Both NRE and NRO are used by Non Residents to deposit their money
Differences
| NRE | NRO |
| It means Non Resident Rupee Account | It means Non Resident Ordinary Rupee Account |
| It is used if a Non Residents want to bring foreign earnings into India | It is used if a Non Residents has Income in India which he wants to keep in India |
| It is Tax Free | It is taxable as per Income tax Act |
| Income earned in India cannot be deposited | Income earned in India can be deposited |
| Joint Account can be handled with another NRI Only | Joint Account can be handled with another NRI as well as Indian Resident |
| This account is freely repatriable(any amount can be withdrawn from it) | Max 1 Million net of taxes can be withdrawn |
Written on Dec. 1, 2016, 6:32 p.m.