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Key Takeaways: We understand that Non-Resident Indians like you have several financial needs. These include managing wealth and saving for the future. If you have the right bank account, you can utilise your savings for investments, sending money to India and repatriation. The best way to carry out these transactions is through NRE and NRO accounts. Let us take a look at the features of both these accounts.
NRE and NRO accounts help NRIs like you to keep your money safe and give you seamless access to it, wherever you are. Each account has a different objective.
Six differences between NRE and NRO accounts
Non-Resident External (NRE) Account
Non-Resident Ordinary (NRO) Account
Only foreign currency
Foreign and Indian Currency
To manage funds earned in foreign country
To manage funds earned in India and overseas
Can be held jointly by 2 NRIs
Can be held jointly by 2 NRIs or an NRI and Indian Resident
Final Note: Though there are several differences between an NRE and NRO account, you will need both to manage your funds. An NRE account proves useful for your foreign earnings and you can even send money back to your country of residence freely. An NRO account helps keep your income earned in India safe and within India.
Why miss out on a signature banking experience at DBS Treasures? Open your NRI accounts with us today!