The following incomes are exempt from Income Tax in the hands of an NRI (person resident outside India) as defined vide 
[Section 2(w) r.t.w. Sec. 2(v) of FEMA, 1999.]

It may be noted that whereas NRIs i.e. individual as also Overseas Corporate Bodies both are eligible to open and maintain NRE & FCNR(B) account. Whereas, tax exemption are granted to an individual & OCBs under different sections.

Non Residential [External]

1. 

Interest earned on Non Resident (External) account / deposit [Section 10(4)(ii)]

2.

Interest earned on Foreign Currency Non-Resident (B) - [FCNR(B)] Account is exempt in the hands of an NRI Individual and OCB under different sections. 

[Section 10(4)(ii)]

3.

Interest earned on Foreign Currency Non-Resident (B) - [FCNR(B)] Account by an individual

[Section 10(4)(ii)]

4. 

Interest earned on Foreign Currency Non-Resident (B) - [FCNR(B)] Account by an OCB [(Section 10(15)(iv)(fa)]

5. 

Interest earned on Resurgent India Bonds (RIBs) of the State Bank of India
[Section 10(15)(i)]

[Notification regarding RIB]

Interest earned on India Millennium Deposits (IMDs) of the State Bank of India
[Section 10(15)(i)]

Notification regarding IMD

Interest earned by an NRI under the Income Tax Act 
[definition of an NRI under the IT ACT]

Interest earned on Securities or Bonds notified by the Central Government. 

[Sec. 10(4)(i)]

Interest earned on Saving Certificates 
[Sec. 10(4B)] 

Interest earned on Non Resident Non Repatriable (NRNR) account
[(Section 10(15)(iv)(fa)]  Notification regarding NRNR

Bank Accounts :

NON-RESIDENT (EXTERNAL) - NRE

FOREIGN CURRENCY NON RESIDENT (B) - FCNR(B)

NON-RESIDENT (ORDINARY) DEPOSIT - NRO

NON-RESIDENT (NON-REPATRIABLE) - NRNR (uptill 01/04/2002)

NON-RESIDENT (SPECIAL) RUPEE - NRSR (uptill 01/04/2002)