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NRIs (Non Resident Indian) are allowed to open bank accounts in India, and by knowing features and the tax benefit of different types of NRI accounts, you can save the right amount of money. There are three types of accounts an NRI can open in India, NRE (Non Resident External), NRO (Non Resident Ordinary) and FCNR (Foreign Currency Non Resident) account. Out of these three, the first two are maintained in Indian rupees, and only FCNR account is maintained in the foreign currency of choice, e.g. USD, GPB, EURO, SGD, HKD or JPY.