Chapter 4 – NRI Accounts

1. NRE – Non Resident (External) Rupees account

        – Exempted from income tax – Interest on balance held

2. NRO – Non Resident Oridanary Rupees Account

        – Interest on NRO account subject to deduction of income tax

        – Amount up to 1 million USD can be repatriated

3. FCNR(B) – Foreign Currency Non Resident Account (Banks)

        – Interest is exempted from income tax

        – Term deposit only – 1 Year to 5 years    

4. SNRR – Special Non Resident Rupees A/c

       – Business interest in India

       – Maximum 7 years