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Know the difference between NRE and NRO account
A Non-Resident Indian is often faced with the situation of maintaining a Rupee account in India. Primarily there are two reasons for opening such account: NRI wants to repatriate overseas earned money back to India and/or NRI wants to keep India based earnings in India. NRI has the option of opening a Non Resident Rupee (NRE) account and/or a Non Resident Ordinary Rupee (NRO) account. An NRO account can also be opened by a Person of Indian Origin (PIO) and an Overseas citizen of India (OCI).
Similarities between NRE and NRO accounts:
Both accounts can be opened as Savings as well as current accounts and are Indian Rupee accounts. One needs to maintain an average monthly balance of Rs 75000 in both NRE and NRO accounts.
The Differences between NRE and NRO accounts:
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FCNR fixed or term deposits - Good time to invest for NRI
Should you Invest in FCNR fixed or term deposit?
FCNR (Foreign Currency Non Resident) Deposit is another way NRI can invest money in fixed deposit, Along with popular NRE and NRO Fixed deposit. Since deregulation of interest rate on FCNR deposit earlier this year, In an attempt to arrest Rupee slide against USD and attract more dollars from NRI customers, FCNR deposit has become an attractive alternative for NRI. As I mentioned in my earlier post Good time to invest in NRE fixed deposit...
5 Differences between NRE and NRO Fixed deposit -HDFC ICICI SBI Kotak
Difference between NRE and NRO fixed deposit
NRI has two option to invest in Fixed deposit in India NRE fixed deposit and NRO fixed deposit but you need to be careful whether you choose NRE or NRO fixed deposit as taxation rules on NRE and NRO Fixed deposit is different. Principle and Interest earned in NRE fixed deposits are completely tax free, while interest earned on NRO fixed deposit are subject to TDS and deduct at maximum rate of 30%. Also you can send rupees...