- What Is NRI Account? If you are a Non-Residential Indian (NRI) or a Person of Indian Origin (PIO), you will have different banking and investment needs. Since you are residing abroad, most of your income and savings will be in foreign denominations, e.g. US dollar, Euro, etc. As such, you might need an account that would suit your requirements.
- NRI Account Meaning: An NRI Account refers to the accounts opened by a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) with a bank or financial institution which is authorised by the Reserve Bank of India (RBI), to provide various services. Here are the types of NRI Accounts that you can opt for, to meet your financial requirements.
- Non-Resident External (NRE) Accounts
- Non- Resident Ordinary (NRO) Accounts
- Foreign Currency Non-Resident (FCNR) Accounts
Many major banks and financial institutions in India offer the facility of opening an NRI Account. Let's learn in detail what is an NRI Account and the different types of NRI Accounts.