{"id":3081,"date":"2019-12-11T12:37:20","date_gmt":"2019-12-11T07:07:20","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3081"},"modified":"2020-01-09T16:54:23","modified_gmt":"2020-01-09T11:24:23","slug":"types-of-accounts-for-non-residents","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/types-of-accounts-for-non-residents\/","title":{"rendered":"Types of Accounts for Non Residents"},"content":{"rendered":"

In our previous articles, we have explained that the income of Non-resident which has been accruing or arise or deemed to accrue or arise in India, shall be taxable in India. NRI may have income from outside India from employment or business or in India from any other sources which he wants to be kept in India.<\/span><\/p>\n

\"Types<\/p>\n

After analyzing above, A NRI have been given an option to open 3 types of accounts which are<\/strong><\/p>\n

    \n
  1. Non-Resident External Account (NRE Account)<\/span><\/a><\/li>\n
  2. Non-Resident Ordinary Account(NRO Account)<\/span><\/li>\n
  3. Foreign Currency Non-Resident Account (FCNR)<\/span><\/li>\n<\/ol>\n

    All the above 3 Accounts can be opened as savings accounts or current Account or Recurring deposits or fixed deposits accounts.<\/span><\/p>\n

    But before that, it is necessary to understand when a person shall be called a Non-resident. Although, for this also, we have a separate article, so here let\u2019s take a glimpse of the definition in a simple manner\u00a0<\/span><\/p>\n

    As per section 6 of the Income-tax Act, 1961, a person is called a resident who stays in India for\u00a0<\/span><\/p>\n