{"id":8065,"date":"2024-06-26T12:26:53","date_gmt":"2024-06-26T12:26:53","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=8065"},"modified":"2025-03-12T12:31:35","modified_gmt":"2025-03-12T12:31:35","slug":"difference-between-nre-and-nro-account","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/","title":{"rendered":"Difference Between NRE and NRO Account| Meaning, Full Form and Benefits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#What_is_NRE_Account\" >What is NRE Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#What_is_NRO_Account\" >What is 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:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#Difference_Between_NRE_and_NRO_Accounts\" >Difference Between NRE and NRO 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:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#What_is_Foreign_Currency_Non-Resident_Account_FCNR\" >What is Foreign Currency (Non-Resident) Account (FCNR)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#Things_to_Keep_in_Mind_While_Opening_an_NRI_Account\" >Things to Keep in Mind While Opening an NRI Account<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#How_do_You_Choose_a_Broker_for_NRI_Trading_and_Demat_Accounts\" >How do You Choose a Broker for NRI Trading and Demat Accounts?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#NRI_Account_on_Shoonya\" >NRI Account on Shoonya<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#Key_Considerations_for_NRIs_Investing_in_India\" >Key Considerations for NRIs Investing in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/#FAQsNRO_vs_NRE\" >FAQs|NRO vs NRE<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/demat\/\">Demat<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Difference Between NRE and NRO Account| Meaning, Full Form and Benefits<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You must often hear your NRI relatives or friends complaining about the challenges of managing finances across borders. It is hard, especially when it comes to investing in their home country while living abroad. Did you know that NRE and NRO accounts are necessary for NRIs to invest in the Indian market and maintain their finances?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NRE and NRO accounts are specialised accounts for Non-Resident Indians (NRIs).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, what are these NRO and NRE accounts, and what is the difference between NRE and NRO account?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us understand it today!<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"0-what-is-nre-account\"><span class=\"ez-toc-section\" id=\"What_is_NRE_Account\"><\/span>What is NRE Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NRE full form is Non-Resident External.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRE account is an ideal option for depositing your foreign income. The funds in this account are freely repatriable. This means that you can transfer them back to your home country without restrictions.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Income earned on the NRE accounts is<strong> tax-exempt<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per SEBI, if you are an NRI willing to invest in the Indian securities market, you must have the following NRE accounts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NRE Savings Bank Account<\/strong><\/li>\n\n\n\n<li><strong>NRE PIS Bank Account<\/strong><\/li>\n\n\n\n<li><strong>NRE Demat Account<\/strong><\/li>\n\n\n\n<li><strong>NRE Trading Account<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"1-what-is-nro-account\"><span class=\"ez-toc-section\" id=\"What_is_NRO_Account\"><\/span>What is NRO Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NRO full form is Non-Resident Ordinary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRO account is for any person residing outside India. Its purpose is to conduct legitimate transactions in Indian Rupees. Individuals or entities from Pakistan or Bangladesh need approval from the Reserve Bank of India to open this account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With an NRO account, you can keep rent, dividends, or pension. The Funds in an NRO account cannot be freely repatriated abroad, except for current income. Also, the balances in NRO accounts are<strong> subject to Indian taxes.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per SEBI, if you are an NRI willing to invest in the Indian securities market, you must have the following NRO accounts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NRO Savings Bank Account<\/strong><\/li>\n\n\n\n<li><strong>NRO Demat Account<\/strong><\/li>\n\n\n\n<li><strong>NRO Trading Account<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">How do you decide between NRE and NRO accounts to determine which <a href=\"https:\/\/shoonya.com\/blog\/nri-demat-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">NRI account in India<\/mark><\/a> suits you best?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NRO vs NRE- Let us understand the basic difference between NRE and NRO accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-difference-between-nre-and-nro-accounts\"><span class=\"ez-toc-section\" id=\"Difference_Between_NRE_and_NRO_Accounts\"><\/span>Difference Between NRE and NRO Accounts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NRO vs NRE| This table summarises the key difference between NRE and NRO accounts in India.