All you need to know about NRO and NRE deposits held by an NRI

Let's understand these two accounts and their characteristics in detail

It is quite common for people from India to go and settle abroad. Indian citizens who do so for employment or carrying out a business or vacation there or for any other purpose due to which their period of stay outside India is uncertain, would be considered Non-Resident Indians (NRIs). 

Nonetheless, many such NRIs prefer to retain the bank accounts they had held in India. This could be for easy repatriation of income made abroad to the home country. Or they might want to keep income earned in India in India itself. In such cases, one can either open a