{"id":1370,"date":"2019-08-17T14:24:22","date_gmt":"2019-08-17T08:54:22","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1370"},"modified":"2020-03-30T14:40:20","modified_gmt":"2020-03-30T09:10:20","slug":"nre-nro-account","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/nre-nro-account\/","title":{"rendered":"All about NRE and NRO Account"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As per the Foreign Exchange Management Act, 1999 (FEMA), A Non-Resident is an Indian Citizen who is a Resident Outside India.\u00a0<\/span><\/p>\n<p><strong>An Individual shall be a Resident Outside India if<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 His stay in India in the preceding Financial Year is less than 182 days and<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 He stays outside India for Business, Profession or Employment purposes or for any other purpose in such circumstances as would indicate his intention to stay outside India for an uncertain period.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Such Non Residents are provided with certain facilities under the FEMA Act with regards to the repatriation of their income earned outside India. To know more about different <a href=\"https:\/\/aktassociates.com\/blog\/nri-status-taxation\/\">NRI status<\/a> keep reading our blog.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1377 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-ACCOUNTS-Blog-image-23_08_2019.jpg\" alt=\"NRE &amp; NRO ACCOUNTS \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-ACCOUNTS-Blog-image-23_08_2019.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-ACCOUNTS-Blog-image-23_08_2019-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-ACCOUNTS-Blog-image-23_08_2019-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><strong>NRI has an option to open the following types of accounts<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 Non-Resident External Account (NRE Account)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 Non-Resident Ordinary Account (NRO Account)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 Foreign Currency Non-Resident Account (FCNR Account)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Both NRE and NRO Accounts can be Saving Account or Current Account or Recurring Deposit or Fixed Deposits Account, while FCNR Account is a Fixed Deposit Account only.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">In this article, we will discuss the meaning of <a href=\"https:\/\/www.business-standard.com\/article\/pf\/all-you-need-to-know-about-nro-and-nre-deposits-held-by-an-nri-118100300156_1.html\" target=\"_blank\" rel=\"noopener noreferrer\">NRE and NRO Account<\/a>, its comparison, Benefits and other similar concepts in a very simple manner.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Meaning\" title=\"Meaning\">Meaning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Difference_between_NRE_Account_and_NRO_Account\" title=\"Difference between NRE Account and NRO Account\">Difference between NRE Account and NRO Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Benefits_of_having_NRE_Accounts\" title=\"Benefits of having NRE Accounts\">Benefits of having NRE Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Benefits_of_having_NRO_Account\" title=\"Benefits of having NRO Account\">Benefits of having NRO Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Taxation_in_NRE_and_NRO_Account\" title=\"Taxation in NRE and NRO Account\">Taxation in NRE and NRO Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Which_Account_is_beneficial_for_the_NRI\" title=\"Which Account is beneficial for the NRI\">Which Account is beneficial for the NRI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Meaning\"><\/span><b>Meaning<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Non-Resident External Account (NRE Account):<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NRE account is maintained in Indian Rupee by NRI to park his overseas income. The NRI will have to convert his income in foreign currency into Indian Rupee, at the prevailing exchange rate. If the NRI wishes to repatriate the amount in his NRE account to his country of residence, then he will have to reconvert the amount to be repatriated, from Indian Rupee into the currency of the country of his residence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NRI can operate the NRE account through a Resident <a href=\"https:\/\/aktassociates.com\/blog\/power-of-attorney\/\" target=\"_blank\" rel=\"noopener noreferrer\">Power of Attorney<\/a>. The Power of Attorney can make a withdrawal from NRE Account on behalf of the NRI for meeting local expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount deposited in the NRE Account and the interest earned on such deposits is totally tax-free.<\/span><\/p>\n<p><b>Non-Resident Ordinary Account (NRO Account):<\/b><\/p>\n<p><span style=\"font-weight: 400;\">NRO Account is an account maintained in Indian Rupee, by the NRI for any income earned by him or accrued to him in India. example- Rental Income from House Property in India, Dividend from Indian Companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever the Residential Status of any individual changes, his normal bank account can also be redesignated into NRO Account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This account can be opened by two NRI or jointly with an Indian Resident. This account can also be used for basic payments like electricity or water bill payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As compared to NRE Account, the Interest earned on NRO account is not tax-free.