What is the difference between NRI and NRE Accounts? - ProProfs Discuss
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What is the difference between NRI and NRE Accounts?

Asked by A. Samuel, Last updated: Jul 04, 2020

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S. Hughes

S. Hughes

Answered May 19, 2020

NRI stands for Non -Resident Indian, and NRE stands for Non -Resident External. All these kinds of bank accounts are given to India's citizens. The majority of Indians who want to earn money or obtain an education, migrate to other countries.

When they have accomplished what they set out to do, they typically return home. Only NRI's bank account are permitted to open either an NRE or NRO bank account to comply with Indian banking rules while both types are close in their purpose, they each have attributes that are different from one another.

NRE allows transfers in the form of foreign currencies and can be withdrawn in rupees based on current exchange rates. Depositing rupees into the account is not permitted. NRO, on the other hand, is for NRI's who are staying in India.

 

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