{"id":1225,"date":"2026-06-10T12:06:01","date_gmt":"2026-06-10T12:06:01","guid":{"rendered":"https:\/\/materials.simplycurrentaffairs.com\/?p=1225"},"modified":"2026-06-12T12:06:32","modified_gmt":"2026-06-12T12:06:32","slug":"types-of-nri-accounts","status":"publish","type":"post","link":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/2026\/06\/10\/types-of-nri-accounts\/","title":{"rendered":"Types of NRI Accounts"},"content":{"rendered":"\n

Types of NRI Accounts<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h2>\n\n\n\n

About<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
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  • A Non-Resident Indian (NRI) account can be opened by an NRI with any authorized bank in India.<\/li>\n<\/ul>\n\n\n\n
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    A\u00a0NRI is a\u00a0person resident outside India<\/strong>\u00a0who is a\u00a0citizen of India.<\/strong><\/p>\n<\/div><\/div>\n\n\n\n

      \n
    • In India, there are three types of NRI accounts<\/strong>: \n
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      • Non-Resident Ordinary (NRO) Account <\/li>\n\n\n\n
      • Non-Resident External (NRE) Account <\/li>\n\n\n\n
      • Foreign Currency Non-Resident (Bank) Account.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

        Non-Resident Ordinary (NRO) Account<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
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        • A Non-Resident Ordinary account is one of the types of NRI account, which is useful for managing the income that an NRI is still earning in India<\/strong>. The income can be in the form of interest, dividend, rent, etc.  <\/li>\n\n\n\n
        • An NRO account facilitates the money transfer abroad. <\/strong>In this account, one can deposit money in<\/strong> Indian or foreign currency<\/strong>. However, the withdrawals happen only in Indian currency. <\/strong> <\/li>\n\n\n\n
        • This rupee-denominated account <\/strong>can be in the form of savings account, current account, fixed deposit account, and recurring deposit account. <\/strong> <\/li>\n\n\n\n
        • Interest earned<\/strong> from an NRO Account is subject to tax<\/strong> in India.  <\/li>\n\n\n\n
        • The NRIs can repatriate the funds in this account but with certain limits.<\/strong><\/li>\n<\/ul>\n\n\n\n

          Non-Resident External (NRE) Account<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
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          • A Non-Resident External Account is a bank account for NRIs to deposit their earnings from abroad in Indian rupee. <\/strong>This rupee-denominated account <\/strong>can be a savings account, current account, fixed deposit account and recurring deposit account. <\/strong> <\/li>\n\n\n\n
          • The withdrawals<\/strong> happen in the resident country currency <\/strong>of the NRI. Hence this account is subject to exchange rate fluctuations. <\/strong> <\/li>\n\n\n\n
          • Interest earned<\/strong> from NRE Accounts is tax-exempt <\/strong>in India. <\/li>\n\n\n\n
          • Funds <\/strong>in NRE Accounts, including principal and interest, are fully repatriable, <\/strong>allowing account holders to transfer money back to their country of residence without any restrictions.<\/li>\n<\/ul>\n\n\n\n

            Foreign Currency Non-Resident (Bank) or FCNR(B) Account<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
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            • FCNR(B) deposits are fixed-term bank deposits<\/strong> that can be opened in India by NRIs, Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs).<\/strong>  <\/li>\n\n\n\n
            • These deposits allow overseas Indians to maintain their savings in designated foreign currencies<\/strong> such as the US dollar, pound sterling, euro, Japanese yen, Australian dollar, and Canadian dollar, rather than converting their funds into Indian rupees. <\/li>\n\n\n\n
            • The deposit and interest amount in this account are fully repatriable<\/strong>. Since the deposits and withdrawals made in this account are in foreign currency<\/strong>, the funds in this account are free from any exchange rate fluctuations.<\/strong> <\/li>\n\n\n\n
            • Interest earned<\/strong> on FCNR(B) deposits is exempt from income tax<\/strong> in India as long as the depositor qualifies as a non-resident under Indian tax laws.<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

              Types of NRI Accounts About A\u00a0NRI is a\u00a0person resident outside India\u00a0who is a\u00a0citizen of India. Non-Resident Ordinary (NRO) Account Non-Resident External (NRE) Account Foreign Currency Non-Resident (Bank) or FCNR(B) Account<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1225","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/1225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/comments?post=1225"}],"version-history":[{"count":2,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/1225\/revisions"}],"predecessor-version":[{"id":1227,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/1225\/revisions\/1227"}],"wp:attachment":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/media?parent=1225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/categories?post=1225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/tags?post=1225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}