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NRE VS NRO

 

  Non-Resident External Account (NRE) Non-Resident Ordinary Account (NRO)
Purpose  An account for depositing your overseas earnings with the flexibilty of transferring funds within India or overseas. An account for depositing your Indian income like rent, dividends, savings account proceeds before leaving India etc. You can also use this account for meeting your financial obligations
Currency INR Denominated 
Rate of Interest Interest is paid at the end of each month on the daily average balance.
Tax on Interest Earned The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence. The interest earned on this account is taxable in India. Tax is currently deducted at source at 30% + Surcharge and cess when the interest accrues on your deposit. In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence
Funding the Account

Foreign Currency Remittances from overseas

Funds from any other FCNR or NRE Account in any bank in India

The account can be funded through:

Any legitimate income from India

Funds from any other NRO or NRE Account in any bank in India

Foreign Currency Remittances from overseas

Please note that the transfer from NRO Accounts to NRE is not allowed without supporting repatriation documentation.
Debit cards International Visa Signature Debit (can be used for all POS /Online transactions  and ATM transactions within India or overseas.) International limits need to enabled prior to usage via mobile app. Domestic Visa Signature (can be used for all POS /Online transactions  and ATM transactions within India)
Mandate facility Yes , a Resident Indian can be added as a mandate post account opening at your discretion.
Joint holding  You can add Non-Resident Indians /PIOs / OCIs as Joint Account Holders. Resident Indian close relatives may be added a second holder in the account on “Former or Survivor” basis.
Repatriation Freely repatriable. We will just need a form from you to execute this or you could even do this online. Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of USD 1 million (or equivalent amount) per year for all qualified