Diffrance between NRE and NRO account
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If a person is a Non-Resident Indian (NRI), he can open two kinds of account in India - a non-resident rupee accounts (NRE), and non-resident ordinary rupee accounts (NRO)
NRE-
In this account rupee denominations can be maintained. The account can be opened in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin.
NRO-NRO accounts may be opened or maintained also in the form of rupee denomination could be in the form of current, savings, recurring or fixed deposit accounts. The account can be held jointly by residents. You can transfer money into an NRO account from any account - even other individuals residing in india can transfer money into an NRI's NRO account.
NRE-
In this account rupee denominations can be maintained. The account can be opened in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin.
NRO-NRO accounts may be opened or maintained also in the form of rupee denomination could be in the form of current, savings, recurring or fixed deposit accounts. The account can be held jointly by residents. You can transfer money into an NRO account from any account - even other individuals residing in india can transfer money into an NRI's NRO account.
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