NRE Account

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International Banking > NRI Banking > NRI Banking Saving Account > Non Resident External (NRE) Account

Salient Features:

  • NRE Savings accounts are denominated in INR.
  • Account can be held jointly with other Non-resident Indian (s) or jointly with resident close relatives in India provided first name account holder is an NRI on former or survivor basis.
  • Withdrawals for payments in India or abroad in any convertible foreign currency are permitted. Both the interest and principal are fully repatriable.
  • There is no tax on the funds or interest in this account.
  • Account can be operated by a Power of Attorney Holder.

Eligibility:

You are eligible to open an NRE account if

  • You are a Nonresident individual of Indian nationality or Indian origin.
  • In case, you are an individual of Indian origin, but Pakistani or Bangladeshi nationality, prior approval of the Reserve Bank of India would be required for opening the account.

How do I open an NRE account?

  • Out of foreign inward remittances received in permitted currencies through normal banking channels.
  • By encashing cheque/draft drawn in foreign currency or INR drawn on Vostro Accounts maintained by foreign banks and Exchange Houses.
  • By transfer of funds from other NRE /FCNR accounts of the NRI account holder.
  • By surrender of Foreign Currency (FC)/ Foreign Currency Travellers Cheques (FCTC) to the Bank by the account holder in person while on a temporary visit to India, subject to CDF rules.

Note: Third party TC not permitted.

To know more about Interest Rate, click here