What is the NRE FD account
NRE is the abbreviation of Non-Resident External Account.
Purpose: To help NRIs invest their foreign income in Banks.
Features of an NRE fixed deposit A/c
The deposit can be made in foreign currency.
The entire fund value (deposit amount + interest earned) is credited to the account of the depositor in Rupees
Interest earned is not taxable in India
NRE is also known as a Non-Resident Extraordinary Account.
What is an NRO FD account
NRO is the abbreviated term for a Non-Resident Ordinary account.
Purpose: To help NRIs invest and manage their Indian income in Indian financial institutions.
Features of an NRO fixed deposit A/c
NRO fixed deposit account can be opened by NRIs to invest their savings in Rupee
This type of account specifically provides NRIs with the option to invest their Indian earnings in Indian currency
Withdrawals are made in INR only
It is taxable in India
What is the FCNR FD account
FCNR is an acronym for Foreign Currency Non-Resident account.
Purpose: To help NRIs manage their foreign earnings in Indian Banks and NBFCs.
Features of an FCNR fixed deposit A/c
Deposits in this type of fixed account can be made in foreign currency
Withdrawals are also done in foreign currency, thus there is no conversion loss involved
The interest earned on the FCNR fixed deposit account is not taxable in India
Murari Garg
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