Managing money between the US and India is one of the most complex aspects of H1B life. This guide covers everything you need to know.
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Managing money between the US and India is one of the most complex aspects of H1B life. This guide covers everything you need to know.
Why NRI banking matters for H1B holders
As an H1B visa holder, you're classified as an NRI (Non-Resident Indian) for Indian banking and tax purposes. This classification opens access to special NRI accounts with significant benefits:
- NRE accounts: Interest is tax-free in India. Fully repatriable to the US.
- NRO accounts: For India-source income (rent, dividends). Taxed in India but manageable.
- FCNR deposits: Hold USD/GBP in Indian banks at 4-5% interest — no rupee conversion risk.
Key FBAR reminder
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If any combination of your Indian bank accounts (NRE + NRO + regular savings + FDs) exceeds $10,000 USD equivalent on any single day, you must file FBAR (FinCEN 114) by April 15.
Best practices for H1B banking in India
- Open NRE account first — most H1Bs primarily want to send money from US salary
- Open NRO account when you have rental income, dividends, or maturing FDs
- Keep track of account balances in USD for FBAR purposes
- Use Wise or Remitly (not bank wire) for regular transfers — saves $30-50 per transfer
Best way to send money to India →
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