Currently, I am in India and got stuck with administrative processing. Hope this may take more than few months.
I was in US for past 2 years and I was transferring money to my India savings account using Remitly now and then and spend that in India for loan and other expenses. I have not opened any NRE / NRO account in India so far.
As I stuck with administrative processing, I would like to take all my saving money from US bank account to India. I recently came across the usage and NRE/NRO account.
NRE/NRO account is mandatory to transfer money from US bank?
Can I open NRE/NRO account now in India ?
Should I open NRE or NRO or better both ?
What will happen to these accounts if the administrative process take more time and I happen to stay here for long time ?
Any other advise ?
Thank you in advance !