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Bank Accounts

What we offer?

  • Advise you to open a suitable bank account in India
  • Tax implications on interest earned on these accounts
  • Taxability of incomes earned in NRO account
  • Various ways to use the funds in these accounts
  • Help repatriate money

To invest in India it is mandatory to have a bank account. The types of BANK ACCOUNTS that a Non Resident can have are:

  1. NRE account (Non Resident External Rupee account)
  2. NRO account (Non Resident Ordinary Rupee account)
  3. FCNR account (Foreign Currency Non Resident account)
Points of difference NRE Account NRO Account FCNR Account
Currency Rupee dominated Rupee dominated USD, GBP, Euro, JPY, AUD, CAD
Account holder NRI NRI, Resident before becoming an NRI NRI
Joint Account Only with NRIs Residents/ NRI Only with NRIs
Type of Account Savings Bank Current Account And Term deposit, Recurring Deposit. Savings Bank Current Account And Term deposit, Recurring Deposit. Fixed/ Term Deposit Fixed/ Term Deposit
Purpose to open such account Can be used to hold overseas savings reemitted to India. Can be used to hold income earned from India like rent, dividend, etc Accounts are only in form of term deposit.
Repatriation Yes Only Interest on NRO account balance Yes
Transfer of funds Can be transferred to NRE/NRO/Resident Account Can be transferred to NRO/Resident Account Can be transferred from NRE/FCNR Account
Deposit of rupee fund generated in India No Yes No
Tax Not taxable Taxable Not Taxable