Five Types of NRI Accounts in India
India is home to some of the best talent in the world. Talented people in India live and breathe technology. That’s why you will find Indians working at several multinational companies around the world.
Though they work abroad, most of them have their families back in India. To transfer funds to their loved ones in India, the NRI banking in India has come up with several offerings that suit Non Resident Indians or NRIs. Here are the top five offerings readily provided by banks.
1> NRO Account
Non-Resident ordinary account is provided to NRIs who want to open an account with Indian currency. As the currency maintained is Rupee, this account is similar to any other bank account available in the country. Moreover, banks also offer the provision of converting a regular savings account into NRO account whenever the account holder decides to travel abroad.
2> NRE Account
Non-Resident Rupee account is similar to NRO account as the currency maintained is Indian Rupee. However, this account takes funds that are transferred from foreign country. Funds earned or acquired in India are not allowed to be deposited in this account.
Non Resident Non-Repatriable Rupee account is again a rupee account wherein funds can be deposited from foreign sources. NRI Banking in India offers this type of account without any rights of repatriating funds in any other country. Repatriation privileges are available for the first two accounts.
Foreign Currency Non-Repatriable Account is actually a foreign currency account provided by different banks in India. The currency maintained in such account is American Dollar, Euro, Pound, etc.
Foreign Currency Repatriable account is offered by several banks who have their branches in different countries. The best thing about this account is the repatriation rights. With them, you can access your funds outside of India.