<\/span><\/p>\n<p><b>Foreign Currency Non-Resident Account (FCNR):<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In India, the saving Bank interest rates are much higher then as compared to other countries. This is one of the reasons that most of the NRI wants to invest in India. But in this case, although they earn higher returns they always have a foreign exchange risk. Let me explain it with an example:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mr. Nimesh (NRI) lives in Australia. He invests $10000 for a year on 10.08.2019 in India. Other details are as follows:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b>India<\/b><\/td>\n<td><b>Australia<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deposit Interest Rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Date<\/b><\/td>\n<td><b>10.08.2019<\/b><\/td>\n<td><b>10.08.2020<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Exchange Rate per Doller<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">As on 10.08.2019: The amount in rupees that Mr. Nimesh Invest in India:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">$10000 * 60 = 6,00,000\/-<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest amount earned in a year on 10.08.2020: 6,00,000 * 10% = 60,000<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Total Amount that Mr. Nimesh have as on 10.08.2020: 6,00,000 + 60,000 = 6,60,000<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, Mr. Nimesh Convert the amount in dollars: 6,60,000 \/ 70 = 9428.57<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Net Gain (Loss) to Mr. Nimesh:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">$10000 (Investment Amount) \u2013 $9428.57(Withdrawal Amount) = 571.43 (Loss)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That means although he has earned a better interest in India as compared to Australia due to a decrease in rupee rate during the year, he has to incur a net loss of $571.43<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, to save from such exposure risk, the government has allowed the NRI to open an account in the foreign currency itself in India. The account in which the NRI deposit such foreign currency is called foreign currency Non-Resident Account (FCNR).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Difference_between_NRE_Account_and_NRO_Account\"><\/span><b>Difference between NRE Account and NRO Account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>S.No.<\/b><\/td>\n<td><b>Particulars<\/b><\/td>\n<td><b>NRE Account<\/b><\/td>\n<td><b>NRO Account<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Meaning<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This account is held for maintaining foreign currency foreign income\u00a0 in India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This account is held for maintaining Indian earning in India<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Funds<\/span><\/td>\n<td><span style=\"font-weight: 400;\">An NRE account can be open with foreign funds<\/span><\/td>\n<td><span style=\"font-weight: 400;\">An NRE NRO\u00a0 Account can be open with foreign funds as well as Indian rupees<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Taxation<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The amount deposited and interest income earned on such deposits is tax-free in India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Such benefit is not available in NRO Account Interest earned on NRO account is taxable.(Tax rate &#8211; 30%)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Joint Account<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NRE Account can be held with only with any other NRI Person<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NRE Account can be held with any NRI Person or Indian Resident<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Repatriation<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Repatriation is possible for both principal as well as interest amount<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Repatriation can be done for interest amount freely. Repatriation can be done for interest amount after deduction of TDS. For repatriation of the principal amount, there are certain limits<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Exchange Risk Exchange Rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0Since the amount deposited in the account is in the form of Foreign Currency, such an amount is exposed to\u00a0 Exchange Rate Risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">If deposits and withdrawals are in Indian rupees then NRO Account shall not be Prone exposed to Exchange Rate Risk<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_having_NRE_Accounts\"><\/span><b>Benefits of having NRE Accounts<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In NRE Account, Any NRI can deposit its foreign earned currency in India, which helps the NRI to transfer it&#8217;s earning to its family. Through NRE the foreign income earned by NRI such as salary can be made available to the NRI\u2019s family.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As compare the other specified countries, Indian banks give more interest, hence the NRI may also get a higher rate of interest. NRI can claim the benefit of a higher interest rate on bank deposits available in India.