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If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 65th part of this series, Riju Mehta explains the difference between the two types of accounts for non-resident Indians. The full form of NRE is Non-Resident External. This means that this account is specifically for Non-Resident Indians (NRIs), who live abroad and earn there. An NRE account is a bank account where you can deposit your foreign earnings (such as salary, business profits) in a foreign currency (such as US Dollar, Euro), and the money is converted into Indian Rupees. You can open an NRE account with almost all banks in India – such as SBI, HDFC, ICICI, Axis, and Kotak Mahindra. This account can ... What is NRE? Non-Recurring Engineering is the cost of creating a new product and is usually fully paid before any product gets manufactured. This is in contrast with production cost, which is an ongoing cost and is generally based on the quantities produced. Know the essentials of an NRE account with our comprehensive guide. Learn how NRE accounts cater to the unique banking needs of NRIs, offering flexibility and convenience.
