Difference Between NRE and NRO Accounts
If you are a Non Residential Indian (NRI), you may have faced the situation as to how to maintain a rupee account within the country. You may want to open a rupee account in India for either repatriating money earned overseas back to India and/or for keeping the money earned in India within the country. For this, you as an NRI have an option of opening an NRE or/and NRO account. NRE and NRO accounts can be opened by any person who is of the Indian origin or who is an overseas citizen of India. NRE stands for Non-Resident Rupee account and NRO stands for Non-Resident Ordinary Rupee account. Both NRE and NRO accounts are Indian rupee accounts and can be opened as current or savings accounts. However, whichever account you may open, you have to remember to keep a minimum balance of Rs 75000 every month. Difference between NRE and NRO Accounts Tax Treatment: In India, NRE accounts are tax-free. No kind of tax such as income, wealth, etc can be imposed on the money in...