How to set my bank accounts right ?

zen · Post by **zen** » Wed May 25, 2011 10:48 am

I'm in a similar situation. Instead of changing the rupee account to NRO, can I just close the account? It is a joint account with my mother. Or can I just remove my name from that account? Is it easy to do that?

vanuma · Post by **vanuma** » Fri Jul 01, 2011 12:10 pm

Yes, you can simply close the NRO account.

arch_king · Post by **arch_king** » Thu Jul 28, 2011 11:17 am

What is an RFC account?

Edited: Got the answer Thanks

mgk2010 · Post by **mgk2010** » Fri Aug 05, 2011 12:11 pm

Hi
A followup question on this

I am an OCI working in India now paid in INR by my India employer. My salary is deposited in an resident indian salary account. This was an ordinary savings account was opened many years ago, and got switched to a salary account when i started my employment in India.

If i want to transfer money from my US account to India, is it ok to transfer into my new RO salary account?

Also if i ever decide to move back to the US, can i wire my savings out of my RO account to a US bank account ?

Thx

dbs · Post by **dbs** » Fri Aug 05, 2011 1:04 pm

[QUOTE]If i want to transfer money from my US account to India, is it ok to transfer into my new RO salary account?

No problem from the Indian Govt. side.

[QUOTE]Also if i ever decide to move back to the US, can i wire my savings out of my RO account to a US bank account ?

No. There are only certain reasons for which transfer out of IRs is allowed bu GOI.