There are two types of NRI( Non Resident Indian ) accounts, namely non-repatriable accounts and repatriation accounts.
- Repatriable Accounts : Legally Indian rupees can be transferred back to foreign currency, that is money can be converted to any foreign currency.
- Non-Repatriable Accounts : Money cannot be converted to any foreign currency.
Here are the list of repatriable and non-repatriable accounts
- NRE Account ( Non-resident External Account ) – : Savings, Current & Time Deposits
- FCNR-B Account ( Foreign Currency Non-resident Bank Deposits)
- NRO Account ( Non-resident Ordinary Rupee Account ) – Savings, Current and Time Deposits
- NRNR Accounts ( Non-resident Non-Repatriable Term Deposits Accounts)
- NRSR Account (Non-residents Special Rupee Account)
Note : With effect from 01/04/2002, both NRSR and NRNR deposit schemes have been discontiuned by RESERVE BANK OF INDIA.