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NRE vs NRO | NRIAccount.com

NRE Account » NRE vs NRO

Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account cannot be remitted abroad but used only for local payments in rupees.

Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can only be credited to NRE accounts.

Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.

Account Type NRE NRO
Currency INR INR
Purpose Of Account NRE Accounts are used to hold overseas savings remitted to
India after converting to INR		 NRO Accounts are used to hold Indian income like rent,
dividend etc.
Repatriation Fully repatriable Only interest on NRO account balance (after deducting TDS)
Types Of Account Savings Bank Account

Fixed Deposit Account
 

 Savings Bank Account

Fixed Deposit Account
Tax Fully exempt 30% tax deducted at source
Local rupee funds Not allowed Can be deposited
Advantages Rupee account with full repatriation Account for local Deposits
Joint Holding Facility Only with NRIs Both with Resident/Non-Resident
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