NRO, NRE and FCNR Account

This blog is intended to help differentiate between the above 3 accounts.

NRE and NRO are the rupee accounts whereas FCNR account is maintained in foreign currency.
NRNR - Non Residential Non Repatriable are also rupee accounts

Proceeds from foreign currency notes/TCs can be credited to the NRE accounts. NRE account can be opened by local funds or by foreign funds. NRO account can be opened using either local fund / foreign fund.

NRO/NRE accounts both can be used to make local payments

Balances from NRE account can be repatriated abroad freely. While those from NRO account cannot be sent outside and used only for local payments.

http://www.iic.nic.in/iic5_a02.htm