Non Resident (External) Account

Non Resident (External) Account

An easy savings account for your foreign earned income

Key Features
Easy, safe and tax-free investment avenue for NRIs

An INR (₹) denominated account that allows Non Resident Indians (NRIs) to park their foreign income earned outside India

Interest and Principal are fully repatriable

Account can be held jointly with another NRI

Facility for joint ownership with Resident Indian Account holder on Former or Survivor basis

Facility for operation by a Power of Attorney Holder

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Other Benefits

  • NRE Accounts are exempt from Tax
  • Inward / Outward Remittances through Wire Transfers
  • Acceptance of Foreign Cheques to be deposited in account
  • Issuance of Drafts / Traveller's Cheques in Foreign Currency
  • Exchange of Foreign Currency

  • Foreign inward remittances received in permitted currencies through normal banking channels
  • Encashment of cheque / draft drawn in foreign currency, or INR drawn on Vostro Accounts maintained by foreign banks and exchange houses
  • Transfer of funds from other NRE / FCNR accounts of the NRI account holder
  • 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

*Subject to Foreign Currency Conversion Charges

NOTE: 3rd Party TC not permitted

Eligibility
  • Non Resident Individual of Indian Nationality or Indian Origin
  • In case of Person of Indian Origin (PIO), if the nationality is of Pakistan or Bangladesh, a prior approval from Reserve Bank of India (RBI) will be required

 

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