247. Can PIO living in India

keep NRE account?

Q: Hi, I am a British citizen and hold PIO card. I am currently working and living in India since Jan 2010. Can I continue holding NRE account and enjoy all NRI benefits? If not, how do I move funds between UK and India as I still have my old savings in the UK. Cheers Sapan Jain A. Living and working in India takes away your NRI status. You should convert your NRE account to a RFC account. RFC Savings Account can be maintained in currencies such as USD, GBP, JPY, EURO. Don't simply close your NRE account until you have transferred the funds from it to your new RFC account. You can move funds into this account from UK and also send funds from India back to UK or anywhere else in the world without any restrictions. Check with your bank. The Reserve Bank of India allows persons of Indian nationality or origin, who, having been resident outside India for a continuous period of not less than one year, and then become persons resident in India on or after 18th April 1992 to open and maintain RFC accounts in India. RFC accounts allow freely convertible foreign currency. I am curious to know exactly what NRI benefits you are speaking of that you currently enjoy? More info on this topic: Status of NRI bank accounts in India after NRIs returning to India >>