What is eefc,fcnr.rfc rfc(d),nre, nro acs?

Question

What is eefc,fcnr.rfc rfc(d),nre, nro acs?

Answer 1

EEFC - Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer

FCNR - A Foreign Currency Non Resident Deposit (FCNR) offers you the option of making a deposit in four foreign currencies: US Dollar (USD), EURO (EUR), Pounds (GBP) & Yen (JPY). NRIs with convertible currencies other than the four mentioned here may still open accounts by converting the currency into US GBP. When the deposit matures, the amount of the deposit along with interest will be converted to the original currency at the prevailing rate at the option of the account holder.

RFC - Any NRI returning to India can deposit his income earned outside India in the Resident Foreign Currency Account (RFC A/C), although if the NRI decides,he can retain his income outside India .

RFC(D) - Resident Foreign Currency (Domestic) Account

NRE - For an Indian away from his land, a Non-Residential External (NRE) Savings Account is the account where all your overseas remittances can be placed with complete flexibility in repatriation.

NRO - The Non Resident Ordinary (NRO) Current Account is an account opened in Indian Rupees and is an ideal way to route investments made out of Indian funds and earnings on investments in India.