Business Daily from THE HINDU group of publications
Sunday, Feb 24, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Feb 24, 2008 ePaper | Mobile/PDA Version |
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Investment World
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Banking Industry & Economy - NRIs Types of bank accounts To understand the modes of payment and repatriation, you should know the kind of bank accounts non-residents could maintain in India. The simplest one is the Non Resident Ordinary (NRO) account, which is nothing but your savings account redesignated, once you have informed the bank about your changed residential status. The balance in the NRO account cannot be repatriated outside India. If you want the funds in your account to be freely repatriable, an NRE (Non-Resident External) account would be ideal. This account is maintained in rupees and any debit or credit of foreign exchange will be converted into rupees. Banks also allow NRIs to invest in deposits through FCNR(B) (Foreign Currency Non-Resident (Banks) accounts. These are term deposits and can be maintained in some currencies such as the dollar, pound sterling and yen. The funds in this account can also be repatriated. More Stories on : Banking | NRIs
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