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Can NRIs maintain Bank accounts in rupees and in foreign currency ?

Yes, NRIs can maintain accounts in rupees as well as in foreign currency. NRI’s are permitted to be maintain the following rupee accounts and foreign currencies account namely,

NRI Rupee accounts

  1. NRE Account : Non resident (external) Rupee Accounts (Funds in NRE Account are repatriable, that is money can be converted to any foreign currency)
  2. NRO Account : Ordinary Non-Resident Rupee Accounts

NRI foreign currency account

  1. FCNR-B account : Foreign Currency Non-resident Bank Deposits, deposits are permitted in GBP, USD, Euro, JPY, AUD & CAD.

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