What types of bank accounts can be opened by NRIs in India?
Ratekhoj.com has an excellent article on the various types of accounts available for NRIs and their advantages and disadvantages. Visit Ratekhoj.com (http://www.ratekhoj.com/news/index.php/nre/nro-nre-and-fcnr-accounts-for-nris-pros-and-cons-to-consider-before-opening-a-account-157/) for more details.
NRIs can open the following types of accounts with banks in India, which hold authorized dealer licensees, as also other banks, specifically authorized by the Reserve Bank to maintain accounts in the names of NRIs. Rupee Accounts – Non-resident (Ordinary) Account – NRO A/c – Non-resident (External) Rupee Account-NRE A/c Foreign Currency Account – Non-resident (Foreign Currency) Account – FCNR A/c (in Pounds Sterling, US Dollars, Japanese Yen and Euro) – A Person, resident in India, who is earning foreign exchange, is also permitted to maintain a Foreign Currency account in India with an authorized dealer bank, to the extent of 50% of such foreign exchange earnings, under the Exchange Earners Foreign Currency Account (EEFC) Scheme. – A Person resident in India is also permitted to maintain Resident Foreign Currency (Domestic) Account in India with an authorized dealer, out of foreign exchange acquired in the form of currency notes, and travelers cheques: 1. While on a visit to any place
