and then the NRE account can open in banks

[@jyotimehta493]

NRE fixed deposit - what is process if we bring money into uk

[@incubus7340]

Bro can u plz tell me ,if i don't open nro,nre account and directly give money to my parents in India and then they do sip on their own account, is this possible?????

[@DesiCoupleinLondon]

NRO is required for any saving account that you have. but you can also transfer money to your parents and they can do what ever they want with it.

[@incubus7340]

@@DesiCoupleinLondon okay thank you

[@SahilAnand]

Great content, I have a couple of questions 1. Should i convert all my savings account to NRO or one of them is good enough whichever is the most active? 2. What about FDs that are already in residents account, they need any type of conversions? 3. How to transfer big sum of money from Indian savings account to an NRE which later we can transfer to an aboard account?

[@Abheykyu]

Great questions, even I want to know answers to these questions. Please let us know if you find answers to your questions.

[@SahilAnand]

@@Abheykyu Answer to first two questions is yes you need to convert everything to NRO account. But if you do not plan to stay abroad forever do not convert them until it is needed

[@manish436]

I have an existing saving account which I use for home loan emis, should I convert this into NRE account? if I send money every month for the same purpose. plz help

[@swapnild1594]

Existing saving account should be converted into NRO account and not NRE account

[@dhvanirajput8276]

Can I come to the UK for MS because I have done an online BCA course? They accept my degree if they accept so which university accepts? I am preparing for GRE and IELTS as well. Please help me, sir I don't know what should I do?

[@trendycreativefashionideas]

kzbin.info/www/bejne/gYSZaYqJh8hkiqc

[@r.bhanu31]

Dis you get admission in London If not I can help you

[@nasirkhansirajbhai8016]

Thank you Desi couples for all your videos. I moved to London 2 weeks back, have few queries Can we open NRE, NRO account while in UK? I can see ICICI, SBI UK branches available in East ham, can I go and ask them directly if they can do this ?

[@DesiCoupleinLondon]

Yes

[@user-ur4em7tu5v]

Is bank makes any diffence in NRE, NRO etc like if anyone open account in PNB or SBI does this makes difference and Can we covert Saving account ot NRO ?

[@DesiCoupleinLondon]

different banks has different process some do it in person please check with your bank

[@vinod161991]

Very thankful for explaining. I have one query, can we convert back our account back to normal accounts when we return to india .

[@DesiCoupleinLondon]

yes you have to show proofs

[@patelvishal_vd]

Sir mera abhi canada ka visa aaya hai to abhi india me nre account open karau ya phir canada jake open kru?

[@DesiCoupleinLondon]

check with your bank its easier and cost effective to do in india

[@dinkykhatri2754]

Hey, Great videos guys! Super helpful! QQ - Are you guys aware what happens to your pension and pf when you move from India to UK for work? Can you transfer it?

[@DesiCoupleinLondon]

nope you cant transfer from india to uk

[@vindapatkar9181]

Exactly what taxes does NRO account incur. For ex. ,Do they deduct 30% on the pension received or is 30% deducted on interest on nro savings

[@DesiCoupleinLondon]

sorry which pension you are talking about

[@008pradosh]

What if you dont open these accounts. I dont see any problem yet...

[@namitbansal9895]

Thank you so much for your video. I wanted to ask that if I have to send money to my parents, should I first deposit in an NRE account from where they can withdraw or directly into my parents bank account?

[@DesiCoupleinLondon]

Directly in your parents is also fine as you dint have to move money twice

[@namitbansal9895]

Thank you so much

[@lloydprakash7155]

Can we use nre account abroad for shopping or withdrawal cash

[@DesiCoupleinLondon]

yes but that money will be in rs and you will have to pay remittance

[@kshitijjain2604]

@@DesiCoupleinLondon what percent of money is charged as remittance

[@vijaybharti8037]

Hi. Will the interest rate generated in FCNR be taxable under UK laws?

[@aankita30]

following

[@aankita30]

which account is better FCNR or NRE

[@sanjnasingh2963]

Sir pls make a video on india ca lifestyle in london like their salary package, accomodation, facilities provided by company or landlord, and benifits of doing job in london. Sir i request u to make a video on this topic because i requested u so many times and u also ans me in yes but still u don't make any video on this. Sir its my humble request pls make a video on this topic 🙂🙂 🙏🙏☺️☺️😃😃

[@DesiCoupleinLondon]

Thanks for your request, we have some videos in pipeline. We will try to make something on this topic please have patience.

[@sanjnasingh2963]

@@DesiCoupleinLondon ok sir thanks for ur reply ☺️☺️

[@ddsharma8085]

Whether existing resident account of nri need to convert to nro?

[@DesiCoupleinLondon]

Yes

[@sgtype]

I have invested in SIP / stocks. It is automatically deducting from my Indian bank account. Is it mandatory to make a NRO account? What are the cons for not having a NRO account?

[@khushpatel4334]

I want to invest stocks via SIP , already investing stocks from parents account, So are you using your saving account or u opened NRE or NRO.??

