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India with its famous travel destination, food, culture, tradition attracts many tourists from abroad. At the same time many Indians travel abroad to build their career and would like to reside in the same country. An Indian residing abroad for more than 182 days will be treated as NRI (Non Resident Indian).

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There are two different accounts an NRI can hold in India to manage his/her earnings as it is not possible to have a savings account legally as per FEMA guidelines.

What is NRE Account (Non-Resident External Account)

An account held by an NRI to park his/her earnings earned abroad and it will be converted in Indian rupees once it is transferred to NRE account. NRE account can be jointly opened with an NRI only. It is a tax free account. It can be either a savings or current account. It is deposited in foreign currency and withdrawal will be in Indian Rupees. Funds can be transferred from NRE to NRO account but this account’s risk lies with the exchange rate and rupee fluctuation.

What is NRO Account (Non-Resident Ordinary Account)

An account held by an NRI to manage his/her income that is earned in India and it will be in Indian rupees. Account can be opened jointly with an NRI or with a Resident Indian (Close Relative). Taxes are applicable. It can be either a savings or current account. It can be deposited in both foreign and Indian currencies and withdrawal will be in Indian rupees. Funds can be transferred from one NRO account to another NRO account but not to the NRE account.

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Is the NRE account repatriable?

Yes. It can be repatriated to the customer's own savings account and here beneficiary and remitter name remains same. Third party fund transfer is not possible. Both principal and interest amount can be repatriated freely.

Is the NRO account repatriable?

Yes, but there is restriction in limit around 1 Million Dollars including taxes. Limit is set for the principal amount and interest can be freely repatriated. Charges are applicable for repatriation. If you are looking to repatriate your funds from India to overseas please do contact Orient Exchange.

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