Affluence Advisory
Quick Summary
INTRODUCTION In today's globalized economy, an increasing number of Indians are engaging in cross-border employment, investments, and business activities. With this growing international presence comes the need for a robust regulatory framework to manage foreign exchange transactions and overseas i
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FAQ :
An NRE (Non-Resident External) account allows NRIs or PIOs to deposit their foreign earnings in Indian Rupees. These funds are fully repatriable and the interest earned is tax-exempt in India.
NRO (Non-Resident Ordinary) accounts are designed to manage income generated within India, such as rent or dividends. While they can accept foreign remittances, withdrawals are in INR, and repatriation is limited to USD 1 million per financial year, with taxable interest.
An FCNR(B) (Foreign Currency Non-Resident Bank) account is a fixed deposit held in foreign currency, safeguarding against INR depreciation. Both principal and interest are fully repatriable and tax-free.
SNRR (Special Non-Resident Rupee) accounts are for non-residents involved in permitted business or contractual transactions in India who don't qualify for NRE, NRO, or FCNR(B) accounts. They are typically non-interest-bearing and valid for the duration of the transaction.
An RFC (Resident Foreign Currency) account enables returning NRIs/PIOs who have permanently settled in India to retain their foreign income in foreign currency. These accounts can be held as savings or fixed deposits.
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