freeapp
Basis NRE Account NRO Account
Acronym Non Resident External Account Non Resident Ordinary Account
Meaning It is an account of an NRI to transfer foreign earnings to India It is an account of an NRI to manage the income earned in India
Taxability Interest earned is tax free Interest earned is taxable
Repatriability Can repatriate Can repatriate the interest amount, the principle amount can be repatriated within the set limits
Joint Account Can be opened by two NRIs Can be opened by an NRI along with an Indian citizen or another NRI
Deposits and Withdrawals Can deposit in foreign currency, and withdraw in Indian currency Can deposit in foreign as well as Indian currency, and withdraw in Indian currency
Exchange Rate Risk Prone to risk Not prone to risk
freeapp

LEAVE A REPLY

Please enter your comment!
Please enter your name here