In other words, you can transfer these amounts to a foreign account in case of an NRE account. The principle amount in an NRE account, and the interest accumulated thereon is open to repatriation.The interest earned on an NRO account is however taxable at 30% according to the Income Tax Act 1961. Neither the balance, nor the interest earned on these accounts is taxable. These incomes include rent, dividend, pension, interest, etc.
Opened in India in the name of an NRI, to manage the income earned by him in India. An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings whereas, an NRO account is a bank account.So, Mahesh explained further: The difference between NRE & NRO accounts However, Andrew still wasn’t satisfied with Mahesh’s answer. It is an account of an NRI to manage the income earned in IndiaĬan repatriate the interest amount, the principle amount can be repatriated within the set limitsĬan be opened by an NRI along with an Indian citizen or another NRIĬan deposit in foreign currency, and withdraw in Indian currencyĬan deposit in foreign as well as Indian currency, and withdraw in Indian currency It is an account of an NRI to transfer foreign earnings to India Pradhan Mantri Jeevan Jyoti Bima Yojana.Commercial Vehicle & Construction Equipment Loan.
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