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NRE vs NRO vs FCNR - Which Savings or Fixed Deposit Account NRI should Open?

Non Resident Indians, who want to invest money in India, must first open a savings bank account. This will not only help you to easily remit money to India but also to transfer Indian rupees to your friends, relatives, and parents. You can also pay bills on behalf of parents, recharge mobile phones, pay DTH charges, etc. If you have aged parents, then you can really help them to pay their bills online using your Indian Rupees NRE or NRO Saving accounts, I have opened NRO accounts for just that purpose. Anyway, there are mainly three basic types of bank accounts for non-resident Indians, NRE, NRO, and FCNR. NRE stands for Non-resident external, NRO stands for Non Resident ordinary and FCNR stands for Foreign currency Non-resident account.
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