For the global Indian, a Non-Residential External (NRE) ...we can discuss all our Banking queries.
The types of accounts that an NRI can open in India are NRE (Rupee Repatriable) FCNR (Dollar, Pound, Euro, Yens, Can dollars & Aus Dollars) & NRO (Rupee Non Repatriable).
NRE account is a rupee account from which funds are freely repatriable.
FCNR accounts can be opened in five different currencies viz., US dollar, Pound Sterling, Euro, Jap Yen, Canadian Dollar & Australian Dollar. They are in the form of fixed deposits only and the minimum period of deposit is 12 months.
NRO account is a Rupee denominated account which is not repatriable. This account is basically for your rupee funds generated in India.
Features & Benefits of NRE account
* Can Deposit & withdraw money.
* requires minimum account balance
* Mandate card for your family in India, giving them anytime, anywhere access to your account.
* International ATM-cum-debit card
* Tax Exemptions - NRE accounts are not taxable in India
Interest on NRE and FNCR deposits are exempted from tax in India .