NRE v/s NRO Accounts: Choosing the Right Savings Account for NRIs

NRIs need an NRI bank account in India for seamless transactions. But which account is right for them – NRE or NRO? Let’s find out.

NRO Account

The Non-Resident Ordinary Account is meant for depositing income earned in India. The interest earned from this account is taxable in India.

Repatriation is allowed up to a maximum limit of USD 1 million per financial year. Transfer of funds is allowed to another NRO or resident account only.

NRE Account

The Non-Resident External Account is meant for depositing foreign income. The interest earned is exempt from tax in India.

Repatriation of funds can be done freely and freely. Fund transfers are allowed to any other bank account in your country of residence.

Compare the accounts, assess your needs and expected transactions and then choose a suitable bank account that matches your needs and use.

Metra Trust offers both NRE and NRO accounts where you can earn interest up to 7.25% p.a. with monthly interest credits.