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Basis<\/strong><\/td><td><strong>NRE Account<\/strong><\/td><td><strong>NRO Account<\/strong><\/td><\/tr><tr><td><strong>Full Form<\/strong><\/td><td>Non- Resident External<\/td><td>Non- Resident Ordinary<\/td><\/tr><tr><td><strong>Who Can Open an Account<\/strong><\/td><td>NRIs and PIOs (A Person of Indian Origin)<\/td><td>Any person resident outside India<\/td><\/tr><tr><td><strong>Joint account<\/strong><\/td><td>Jointly in the names of two or more NRIs\/PIOs&nbsp;<\/td><td>Jointly with residents on a \u2018former or survivor\u2019 basis\/ May be held jointly with residents on a \u2018former or survivor\u2019 basis.<\/td><\/tr><tr><td><strong>Currency<\/strong><\/td><td>Indian Rupees<\/td><td>Indian Rupees<\/td><\/tr><tr><td><strong>Type of Account<\/strong><\/td><td>Savings, Current, Recurring, Fixed Deposit<\/td><td>Savings, Current, Recurring, Fixed Deposit<\/td><\/tr><tr><td><strong>Period for fixed deposits<\/strong><\/td><td>1 to 3 years (may vary)<\/td><td>As applicable to resident accounts<\/td><\/tr><tr><td><strong>Permissible Credits<\/strong><\/td><td>The inward remittance, current income like rent, dividend, pension, interest, etc<\/td><td>Inward remittances, legitimate dues in India, transfers from other NRO accounts<\/td><\/tr><tr><td><strong>Permissible Debits<\/strong><\/td><td>Local disbursements, remittance outside India<\/td><td>Local payments, transfers to other NRO accounts, remittance abroad up to USD 1 million per year<\/td><\/tr><tr><td><strong>Repatriability<\/strong><\/td><td>Fully repatriable<\/td><td>Up to USD 1 million per year (along with other eligible assets)<\/td><\/tr><tr><td><strong>Taxability<\/strong><\/td><td>Exempt from income tax and wealth tax<\/td><td>Taxable<\/td><\/tr><tr><td><strong>Loans outside India<\/strong><\/td><td>Loans can be granted outside India against security of NRE\/FCNR(B) deposits<\/td><td>Not Permitted<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"3-what-is-foreign-currency-non-resident-account-fcnr\"><span class=\"ez-toc-section\" id=\"What_is_Foreign_Currency_Non-Resident_Account_FCNR\"><\/span>What is Foreign Currency (Non-Resident) Account (FCNR)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is a term deposit account where you can hold funds in any permitted currency, i.e., a freely convertible foreign currency. The FCNR accounts offer protection against exchange rate fluctuations and are repatriable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4-things-to-keep-in-mind-while-opening-an-nri-account-\"><span class=\"ez-toc-section\" id=\"Things_to_Keep_in_Mind_While_Opening_an_NRI_Account\"><\/span><strong>Things to Keep in Mind While Opening an NRI Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When opening an NRI account, remember these key points:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>You must make the right choice between an NRE and an NRO account based on your repatriation needs.<\/li>\n\n\n\n<li>Be aware of the tax liabilities and exemptions for the interest earned on these accounts.<\/li>\n\n\n\n<li>Keep all your documents, such as passport, visa, address proof, and photographs, ready for a smooth account opening process.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"5-how-do-you-choose-a-broker-for-nri-trading-and-demat-accounts\"><span class=\"ez-toc-section\" id=\"How_do_You_Choose_a_Broker_for_NRI_Trading_and_Demat_Accounts\"><\/span>How do You Choose a Broker for NRI Trading and Demat Accounts?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Shoonya is one of the most transparent trading platforms in India. Enjoy a <a href=\"https:\/\/shoonya.com\/open-an-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">free Demat account<\/mark><\/a> with zero AMC, no auto square-off charges, and more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s how you can open an NRI account with Shoonya.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6-nri-account-on-shoonya-\"><span class=\"ez-toc-section\" id=\"NRI_Account_on_Shoonya\"><\/span><strong>NRI Account on Shoonya<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To open an NRI account, you can contact Shoonya through Live Chat, email (<a href=\"mailto:contactus@shoonya.com\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">contactus@shoonya.com<\/mark><\/a>), or by calling Sales team at +91 8288 826 999.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Upon receiving the request, Shoonya will assist in the process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a step-by-step process for setting up an NRI trading demat account:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Opening a Bank Account<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">First, you must have an NRO bank account.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Opening Demat and Trading Accounts<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Once you have your NRO bank account, you can proceed to open a Demat and trading account.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Note-&nbsp; NRIs can trade in Equity and FNO segments by opening Demat and trading accounts through NRO non-PIS accounts.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You&#8217;ll need to submit the following documents:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>PAN Card<\/strong><\/li>\n\n\n\n<li><strong>Passport (Indian or Foreign)<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">In case of a Foreign Passport, you must include a copy of the PIO\/OCI Card as applicable for PIO\/OCI.