NRE Accounts, or Non-Residential External Accounts, are part of the NRI Services in India, designed for Non-Residential Indians (NRIs) to manage their foreign income in India. These are repatriable accounts that act as savings account for income generated in the country of residence and is exempt from taxation.
NRO Accounts, part of NRI Services in India, are designed for Non-Residential Indians (NRIs) to manage their India-sourced income. The principal and interest in these accounts is generally non-repatriable. These accounts simplify financial management for NRIs in India.