What are NRE, NRO and FCNR accounts ? their differences ? best suited for ? what are the features of Non-Resident External (NRE) account , Non-Resident Ordinary (NRO) account and FCNR-B (Foreign Currency Non Resident Bank Deposits) account.
|NRE Account||NRO Account||FCNR Account|
|Best Suited for||To park overseas savings remitted to India by converting to INR||To park Indian earnings like rent, Indian salary, dividend, etc||To park overseas savings in the foreign currency of choice|
|Currency||Rupees||Rupees||USD, GBP, EUR, AUD & CAD|
|Accounts||Can open as a Savings Account, Current Account or Fixed Deposit||Can open as a Savings Account, Current Account or Fixed Deposit||Can open as a Fixed Deposit|
|ATM Card||International Debit plus ATM card||ATM card||–|