Question: is nre account mandatory for nri?
Answer: 1. Why do we have NRE & NRO Accounts? As per the Foreign Exchange Management Act (FEMA) guidelines, it is illegal for NRIs to have saving accounts in their name in India. It is mandatory that you convert all your savings (money earned abroad) to a Non-Resident rupee (NRE)/Non-Resident Ordinary Ruppe (NRO).