Both NRE and NRO accounts serve varied purposes of an NRI. Thus, you must choose the one that best suits your financial needs. An NRE or Non-Resident External (NRE) account is a bank account opened by an NRI to deposit their foreign exchanges in India. On the other hand, a Non-Resident Ordinary (NRO) account can be used by NRIs to park the money earned in India. So, if you have an income source in India, go for an NRO account. While those who want to hold their overseas earnings in Indian currency, opt for an NRE account. Each stands mighty in its own terms.