Hi,
If I understand it correctly, you want to know the difference between NRI and NRE Accounts. If that’s the case, I can help you out. I have a cousin in Dubai and we were having this discussion about which account is better NRI or NRE. I will let you in on what we discussed and I hope that it will help you arrive at a decision yourself.
NRI and NRE DifferenceBefore telling you about both the accounts, let me tell you the NRI and NRE full forms. NRI is Non-Resident Indian account and NRE is Non-Resident External account. Here is a table to explain difference between NRI and NRE quickly:
| NRI Account | NRE Account |
To open NRI account the person should at least be outside of India for 120 days in a particular year |
NRE Account is a part of NRI accounts. This account accepts income from the current country of residence |
Such account opener should have resided in India for less than 365 days for the past 4 years combined |
Only income denominated in Indian rupees is accepted in NRE Account |
There are three accounts that come under NRI account - NRE Account, NRO account and FCNR account (NRE: Non Resident External, NRO: Non Resident Ordinary, FCNR: Foreign Currency Non-Residential Account) |
NRE Account allows foreign currency transfer but the balance is held in Indian Rupees |
Documents to be submitted:
|
The amount deposited is tax free and the account holder is eligible to earn 4.35% interest on deposit amount annually |
I hope this clarifies all your doubts about the difference between NRI and NRE accounts.
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Authors Of The Question
What is the difference between NRI and NRE?
Nilesh
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2 Year
2022-04-25T13:46:51+00:00 2022-04-25T13:46:52+00:00Comment
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