What is the difference between NRE account, NRO account and FCNR account?
Non-Resident (External) Rupee (NRE) account can be opened by any NRI with authorized dealers and with banks authorized by the Reserve Bank to maintain such account. For opening these accounts, the funds are required to be remitted to India through any bank from the country of residence of the prospective account holder. The accounts may be maintained in any form e.g. savings, current, recurring or fixed deposit account etc. Income from interest on balance s standing to the credit of NRE Accounts is exempt from Income Tax. Any person resident outside India may open NRO account with an authorized dealer. The operations on the accounts should not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner. NRO accounts may be opened/ maintained in the form of current, savings, and recurring or fixed deposit accounts. The requirements laid down in the directives issued by Reserve Bank in regard to res