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Proof of Address (Indian &amp; Overseas)<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">You can provide any one of the following documents &#8211;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passport<\/li>\n\n\n\n<li>Voter ID Card<\/li>\n\n\n\n<li>Driving License<\/li>\n\n\n\n<li>Bank Passbook\/Bank Statement<\/li>\n\n\n\n<li>Utility Bills<\/li>\n\n\n\n<li>Notarised copy of rent agreement<\/li>\n\n\n\n<li>Identity card\/document with address issued by Central\/State Government, Statutory\/Regulatory Authorities.<\/li>\n<\/ul>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Bank Proof<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">NRO <a href=\"https:\/\/shoonya.com\/blog\/how-to-cancel-a-cheque\/\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">cancelled cheque<\/mark><\/a> or 1-month bank statement.<\/p>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Income Proof for derivatives segment.<\/strong><\/li>\n\n\n\n<li><strong>Copy of VISA.<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:<\/strong> All documents such as PAN card, passport, and foreign\/Indian address proof must be self-attested and notarized by the Indian embassy or another competent authority.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The attesting authority should affix a &#8220;verified with original&#8221; stamp, along with their name, designation, signature, and the date on the documents.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"7-key-considerations-for-nris-investing-in-india-\"><span class=\"ez-toc-section\" id=\"Key_Considerations_for_NRIs_Investing_in_India\"><\/span><strong>Key Considerations for NRIs Investing in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the key points to remember for NRIs investing in India:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NRI stock holdings in any Indian-listed company cannot exceed 10%.<\/li>\n\n\n\n<li>NRIs cannot trade intraday in equity markets.<\/li>\n\n\n\n<li>NRIs must have 100% funds available when buying or selling stocks; no leverage is permitted.<\/li>\n\n\n\n<li>NRIs can have accounts with only one bank at a time. They are also limited to one PIS account each for repatriable and non-repatriable shares.<\/li>\n\n\n\n<li>NRIs cannot trade in currency and commodities segments.<\/li>\n\n\n\n<li>Certain scripts are restricted for trading by NRIs as per RBI guidelines.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"8-faqsnro-vs-nre-\"><span class=\"ez-toc-section\" id=\"FAQsNRO_vs_NRE\"><\/span><strong>FAQs|NRO vs NRE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1719397217954\"><strong class=\"schema-faq-question\"><strong>Which account is better, NRE or NRO?<\/strong><\/strong> <p class=\"schema-faq-answer\">An NRE account is better for managing foreign earnings with full repatriability, while an NRO account is suitable for managing income earned in India.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1719397234839\"><strong class=\"schema-faq-question\"><strong>Who needs a NRE and NRO account?<\/strong><\/strong> <p class=\"schema-faq-answer\">NRIs who have earnings in India and abroad need NRE and NRO accounts to manage their finances in compliance with FEMA guidelines.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1719397247799\"><strong class=\"schema-faq-question\"><strong>What are the disadvantages of a NRO account?<\/strong><\/strong> <p class=\"schema-faq-answer\">The disadvantages of an NRO account include taxable interest in India and restrictions on the repatriation of funds.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1719397258009\"><strong class=\"schema-faq-question\"><strong>NRO vs NRE: Which One Should I Choos<\/strong>e?<\/strong> <p class=\"schema-faq-answer\">If you want to save your foreign earnings in India tax-free and have the flexibility to repatriate funds easily, you can choose an NRE account. On the other hand, you can opt for an NRO account if you earn income in India. However, with an NRO account, there are tax implications and limited repatriability.<\/p> <\/div> <\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source- <a href=\"https:\/\/www.rbi.org.in\/commonperson\/english\/scripts\/FAQs.aspx?Id=3\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">https:\/\/www.rbi.org.in<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p 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It is hard, especially when it comes to investing in their home country while living abroad. Did you know that NRE and NRO accounts are necessary for NRIs to invest in the Indian market and maintain their &hellip; <a href=\"https:\/\/shoonya.com\/blog\/difference-between-nre-and-nro-account\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Difference Between NRE and NRO Account| Meaning, Full Form and Benefits&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":8066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[27],"tags":[4312,4311,4308,4310,4313,4309],"class_list":["post-8065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-demat","tag-difference-between-nre-and-nro-account","tag-nre-and-nro-account","tag-nre-full-form","tag-nri-account-benefits","tag-nro-full-form","tag-nro-vs-nre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the Key Difference Between NRE and NRO Account?<\/title>\n<meta name=\"description\" content=\"NRE account allow tax-free deposits of foreign income with repatriation. 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