Moving to the US — NRE or NRO for existing savings accounts
Hi everyone,
I’m moving to the US soon on an immigrant visa and I’m completely new to this, so would really appreciate some advice.
I currently have multiple savings accounts in India. I’ll be closing 2–3 of them but will likely keep around three accounts with a decent amount of savings. I’ll also need to use some of this money to pay off a loan in India.
Should I convert my existing accounts to NRE or NRO? What would be the best way to manage the existing savings and loan payments, and how does TDS work on the interest? I’d especially like to understand how to avoid unnecessary/high TDS legally.
I’ve searched online but can’t find a simple explanation that covers this situation. If anyone has gone through something similar, I’d really appreciate your advice!
Thanks!