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The person maintaining NRE Account Through the NRE Account NRI can easily avail the benefits of other banking services from banks like availing<\/span><span style=\"font-weight: 400;\"> taking a<\/span><span style=\"font-weight: 400;\"> loan at lower interest rates and other facilities.<\/span><span style=\"font-weight: 400;\">the lower interest cost,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As already discussed above, the interest income earned and the amount of deposits is totally tax-free<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_having_NRO_Account\"><\/span><b>Benefits of having NRO Account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The major benefit of <\/span><span style=\"font-weight: 400;\">having<\/span><span style=\"font-weight: 400;\"> an NRO account is managing of the income earned in India. For Example, Mr. Nimesh<\/span><span style=\"font-weight: 400;\">\u00a0is<\/span><span style=\"font-weight: 400;\"> an NRI <\/span><span style=\"font-weight: 400;\">having<\/span><span style=\"font-weight: 400;\"> to hold a house property in India which has been let out. <\/span><span style=\"font-weight: 400;\">Hence<\/span><span style=\"font-weight: 400;\">, the rental income earned can be deposited in the NRO Account.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As discussed above, this account can be<\/span><span style=\"font-weight: 400;\"> open<\/span><span style=\"font-weight: 400;\"> opened jointly with an Indian resident also. <\/span><span style=\"font-weight: 400;\">That means,<\/span><span style=\"font-weight: 400;\"> Thus the family member of NRI, who is an Indian resident can <\/span><span style=\"font-weight: 400;\">also be open the NRO Account with him.<\/span><span style=\"font-weight: 400;\">jointly open and operate the NRO Account with the NRI.<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Taxation_in_NRE_and_NRO_Account\"><\/span><b>Taxation in NRE and NRO Account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In NRE Account: Amount deposited and interest income earned is exempted from income taxes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In NRO Account: Such income tax benefit is not available. That means NRO deposits attract taxes as per income tax act, 1961 @ 30%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, if the income is more than 1 crore then a surcharge of 15% shall also be added with 4% Cess. So the net tax rate shall be 30%+15%+4%= 35.88%<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Which_Account_is_beneficial_for_the_NRI\"><\/span><b>Which Account is beneficial for the NRI<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the NRI wishes to utilize his foreign earned income for the benefit of his family members\u00a0 or utilize it for making any investment in India then NRE Account will be beneficial<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, if he wants to manage to <\/span><span style=\"font-weight: 400;\">keep<\/span><span style=\"font-weight: 400;\"> his Indian earning then NRO account is <\/span><span style=\"font-weight: 400;\">suitable <\/span><span style=\"font-weight: 400;\">beneficial.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1372 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-Accounts-Banner-image-1.png\" alt=\"NRE &amp; NRO Accounts\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-Accounts-Banner-image-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-Accounts-Banner-image-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/NRE-NRO-Accounts-Banner-image-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let&#8217;s understand it with a simple example<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mr. Nimesh went to the US for employment last year. Since, he resides there for more than 182 days, hence he becomes a Non-Resident. His family lives in New Delhi. Mr. Nimesh has also owned 10000 shares of Reliance Industries. In August month, RIL issued a dividend of Rs. 1,00,000\/- to Mr. Nimesh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He has received the salary income of 10000$ in August month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, Mr. Nimesh has 2 income. One is in the foreign currency as salary and second is in Indian currency as dividend income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He shall deposit the salary in NRE Account which shall be converted in the Indian currency at the prevailing exchange rate on that day and Dividend income shall be deposited in the NRO Account.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the Foreign Exchange Management Act, 1999 (FEMA), A Non-Resident is an Indian Citizen who is a Resident Outside &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"All about NRE and NRO Account\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/#more-1370\">Read more<span class=\"screen-reader-text\">All about NRE and NRO Account<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NRE &amp; NRO Accounts: Its Purpose, Benefits &amp; Differences<\/title>\n<meta name=\"description\" content=\"NRI can deposit earning in foreign currency into NRE account where NRO account is for depositing earning in rupees in India. 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