NRI account types - nre, nro, fcnr

Here is the list of difference between NRO, NRE and FCNR accounts.

• NRO - Non Resident Ordinary - Savings/Current, Taxable, Repatriation limit of $1 million

• NRE - Non Resident External - Savings/Fixed deposits, Non Taxable, Fully Repatriable

• FCNR - Foreign Currency Non Resident - No currency risk, Fixed deposit, Non Taxable, Fully Repatriable

Please note that Existing savings account can be converted to NRO but not to NRE or FCNR

Source of funds deposited in NRO can be from India or out of India but in case of NRE or FCNR, source of funds deposited should be out of India