Saturday, April 19, 2008

NRE vs. NRO vs. FCNR

Account NameNREFCNRNRO
Account TypeSavings AccountFixed DepositSavings Account
Current Account Current Account
Fixed Deposits Fixed Deposits
TaxFully ExemptedFully Exempted30% tax deducted at source
RepatriationFully RepatriableFully RepatriableOnly interest on NRO accounts (after payment of Tax)
CurrencyIndian RupeesUSD, GBP, DEM, JPY, EUROIndian Rupees
Joint Account with ResidentsNot PermittedNot PermittedPermitted
Local Rupee FundsCannot be depositedCannot be depositedCan be deposited
International Debit CardAllowedNot ApplicableNot Allowed
AdvantagesRupee Account with full repatriation benefitsNo exchange RiskAccount for your local funds


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