Different types of NRI bank accounts
Jan 25, 04:01

There are three types of non-resident Indians (NRI) viz., Non-Resident External (NRE) Account, Non-Resident Ordinary (NRO) Account, and Foreign Currency Non-Resident (FCNR) (B) Account. NRI account can be opened by the individuals residing out of the Indian geographical territory for at least 120-day in a year and spent less than 365-day in India in last 4 years. NRE account can be opened by individuals earning originated in respective country, but held in Indian Rupee. NRO can be opened with income earned within India and held in deposit in rupee denomination. FCNR facilitates deposits made by individuals in foreign currency allowed by the Reserve Bank of India in that account.

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