What is the difference between an FCNR and an NRE account?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 aliya bhat asked over 3 years ago

What is the difference between an FCNR and an NRE account?

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Data?1494421738 samkit kothari answered over 3 years ago

1.NRE (Non-Resident External):- Accounts are opened by NRI in banksto make investment in Fixed Deposit and Recurring Deposit. 2. FCRA (Foreign Currency Non- Resident):- this accounts are opened to receive payment from foreign or donation from foreign countries in case of Trust. in trust which are receiving the contribution from foreign countries we can see FCRA accounts in their books of account.

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