What is the difference between NRE and NRO Account?

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Non-Resident External (NRE) account is an external saving bank account opened for NRI's. NRE account is fully repatriable which means both principal, as well as interest, can easily be transferred back to the NRIs country of current residency. This account is for NRIs to invest their foreign earnings in India.

Non-Resident Ordinary (NRO) is an ordinary saving bank account opened for NRI's to manage the earnings and expenses in India. While an NRO account is generally non-repatriable, RBI permits NRI's to transfer money from NRO to NRE account with additional formalities. An NRI can transfer up to 1 million USD in a financial year from his NRO account to his country of current residency.

Check NRE vs NRO Account for detail comparison of NRE and NRO saving bank accounts.



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