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I opened a NRE a/c with a bank for my loan. But now the bank wants me to open another NRO a/c.?

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asked Nov 3, 2015 in Banking and Credit by Neepa Biswas
I opened a NRE a/c with a bank for my loan. But now the bank wants me to open another NRO a/c.

1 Answer

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answered Nov 8, 2015 by Raja
Dear Neepa

Loan amount can not be credited into your NRE account as per RBI guidelines.  Hence, it is necessary that your should be having an NRO account for the purpose.  Please note that into an NRE account, only foreign remittances or funds from other NRE accounts can be credited.

RAJA
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