What is an SNRR account? How is it different from a NRO account?

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Full Text of the Document

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....rmity with the provisions of the Act, rules and regulations made thereunder. The differences between SNRR account and NRO account are: Feature SNRR Account NRO Account Who can open Any person resident outside India, having a business interest in India for putting through bona fide transactions in rupees. Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporate....

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Full Text of the Document

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....Fixed Deposit; Rate of interest - as per guidelines issued by Department of Regulation. Permissible Transactions Debits and credits specific/ incidental to the business proposed to be done by the account holder Credits: Inward remittances, legitimate dues in India, transfers from other NRO accounts and any amount received in accordance with the Rules/Regulations/Directions under FEMA, 1999.....