| Account Type |
NRE |
NRO |
| Currency |
INR |
INR |
| Purpose Of Account |
NRE Accounts are used to hold overseas savings remitted to India after converting to INR |
NRO Accounts are used to hold Indian income like rent, dividend etc. |
| Repatriation |
Fully repatriable |
Only interest on NRO account balance (after deducting TDS) |
| Types Of Account |
Savings Bank Account
Fixed Deposit Account
|
Savings Bank Account
Fixed Deposit Account |
| Tax |
Fully exempt |
30% tax deducted at source |
| Local rupee funds |
Not allowed |
Can be deposited |
| Advantages |
Rupee account with full repatriation |
Account for local Deposits |
| Joint Holding Facility |
Only with NRIs |
Both with Resident/Non-Resident |
