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Highlights
One is NRE (Non Resident External) Account.
Other is NRO (Non Resident Ordinary) Account.
As per FEMA regulations, a Non-residential Indian or NRI cannot have a savings account in India. They need to transfer their bank account in India to an NRI account for;
● Holding their foreign earnings in Indian currency, or,
● Holding their Indian earnings in Indian currency
Alternatively, you can close your existing bank account and open a new NRI account from scratch.
There are two types of NRI accounts broadly;
1. NRE (Non Resident External) Account
2. NRO (Non Resident Ordinary) Account
Both these accounts are rupee-denominated accounts and can only be opened by an NRI or PIO (Person of Indian Origin). Moreover, both come in two variants - current and savings account.