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Is there any penalty for not converting to NRO account?

If you do not inform or declare your status as NRI with bank, you will be liable to pay penalty of:

  • 3 times of the amount in your existing savings account, or
  • Rs 2 lakh when the amount is not quantifiable.

Moreover, penalty of Rs 5000 per day will be charged from the day of intervention until the payment of penalty.

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