What is the different between NRI and NRE?
Check out: NRE vs NRO Persons with NRI status (Non Resident Indians) can choose between two options when opening a bank account in India, which is an NRE or an NRO account. Any NRI interested in opening a bank account at an Indian bank could use the knowledge about the variance between these two account types. The most basic use of these accounts is for money repatriation from the individual’s overseas bank. A NRE account is a Non-Resident External bank account denominated in rupees. It could be a savings, current or a fixed deposit account, and is opened by depositing money (foreign currency) at time of opening. This can be done in notes, or by using traveler’s checks. Funds in this account can be feely sent to another country. A Non-Resident Ordinary account (NRO) is the usual bank account, but opened by an Indian national who intends to become a Non Resident Indian (NRI) while abroad. This account will accord most of the services offered by the NRE account, but any repatriation carr
