| Basis |
NRE Account |
NRO Account |
| Acronym |
Non Resident External Account |
Non Resident Ordinary Account |
| Meaning |
It is an account of an NRI to transfer foreign earnings to India |
It is an account of an NRI to manage the income earned in India |
| Taxability |
Interest earned is tax free |
Interest earned is taxable |
| Repatriability |
Can repatriate |
Can repatriate the interest amount, the principle amount can be repatriated within the set limits |
| Joint Account |
Can be opened by two NRIs |
Can be opened by an NRI along with an Indian citizen or another NRI |
| Deposits and Withdrawals |
Can deposit in foreign currency, and withdraw in Indian currency |
Can deposit in foreign as well as Indian currency, and withdraw in Indian currency |
| Exchange Rate Risk |
Prone to risk |
Not prone to risk |
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