Rupee Savings Account
A Savings Account for NRIs to park their funds in Indian Rupees! There are two types of Rupee Savings Account
- NRE Savings Account
- NRO Savings Account
An NRE (Non-Resident External) Account is a savings account maintained in Indian Rupees where you invest your foreign income earned outside India. Interest earned is not taxable in India. Funds in NRE account are fully & freely repatriable.
An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension etc. Interest earned in current financial year is fully repatriable (after deducting tax). Funds in NRO account can be repatriated up to USD one million per financial year for all bonafide purposes.