I currently have an ICICI savings bank account through which I subscribe to 4 mutual funds(SIP) via ECS.I’m likely to go abroad on a medium term contract.
- Should I convert my savings account to an NRE/NRO account ? What is the difference between the NRE and NRO account ?
- Do my SIPs stop on conversion ? Do I need to inform the MF AMCs of the change ?
- (In relation to Q 1) Is it better to let my ICICI savings account stay as it is and open an NRE/NRO account in another bank ? Is this legal ?