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Non Resident External

Account (NRE)
Eligibility

Currency of
Account
Purpose
Permissible types
of accounts
Joints accounts
with whom
Permissible Credits

Non Resident Indian


(NRI)
Person of Indian Origin
(PIO)
INR

i.

iii.
iv.

i.
ii.
iii.
iv.

Repatriation limit
& restriction

Foreign Currency Non


Resident Bank Account
FCNR (B)
Non Resident Indian (NRI) and
Non Resident Indian
Person of Indian Origin (PIO)
(NRI)
Person of Indian Origin
(PIO)
INR
GBP, USD, JPY, AUD,
CAD, EURO
Doing all transaction (debits & Foreign
currency
credits)
deposit
Current, Savings, Recurring or Term Deposit
Fixed Deposits

Freely repatriation of
fund
Current,
Savings,
Recurring or Fixed
Deposits
Only Non Residents
Residents and/or Non Residents

ii.

Permissible Debits

Non Resident Ordinary Account


(NRO)

Remittance
from
outside India in
Foreign Currency
Deposit of foreign
currencies (as per
norms)
Transfer from other
NRE
/
FCNR
accounts
Interest
on
securities
purchased
thru
debit
to
this
account.
All
local
disbursement
Remittance outside
India
Transfer to other
NRE
/
FCNR
accounts
Investment
in
shares
and
securities of Indian
companies etc.

Freely repatriable

i.
ii.
iii.
iv.
v.

Only Non Residents

Remittance from outside Same as NRE account


India in Foreign Currency
Deposit of foreign currency
during visit to India (subject
to limit of cash)
Transfer from INR account
of Non Resident Bank
Deposit towards income
earned in India
Sale proceeds of assets
acquired out of INR/Foreign
currency or by way of
inheritance

i. All local payments in INR Same as NRE account


including investment in
India subject to RBI Rules &
Regu.
ii. Remittance outside India of
Indian current income of
account holder (like Rent,
Dividend, Pension, Interest
etc.
but
subject
to
applicable rules and regu.)
iii. Remittance upto USD 1 Mn
per financial year (subject to
the guidelines)
USD 1 Mn per Financial Year Freely repatriable
(Subject to compliance of the
rules and regulation)

Rohit Boraniya CA, B.Com.


carohit@yahoo.com