Assisting in Opening of NRO or NRE Account
In terms of applicable FEMA regulations, an NRI is permitted to open below stated bank accounts in Indian Currency:
- Non-Resident (External) Rupee Account Scheme (NRE Account)
- Non-Resident Ordinary Rupee Account Scheme (NRO Account)
NRE Account
NRE account is a rupee account maintained with Authorized Dealer Bank (AD Bank). Funds from an NRE account are freely repatriable.
Interest credited to the NRE account is exempt from tax in the hands of the NRI.
NRE accounts can be opened with funds remitted from overseas.
NRO Account
NRIs can open an NRO account for the purpose of carrying local bona fide transactions in Indian Rupee. Funds in the NRO account are generally non-repatriable. However, funds in NRO accounts can be remitted abroad subject to such limits and conditions as may be prescribed by the Reserve Bank of India (RBI) at the time of repatriation. NRO account balances need to be used only for payments within India in rupees.
NRIs can open any of the aforementioned bank accounts without obtaining any approval from any regulatory authority such as RBI.
We assist NRIs in opening both NRE and NRO accounts end-to-end, from documentation and bank liaison to guidance on permissible debits and credits backed by our legal advisory team.
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