NRE v/s NRO Accounts: Choosing the Right Savings Account for NRIs
IDFC FIRST Bank
NRIs need an NRI bank account in India for seamless transactions. But which account is right for them – NRE or NRO? Let’s find out.
IDFC FIRST Bank
NRO Account
The Non-Resident Ordinary Account is meant for depositing income earned in India. The interest earned from this account is taxable in India.
IDFC FIRST Bank
Repatriation is allowed up to a maximum limit of USD 1 million per financial year. Transfer of funds is allowed to another NRO or resident account only.
IDFC FIRST Bank
NRE Account
The Non-Resident External Account is meant for depositing foreign income. The interest earned is exempt from tax in India.
IDFC FIRST Bank
Repatriation of funds can be done freely and freely. Fund transfers are allowed to any other bank account in your country of residence.
IDFC FIRST Bank
Compare the accounts, assess your needs and expected transactions and then choose a suitable bank account that matches your needs and use.
IDFC FIRST Bank
IDFC FIRST Bank offers both NRE and NRO accounts where you can earn interest up to 7% p.a. with monthly interest credits.