Q. What is the primary purpose of SNRR accounts?
Answer: For non-resident deposits
Notes: SNRR accounts, or Special Non-Resident Rupee accounts, are specifically designed for individuals residing outside India who wish to maintain business interests in the country. These accounts are non-interest bearing and allow for repatriation of funds, meaning account holders can transfer their balances back to their home countries. If the account holder becomes a resident of India, the account converts to a resident rupee account.