Nre & nro account

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Anjan S Mehta (Querist)
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29 November 2016 Sir, I Want to know what is the difference between NRE & NRO Account. I am working in abroad & I have NRE account in Axis Bank. Before opening the NRE a/c, I was having SB a/c in the same bank. But, some time later bank has change from SB a/c to SBNRO & SBNRE account. Hence I can't dep INR in my SB account.

Kindly give me solution for this & also explain me the diff of both the a/c.

Thanks,
Anjan S Mehta

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 November 2016 You can have both NRE and NRO account. NRE ac is for transfer of funds from abroad, and no tax payable on NRE deposits. NRO ac is for credit of Rupee income earned in India. After payment of taxes NRO balance can be transferred to NRE ac.

Anjan S Mehta

Anjan S Mehta (Querist)
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30 November 2016 Thanks Sir. Another query in this regards is, can i deposit INR amt in SBNRO a/c. Because few months back i told my freind to dep a sum of rs. in a/c but people has denied & said u can't dep in this a/c or u have to fill declaration form for said amt. Declaration form is for from where u get this amt?
thanks & regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2016 Yes you can deposit INR amt in SBNRO a/c. You can deposit any income earned on property held by you in India.
Tell me the source so that I can advice you.

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