Convert Indian saving bank account into NRE/NRO

You could be liable to pay a penalty of up to 3 times the amount involved

Do you need NRE/NRO account?

1. if you want to invest money in India or to collect the income generated in India in INR once you become an NRI
2. An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc