Any person resident outside India may open NRE account. This account permits a NRI to hold and maintain foreign currency earnings in Indian rupees. The principal and interest earned on these balances are freely repatriable.
Whether you are a student, a professional, a salaried employee or an entrepreneur, this account will meet all your banking needs
Change of Resident Status
In the event of the NRI returning from overseas on a permanent basis the NRE 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 Facility
Nomination can be in favour of resident or non-resident
Repatriation of funds by nominee
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 SB account. If the nominee wants to remit funds outside India for meeting the liabilities of the deceased, he/she should obtain permission from RBI.
