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of <h1>Understanding NRE, FCNR(B), and NRO Accounts for Non-Residents in India: Features, Taxation, and Loan Conditions</h1> Non-residents in India can open three main types of accounts: Non-Resident (External) Rupee Account (NRE), Foreign Currency (Non-Resident) Account (Banks) Scheme (FCNR(B)), and Non-Resident Ordinary Rupee Account (NRO). NRE accounts are for NRIs and PIOs, allowing repatriable transactions in Indian Rupees. FCNR(B) accounts, held in foreign currencies, are term deposits with repatriable funds. NRO accounts are for managing income earned in India, with limited repatriability. Taxation varies, with NRE accounts being tax-exempt, while NRO accounts are taxable. Loans can be availed against these accounts under specific conditions.
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