NRI banking
NRE, NRO and FCNR accounts: choosing the right one for your money
Reviewed October 2026 by Sumit Kumar, Chartered Accountant
The account you hold decides whether money can leave India freely and how the interest is taxed. NRE and FCNR are meant for money brought in from abroad. NRO is for income earned in India. Mixing them up is one of the most common and costly NRI errors.
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Who this is for
Is this your situation?
- You are moving abroad and need to reorganise your Indian accounts.
- You have old resident savings accounts that should have been converted.
- You are not sure which account should receive rent or sale proceeds.
Common mistakes
Where people go wrong
- Keeping a resident account after leaving India, which breaches foreign exchange rules.
- Crediting Indian income to an NRE account, which is not permitted.
- Ignoring the tax in your host country on interest earned in India.
What we handle
What we take off your plate
One accountant who is also a registered migration agent, so your tax, your residency and your move are looked at together.
- 01
Account audit
Every account reviewed and tagged to the right category.
- 02
Conversion plan
Steps to convert resident accounts and align deposits.
- 03
Tax view
How interest is taxed in India and where you live.
How it works
What happens, step by step
Everything is done online, so where you live makes no difference. We work with clients across many countries.
Step 1
List every account
Savings, deposits, demat and joint holdings.
Step 2
Classify
Which should be NRE, NRO or FCNR.
Step 3
Fix and convert
Work with your bank to correct the set-up.
Step 4
Keep it clean
Rules for future deposits and transfers.
Documents
What to have ready
Not everything is needed on day one. Send what you have and we will tell you what is missing.
- Account statements
- Passport and visa
- PAN
- Overseas address proof
Why a Chartered Accountant who is also a migration agent
Tax residency and immigration status affect each other. A move, a visa or a return date can change what India taxes. Sumit Kumar is a Chartered Accountant and a Registered Migration Agent (MARN 1803385) who has lived as a migrant himself, so both sides are considered in one conversation.
Enquiry
Tell us where you stand
Where you live, what you own in India and what you want to achieve. That is enough to begin.
Prefer a set time? Book a consultation · Mon–Sat, 10am–7pm IST
FAQs
Questions we get asked
What is the main difference between NRE and NRO?
Is NRE interest tax-free?
When should an account be converted?
Where is FCNR useful?
Get a clear view of your position
Send your situation and we will tell you where you stand, what is due and what it will cost, before you commit.