Types of NRI Accounts in Bank | Nature & Purpose | Income Tax Implications | Explained in English

Описание: Types of Bank Accounts in India

NRE Account - Non Resident External Account
Definition - An account that helps you park your foreign earnings in India,
In Indian denomination.
Taxation - Deposits in NRE Account, are Tax-Free, i.e. the principal amount, and the interest earned thereon, is exempt from tax.
Transferability - Money from NRE accounts is freely repatriable i.e. both the Principal amount and interest earned are freely and completely transferable.
Suitable Conditions- You should opt for NRE Accounts if you want to hold or maintain your overseas earnings in Indian currency. NRE Accounts are also suitable if you wish to keep your savings liquid.
Holding Structure - You can open an NRE account with another NRI and close relative Resident Indian.

NRO Accounts - Non Resident Ordinary Account

Definition - An Account that helps you park your earnings from India in Indian Denomination.
Taxation - The interest earned in NRO accounts is subject to TDS or Tax deductible at Source.
Suitable Conditions - You should opt for NRO Accounts if you want to save your earnings from India in Indian currency itself. These earnings could include rent, income, dividend, sale of Property etc.
Holding Structure - You can open an NRO account with an NRI as well as any Indian resident.

FCNR Account - Foreign Currency Non -Resident Account

Foreign Currency Non -Resident Accounts have to be opened and maintained in foreign currency.
Your principal amount and the interest in an FCNR account are fully repatriable, i.e., transferable
Interest income earned on your money in an FCNR account is non-taxable in India

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