Can anyone please explain the difference between NRE account and NRO account?
Thanks
3 Replies
Sourabh Sharma
(CS CA (Final) M.com NCFM Derivative Capital Market Mutual Funds)
(771 Points)
Replied 12 June 2009
NRE account is a repatriable Rupee account. It can be opened with either funds remitted form abroad or local funds which can be remitted abroad.
NRO account is a non-repatriable Rupee account and can be opened in with funds either remitted from abroad or generated in India, all bank accountsin India for NRIs/ Indians Overseas will be redesigned as NRO Accounts. Amount once transferred to NRO account will become non-repatriable.
Sudhag
(Chartered Accountant and Company Secretary. Visit at : www.taxpertpro.com)
(1231 Points)
Replied 22 November 2013
In Simple terms, NRE is when the flow of funds is from outside India and NRO is when the source of funds is originating in India.
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