What is nri account in bank

An NRI Account is a specialized banking account for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to manage their finances in India. These accounts allow users to deposit foreign earnings or Indian income, such as rent and dividends, in Indian Rupees or foreign currency. The three main types are:

• Non-Resident External (NRE) for foreign earnings.
• Non-Resident Ordinary (NRO) for income earned within India.
• Foreign Currency Non-Resident (FCNR) for maintaining deposits in foreign denominations.