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.
NRI and PPF: Can H1B Holders Keep Their PPF Account?
PPF rules for NRIs — you cannot contribute after becoming NRI, but can the account stay open? Complete guide.
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
Transfer money internationally with real mid-market rates and low fees. Trusted by 16M+ customers.
Send Money with Wise →
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 →
🌍 Get the Free Study Abroad Finance Checklist
The exact steps to set up your finances before you land — bank account, money transfers, SIM card, forex card & health insurance.
🔒 Free 5-page PDF. No spam. Unsubscribe anytime.