[@kdjimmy103]

@@khushpatel4334 to open nre account you have to stay outside of country for more than 200 says

[@r.bhanu31]

​@@kdjimmy103no need If you live out side of India U can apply for nre/nro Account from ICICI Bank If you live in London you can go east ham Branch

[@RavinderSingh-zx3ho]

This is very helpful. Thanks for the video. I have 1 query, lets say I am NRI in 2022-23 financial year, what will happen to my FD which were open in 2021 and are about to mature in 2024? Will that be taxable or any special treatment on maturity since I am an NRI?

[@DesiCoupleinLondon]

Yes But you can claim money back in tax return

[@RavinderSingh-zx3ho]

@@DesiCoupleinLondon Thanks for quick reply guys. Appreciate it 🙏

[@suryaprasadjena8496]

UPI like phonepe, gpay transactions ho sakta hai kya

[@DesiCoupleinLondon]

Han you need to get your international roaming on so that you can send message from uk

[@otakua4666]

I am moving abroad as a student from this April for long term I had my savings account in India 1.When exactly in earliest i could convert it to NRO? 2.As per FEMA you consider NRI of you start 182 days outside of country in one fiscal years right would that mean I will become NRI after 31 March next year as it a fiscal year or I will become NRI in October this year's as it will be 182 days Please Answer me as bank employees literally can't give a convicted answer

[@DesiCoupleinLondon]

you can do that asap and you are cnsidered NRI when you spend 182 days outside india in one fiscal year from i.e april to march

[@otakua4666]

@@DesiCoupleinLondon thanks for the answer

[@HIFI40]

Great content. Thanks for this. I have one question. When I convert my Indian regular savings account to NRO/NRE. How will I be able to pay my existing EMI'S which was being deducted from my savings account. Consider the fact that I have no indian source of income and I will be sending only foreign income to NRE account.

[@DesiCoupleinLondon]

Yes you can

[@HIFI40]

@@DesiCoupleinLondon Sorry, but your response is not clear

[@krishnakhanna27]

Thank you for this very timely and valuable video, Nitin! Are we allowed to transfer money from NRO to the UK bank account after moving? Does it attract any tax in the UK if we have already paid tax on that money in India?

[@munishkuvadia2080]

Its a big headache to transfer money from NRO to UK foreign bank account. You have to fill two forms of which one has to be submitted by a CA.

[@krishnakhanna27]

@@munishkuvadia2080 So what can one do about the funds in India if they can’t use them here after transfer?

[@munishkuvadia2080]

@@krishnakhanna27 Its a good question. I don't know the answer

[@vikramjghanwat]

Can I send money from NRE to any others saving acount please rply

[@DesiCoupleinLondon]

! NRIs can transfer funds from their NRE (Non Resident External) Account to their NRO (Non Resident Ordinary) Account. An NRE account allows you to transfer funds to another NRE account as well as an NRE to NRO fund transfer.

[@robustnews3627]

NRO to NRE transfer is allowed totally after few documentation

[@tseringyangzom3285]

Which bank is good for NRE account? Please suggest

[@DesiCoupleinLondon]

hdfc icici

[@henryshirlysharlet515]

Sir after creating an account in uk... If my mom has a nre account in india... Can i tranfer it to her account without any tax

[@DesiCoupleinLondon]

you can send money to parents account as a gift no tax will be there.

[@henryshirlysharlet515]

@@DesiCoupleinLondon thankyou sir

[@jinenderthakur8116]

What will happen to UPI once it get saving ac converted to nro or nri

[@DesiCoupleinLondon]

UPI started for NRIs

[@jinenderthakur8116]

@@DesiCoupleinLondon I want to open with HDFC but customer service not getting connected to clear my doubts , pls clear i want debit cards to deliver in Indian address and want my indian number for transaction due to UPI please guide me becuase in forms there is nowhere mention of card address

[@muhammedchand716]

I have nro account India can I deposit cash money by my hand in my account 🌹 please reply me ❤️

[@kshitijjain2604]

How can I transfer my money in India to UK account after moving?

[@DesiCoupleinLondon]

You can do from nro

[@kshitijjain2604]

@@DesiCoupleinLondon Thanks a lot!! But does it charge cross currency conversion commission?

[@rahulchawla20]

@@kshitijjain2604 You can move money from NRE also. Exchange rates will of course be applied. I am not sure of GBP, but for USD, I pay about INR 0.70 per USD to HSBC and I pay Zero transaction fee as I am Premier with them.

[@sumitarora7437]

Can you please also make a video how to bring money from India to UK?

[@DesiCoupleinLondon]

sure

[@ddsharma8085]

You failed to mentioned how NRI send money to resident Indian?

[@DesiCoupleinLondon]

Another video

[@dr.w.r.gajdhar1673]

Income tax is 30 percent fixed in nro account

[@americaalone5038]

NRO to NRE is permitted upto 1 Milion Dollar