BANKING AFFAIRS

Detailed explanation-1: -NRIs can open an NRE Savings A/c, NRE Term Deposit A/c, NRE Recurring Deposit A/c and an NRE Current account.

Detailed explanation-2: -Non-Residential External (NRE) and Non-Resident Ordinary (NRO) Accounts are the two major categories of accounts available for you, as an NRI. They happen to be amongst the most popular options if you wish to save money in India.

Detailed explanation-3: -In terms of definition, the NRE full form is non-resident external. These accounts are used to deposit money that you are earning in foreign currency. On the other hand, an NRI (non-resident Indian) account is used to manage the money and earnings that are generated in India and in Indian rupees.

Detailed explanation-4: -You can use an NRE bank account to store foreign currency converted to Indian rupees, while an NRO account is used to keep both foreign income and money earned in India. NRO accounts have a limit for repatriation up to USD 1 million per financial year, but NRE accounts have no such limit.

Detailed explanation-5: -A non-resident bank account is an account you can open in a central location based in a country or territory you don’t currently live in. These accounts are also referred to as Offshore Bank Accounts or Offshore Accounts.