NRO vs NRE Accounts For NRIs | Avoid BIG Penalties In India ⚠️

Hi everyone! I am Ritwik Arya, an MSc. Marketing graduate from the University of Edinburgh Business School, currently living and working in the UK as a full-time digital marketer. I share my complete life journey on this channel, from being a student to a working professional so that you all can learn something from my experiences.
⭐️ I discuss these topics regularly ⭐️
✅ UK visa rules
✅ Study in the UK
✅ Starting and growing a career in the UK
✅ Travel in UK
✅ Life in the UK for students and working professionals
✅ And everything else I learned while living here
Connect with me on:
➡️ Instagram - aryaritwik
➡️ LinkedIn - / ritwik-arya
➡️ For business queries & collabs reach out to me at [e-mail]
Chapters:
00:00 Introduction
01:06 Why NRIs are compulsory to have NRE & NRO account
02:40 What is NRE & NRO account
05:25 Transferring money between NRE & NRO
05:58 Where to transfer money from abroad - NRE or NRO?
06:33 Process of opening these accounts
08:38 Processing time, OTPs, Debit cards, Online/Mobile Banking

[@HDSingh03]

Was already researching about this but this video saves me a lot of time, Thankyou!

[@Dream_UK]

Thanks for watching man!

[@sandeepsandy771]

As always this is also the best video! ❤

[@Dream_UK]

Thanks brother

[@rajivbandhu2002]

Thanking you on my suggestion for made this video

[@aadilmohan3224]

Thank you so much Ritwik! I happen to be in India right and will definitely do this.A timely video.

[@Dream_UK]

Thanks man!

[@ravindrarathod80]

Very nice information thanks

[@jpl1234100]

Very informative but i have a question,just 4 months back my son has travelled to UK as a student,so i need to close his normal savings account to NRO NRE account or should i wait for sometime,please reply.

[@SohamShelar-sm1nr]

If I have 4 savings account in different banks I can make them all NRO?? Or I need to keep just one

[@madguds]

If I initiate the process from here, my current Debit and Credit card would be cancelled and a new one issued. Conversion is smooth in ICICI where my account is, but card issues will cause complications. So can we wait till summer vacations when we will go home to initiate this? Thank you for this information.

[@ravindrarathod80]

Agar mera son out of India se mere account mein transfer karta hu to kya uske upar koi tax lagega

[@deepika_from_UK]

Is it possible to have savings account in India, but the money credited to the account is from USA and I am living in UK.

[@puneetgupta5622]

Hi bro just wanted to check if someone is out on tourism for more than 6 months then will that person needs to do get nre account

[@johndavid7577]

Sir i am working in uae i dont have nre account if i transfer money from uae exchange to indian bank that is my mother account not mine is there any tax applicable plz tell me ,

[@kiera10256]

Hi Ritwik, i already had a hdfc account and I converted it to nro but I stopped getting otps and I contacted them to change my mobile number to indian and they have been doing that for the last 3 months, ive actually had a bad experience with them and im thinking of closing the account because whenever i try to contact the support team they copy paste the same response..

[@Chintoo10]

After moving to UK, within how many days should I convert my savings account to NRO to avoid penalty?

[@dharmendrajha3101]

Sir, Can i received my LIC payment in NRE account

[@rajivbandhu2002]

Hi, i am the person who suggest you to make video on this topic, i regular show your video, already subscribed your channel, but missed this video and after a week i come to know about this post.......

[@kiranvrao9714]

Thank you

[@arkajyotisaha6061]

What you have done with UBI, how do you pay your loan emi?

[@rajivbandhu2002]

As old saving account change to NRO so account number also change or remain same, because in many Institute , office, dmate lic, mutual fund old saving account details was given

[@Dream_UK]

My NRO account number remained the same after conversion from savings

[@sagarpanchal1182]

Thanks bro

[@ddhorajia143]

Hi, Can I do SIP through my NRE account? In future, when I will do redemption, will I get money in an NRE account?

[@Dream_UK]

Nope you will need to do it with NRO

[@giftymammen1515]

Hi Ritwik, great video and thanks for the information. I have a query, recently I went to India and I tried to process my NRE NRO account with HDFC bank, but for some reason the tax code/ NI number on my application isn’t getting registered. Was there something similar in your application process ? Is there any way I can rectify it?

[@Dream_UK]

I didn’t face this issue buddy. That’s strange

[@giftymammen1515]

@@Dream_UK I knoww, thanks for letting me know tho 😊

[@susmitabandyopadhyay2304]

Hello,can we keep multiple NRO account in different bank in India? Please let me know

[@Dream_UK]

Yes

[@BiswajitDas-xq9uq]

Bojot achha tha information ke hisab se

[@rajivbandhu2002]

One more suggestion pls don't mind,, what about income tax return filing system in SCOTLAND for Indian?? As now you are not student and doing full time job in Scotland getting good salary after deduction of Tax, pension etc.... Whether to file income tax return in UK/Scotland also. Pls make video on this

[@Dream_UK]

For working professionals, HMRC automatically calculates overpaid or under paid tax using the National insurance number. If the tax is overpaid, ask automatic refund is provided through a check via email or letter

[@javeedshaik5578]

Can you do vedio on process to open nri demat account

[@pissedcustomer456]

Great Information Bro. I am planning for Sept 24 Intake. I wasn't aware of this NRO and NRE. I think, now after getting visa, I'll have to close my multiple savings account and have to open NRO and NRE from one bank only. Your videos are truly amazing. If you could also make a video which can help new students to understand Scope of Part time and full time jobs in UK during this mild recessions and for future. Thanks. 🤟♥

[@Dream_UK]

Thanks mate! I’ll try covering this topic in the coming videos as well :D

[@anwaralam-sj8hy]

Can we send money from NRE account to any bank within India?

[@Dream_UK]

Yes you can

[@arpitmathur1247]

Are NRE and NRO accounts compulsory for students? I studied 1yr Masters in UK and now I've returned to India. I also transferred money from UK A/C to Indian bank savings A/C (barely had any balance and was not in use) via Wise. I hope I'm not liable to any fine as the money transfered was way below tax slab. Honestly, I didn't know anything about this rule until now.

[@Dream_UK]

If you are back it’s fine. Government randomly fines people. The probability is very low. But students should also have some account conversion. Very few people know about this rule.

[@arpitmathur1247]

@@Dream_UK Thanks for the reply and easing my anxiety. Nobody tell students to convert their bank account during the admission process. I checked the rule and it's quite old and somehow nobody bats an eye about it. Good job on educating others, I've shared your video with my friends in the UK who are on graduate visa. Cheers

[@parikshitdhage3617]

Hi I’m currently studying in Leeds and I’ve accounts in three banks in India i.e in SBI, HDFC and ICICI bank but my transactions are 90% through HDFC… so my question is do I need to open NRO and NRE accounts with HDFC only or in other 2 banks also????

[@parikshitdhage3617]

Looking forward to your reply

[@kris7968]

Turn everything into NRO

[@Vinni1337]

please reply, I have the same query!

[@ads7685]

All the savings account should either be closed or converted to NRO account.