{"id":3588,"date":"2022-03-23T07:01:01","date_gmt":"2022-03-23T07:01:01","guid":{"rendered":"https:\/\/friendsoftoms.org\/?p=3588"},"modified":"2022-08-31T13:58:01","modified_gmt":"2022-08-31T13:58:01","slug":"difference-between-nre-and-nro-accounts","status":"publish","type":"post","link":"https:\/\/friendsoftoms.org\/difference-between-nre-and-nro-accounts\/","title":{"rendered":"Difference Between NRE And NRO Savings Accounts"},"content":{"rendered":"

When it comes to managing your hard-earned money, banks are safe havens. Not only do they keep your money safe but also offer interest on your deposits. While managing earnings for Indian residents are somehow simple, so is not the case with Non-Resident Indians (NRIs).\u00a0<\/span><\/p>\n

NRIs often face problems in managing their earnings that may include earnings originating from abroad and in India. This is because as per FEMA guidelines of RBI, NRIs are not allowed to have a regular savings bank account in their name in India. It is mandatory for them to close or convert their account to NRO <\/span>and\/or open new<\/span> NRE accounts. These are also known as NRI accounts. Opening an NRE and NRO account<\/a><\/span>\u00a0can help\u00a0NRIs\u00a0in two ways \u2013 one, they can transfer and manage their foreign earnings in India and two, they can repatriate funds from India to their home country.<\/span><\/p>\n

Now, some of the questions that may come to mind are: what are the key differences between NRE and NRO savings bank accounts and how can you make the right choice between these two?<\/span><\/p>\n

Let\u2019s find out.<\/span><\/p>\n

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