Non Resident External
NRE full form stands for Non-Resident External. It is an account to transfer the foreign earnings of a Non-Resident Indian or NRI. There are many advantages to using an NRE account like Tax free earned interest, can be opened by two NRIs as Joint Account holders, and can repatriate or transfer the money back to his/her own country with zero transferable fees/taxes. This account is an excellent variant of a Savings Account for an NRI as you can transfer your foreign income to India without any tax deductions.
The only disadvantage of having an NRE account is the amount of risk involved in the Exchange Rate risk because of the currency fluctuations that happen across the globe.