Which type of NRI Bank Account is required for NRIs to trade with Religare?

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There are 2 types of bank accounts for NRI:

  1. NRE Account (Non-Resident External Account) - Balances held in NRE accounts can be repatriated abroad freely. Any Investments done out of funds from NRE account can be freely withdrawn by the client into foreign currency outside the country.
  2. NRO Account (Non Resident Ordinary Account) - Balances held in NRO account cannot be remitted abroad but is permitted to be used only for local payments in rupees

NRE/NRO Bank Account Subtypes:

  1. PIS (Portfolio Investment Scheme) Account - A PIS account is must as per RBI regulations for investment in equity/debentures on repatriation basis.
  2. Savings Account - Normal NRI bank account like savings, current account etc. - can be used for any other purpose.



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