Types of Accounts available to Non Resident Indians - under NRI Banking
Services:
NRE
Account: NRE stands for non resident external account. NRIs, PIOs, and
OCBs are all able to get an NRE Account. The different ways to open this
account would be either like a savings or fixed deposit. This account accepts
all legal foreign exchange and transactions concerning other NRIs. You can get
a balance report just like everyone else. You may transfer finances from one
bank account to another if the name is the same on both of the accounts. This
is the most common account used to cater NRI banking needs in India.
NRO
Account: NRO stands for non resident ordinary account. The different ways
to open this account would be either like a savings or fixed deposit. You can
get this account by sharing it with a resident of India. An NRO account is
also given that name once an Indian citizen leaves the country on business or
something of the sort. All of the interest income coming from an NRO account
is taxable.
NRNR
Account: NRNR stands for non resident non reportable account. NRIs, PIOs,
and OCBs are all able to get an NRNR Account. When you open this kind of
account, you will need finances from another NRI account or from a foreign
currency. You can share this account with a resident if desired. All of the
interest income coming from an NRNR account is not taxable. The interest can,
however, be repatriated.
NRS
Account: NRS stands for non resident special account. NRIs and PIOs are
all able to get an NRS Account. There are some rules for you when opening this
account. These account come with all the same facilities as the banks of India
that are open to residents of India. Opening an NRS account is also done in
the same way as residents of India open their accounts. The interest coming
fro NRS account can be repatriated.
FCNR
Account: FCNR stands for foreign currency non resident accounts. NRIs,
PIOs, and OCBs are all able to get an FCNR Account. Such account is available in Dollars, Pounds, Marks, Yen, and Euro. This type of account can
be open for no longer than two years. All of the interest income coming from
an FCNR account is eventually taxable. You can also use an FCNR account for
paying off exports from India and for investing in India.
All the
Indian bank accounts including NRI savings account can be operated over the
internet, meaning all the Indian banks would offer its clients internet
banking services. We would research out internet bank account in India for you
that would offer the lowest & minimum account balance, or zero balance to be
maintained.
NRI, PIO, OCI
