If you’re an NRI who has recently moved abroad or planning to move soon, then you must be aware of the regulations related to your bank accounts in India. As per the Foreign Exchange Management Act (FEMA), it is illegal for NRIs to continue holding a resident Indian savings account once their status has changed to NRI. This is why it is essential to convert your resident account to an NRO account as soon as possible to avoid any penalties or legal hassles.