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NRI : Repatriable and Non-Repatriable Bank accounts

There are two types of NRI( Non Resident Indian ) accounts, namely non-repatriable accounts and repatriation accounts.

  1. Repatriable Accounts : Legally Indian rupees can be transferred back to foreign currency, that is money can be converted to any foreign currency.
  2. Non-Repatriable Accounts : Money cannot be converted to any foreign currency.

Here are the list of repatriable and non-repatriable accounts

Repatriable Accounts:

  • NRE Account ( Non-resident External Account ) – : Savings, Current & Time Deposits
  • FCNR-B Account ( Foreign Currency Non-resident Bank Deposits)

Non-Repatriable Accounts:

  • 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.

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