What are NRE and NRO accounts?
NRE stands for Non Repatriable External account and NRO stands for Non Repatriable Ordinary account. Difference between the two is that, funds can be converted into foreign currency from NRE account only. This implies that the funds can be repatriated out of India through NRE account. However, for certain purposes like education, medical treatment etc. RBI allows repatriation from NRO account also subject to limit for individual causes.
