What/Who is a Non-Resident Indian (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business or vocation outside India, or stays abroad under circumstances indicating an uncertain duration.
NRIs can invest in all Indian mutual fund. The payment can be made from any of NRE/NRO accounts.
What is a NRE account?
NRE Bank Account is an external savings bank account opened for Non resident Indians and hence called Non-Resident External account. Any money lying in NRE account can be taken outside the country or in other words, the money lying in an NRE account is fully repatriable. This money can be converted into any foreign currency and can be remitted outside the country.
What is a NRO account?
NRO bank account is an ordinary saving bank account opened for Non resident Indians. This is why it is known as Non-Resident Ordinary account.The money lying in NRO account cannot be taken outside the country or in other words, the money lying in NRO account is not repatriable.
