NRE Saving Account

W.e.f 1st July'17, Interest earned on Savings bank account will be credited on the last business day of each quarter of the financial year. W.e.f 8th Aug'17,*Earn up to 4% p.a. interest on savings account balance of Rs. 50 lacs and above. Earn 3.5% p.a. interest on savings account balance less than Rs.50 lacs.

• An NRE account can be opened by any person who is residing outside India.
• NRIs having NRE account in India are permitted to hold and maintain foreign currency earnings in Indian rupees.
• All the funds, along with the accrued interest, are freely repatriable; moreover the interest earned is not taxable in India.
• An NRE account can be easily converted in to a regular resident account with the relocation of the NRI back to India.
• This account is structured in a manner that is suitable for most of the people living abroad; be they a student studying abroad, a professional deputed oversees or an entrepreneur trotting around the globe doing business.
• Submitting a few couple of documents at best is all you need to get started.
• With features that include low minimum balance requirement, tax advisory services, multi-city chequebooks and online transaction capabilities you can be rest assured that the NRE savings account will take care of all your banking needs.

In the event of the NRI returning from overseas on a permanent basis the NRE Savings Accounts has to be redesignated as resident accounts or the funds held in these accounts may be transferred to RFC accounts if the account holder is eligible for maintaining RFC account.

Nomination can be in favour of resident or non-resident.

• Remittance abroad by Non-Resident Nominee: Banks may allow remittance of funds abroad, or funds may be credited to NRE or FCNR deposits
• Remittances abroad by Resident Nominee: Funds are to be credited to the ordinary Savings Account. If the nominee wants to remit funds outside India for meeting the liabilities of the deceased, he/she should obtain permission from RBI

• Low minimum balance requirement of Rs.10,000
• 'Multi-city' chequebook which will permit you to make payment via cheque across multiple locations
• Mandate or Letter of Authority facility available so that in your absence from the country you can authorise your relative or friend to operate your account or
• Conduct banking transactions on your behalf
• Free iConnect: 24 X 7 account access through secure Internet banking facility from anywhere and anytime
• Online shopping mall and utility bill payment facility by using our internet based Internet Banking login
• Free personal accident cover of Indian Rupees 2,00,000 on our Debit Card (The insurance cover will come in force only after you make your first successful payment transaction at any merchant establishment.)*
• Interest earned on NRE Savings Account is not taxable in India

*Conditions Apply

By foreign inward remittance by way of SWIFT/WIRE, Foreign Demand Draft, Foreign Currency Cheque, Travellers Cheque, Foreign Currency*, etc., or transfer from existing NRE or FCNR accounts.

*Currency Declaration Form (CDF) is to be submitted, if Foreign Currency is USD 5000 and above.

• Foreign inward remittances including foreign currency and TCs
• Transfer from existing NRE or FCNR accounts
• Maturity proceeds of government securities, refund of shares or debentures provided the investments were made originally from funds in NRE or FCNR accounts
• Dividends or interest in respect of shares, debentures taken on repatriation basis provided investments is as per RBI approval
• Refund of shares or debentures, if the subscription was paid from NRE or FCNR accounts or remittance from abroad
• Refund of application or earnest money by the house building agencies, provided original payment was made out of NRE or FCNR accounts, or from inward remittance

• Transfer to NRO, FCNR or RFC accounts
• For all local payments
• Acquisition of immovable property for bona fide residential purpose
• Remittances outside India (repatriation)
• For investments in Units of UTI, NSCs, deposits, etc.

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