New Delhi, March 25 -- All Indian citizens who are non-resident under FEMA and all Person of Indian Origin (PIO) are called Non Resident Indians (NRI) under FEMA. All the NRIs can have three types of bank accounts in India, namely Non Resident Ordinary (NRO), Non Resident External (NRE) account and Foreign Currency Non Resident (FCNR) Account in India. Let us take a look at the features of NRO and NRE accounts.

An Indian Citizen has to get all his existing bank accounts designated as NRO account as soon as he becomes a non resident under FEMA. He can also open an NRO account any time after becoming NRI. A foreign citizen who is not a PIO can also open an NRO account during his stay in India. However, the citizens of Pakistan or Banglades...