Types of NRI Bank Accounts?
At present bank accounts for Non- Resident Indian (NRIs) has three categories : 1. NRE- Non -resident (external) rupee account. 2. NRO- Non- resident (ordinary) rupee account. 3. FCNR(B) - Foreign currency non-resident (banks)accounts. These accounts can be distinguished as follows: While NRO and NRE accounts can be kept in the from of current , saving or term deposit accounts, while FCNR(B) deposit can be kept only in the form of term deposits, for period ranging from 6 months to 3 years. Money from an NRO account is non-repatriable , but NRE and FCNR deposits are repatriable. Remittances from abroad can be credited to any of these accounts . But earnings of NRIs on the property held by them in India, which are non-repatriable , can be credited only to NRO accounts. Interest earned on NRO accounts is eligible for repatriation. An NRO account may be jointly held with residents while NRE and FCNR (B) accounts cannot be jo...